BENEFITS OF E-CHECK PAYMENT PROCESSING SERVICE
THE WORKING OF E-CHECKS ACH (Automated Clearing House) is an electronic network through which a merchant uses Echecks instead of paper checks to process a financial transaction. Electronic checks or E-Checks are digitally equivalent to normal checks/paper checks. To set up an echeck payment processing service and accept checks, information provided on merchant’s paper check is required and is necessary. The Internet has not only changed the way of shopping but also brought revolution in the payment methods. It is very important for small-sized as well as medium-sized businesses to choose the mode of payment wisely. One of the fastest growing methods of payment is via Credit Card or ACH. Being a more secure method of payment, merchants prefer ACH over paper check payments. Established business availing ACH benefits tend to be more successful.
E-CHECK PAYMENT PROCESSING SERVICE To be able to accept e-check, a merchant has to first set up the ACH direct deposit. For this process, the merchant needs to request the customer’s bank to provide the routing number and the checking account number. It is important to note that sequential number that is imprinted on the paper check is not required for ACH setup. Routing number: It works as a physical address of the customer’s bank. Checking account number: Unlike routing number, it correlates to the particular customer’s account. These two pieces of information help in communicating with customer’s bank. Once this setup is complete, funds are transferred from customer’s bank account to a high risk merchant account with the help of payment processor.
BENEFITS OF E-CHECKS 1. Cost effective: Pricey credit card networks can be avoided with the use of ACH as transaction fee is comparatively low. There is no limit on the transaction amount. If any merchant, looking for a costeffective processor to accept large payments, ACH is where your search ends. 2. Funds: In traditional paper check method, it might take days to process a check whereas it is not the same with e-checks. Via E-checks funds get transferred faster and more conveniently. 3. Recurring payments: If a business is based on memberships or subscriptions, it is wise to choose ACH electronic network rather than traditional method.
WHO ARE BENEFITED? There are 8 types of businesses that are benefited the most from E-check payments and those are: 1. Membership Businesses 2. Schools 3. Business accepting bulk payments 4. Online subscription-based businesses 5. Insurance Companies 6. Retail Businesses 7. Non-profit Organization 8. High risk Merchants
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