![]() ![]() The transaction speed and cost may vary for credit and debit types of ACH payments. Users mostly use this kind of processing for regular bills and utility payments. The two types of ACH payments are ACH credit and ACH debit. NOTE: Merchants will have to pay a nominal transaction fee in order to process eCheck payments.ĪCH stands for Automated Clearing House, which is a form of transaction that allows merchants to send and receive payments electronically via the proprietary ACH network. It typically takes around 3 to 5 business days to reflect the transaction details in the account statement. ![]() The funds will be withdrawn automatically from the account of the customer after the transaction is initiated and will be deposited into the account of the merchant. This process can be completed through several mediums such as an online form, direct phone conversation, or signed order form.Īfter the authorization process is completed from both ends, you can now enter the payment gateway to initiate the process.Īfter all the information such as the account number, federal tax ID number, business name, and address is submitted correctly, you can complete the eCheck transaction process. The customer needs to send an authorization request before initiating the payment to the merchant. There are four main steps in eCheck processing. Though you’re using the same account number and the bank’s routing system, processing eChecks is more efficient and quicker than physical checks. ![]() An eCheck payment is a one-time transaction that cannot be rolled back.Īn advantage of eCheck is that it can be processed much faster than physical checks. EChecks or electronic checks are a form of payment where an individual initiates a transaction from one bank account to another via a digital version of a paper check. ![]()
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