An e-check is an electronic form of a physical check. It works much like a regular check. Unlike providing a paper check, it requires an e-check authorization form from the customers to share their account number, routing number, and payment authorization, allowing you to process the information electronically.
E-checks take less-time in comparison to the traditional checks. There are so many steps with a paper check to deposit money, which you don’t need to do with e-check. It made e-check faster and convenient for the customer. E-checks eliminate the extra time and labour expenses for your business.
E-check allows your customers to make the payment without delivering the physical checks to you directly to your bank account from their bank account. It becomes effortless for a merchant to get paid by e-check and for a customer to obtain their purchased product sooner.
E-check Payment Processing is a bit different in nature. E-check Payment Gateway uses ACH to transfer the funds instead of the card network, so the processing fees are lower. Unlike the credit cards, there is no credit card interchange fee for e-check acceptance.
A credit card may be the most common way to make payment online, but when it comes about recurring transactions, c-checks are the most reliable way for the payment. ACH billing is steadily gaining grip among merchants as a stable way to collect monthly rents.
Here are the primary security components required for an e-Check Payment Processing.
- Authentication: It is the process where customer verifies and enters his account details himself. Authentication makes sure that the merchant is not getting fraudulent payment information.
- Encryption: Encryption is an essential tool for each e-check payments. It ensures the safety of your account details by masking information shared by customers.
- Public key cryptography: It is also a part of the encryption process, which is used to cypher the data to protect it in transit.
- Digital Signature: A digital signature with time stamp is the process of encryption to avoid the duplication of e-checks.
- Certified security standards: It becomes essential to protect the information, to encrypt the transactions, and to enable secure communication.
- Duplicate detection: This is a fraud exposure strategy to get prevention from duplicate e-check transactions and frauds.
How does e-check work?
With a few steps, e-check payment gets processed. Let’s discuss those point by point.
- An originator– The originator obtains some necessary information from the customer and initiates the direct deposit process.
- The business bank– The business bank places the request the ACH entry at the originator’s request, aggregates the payment from a variety of customers, and sends the amount in the batches to an ACH operator.
- An ACH operator– The ACH operator sorts the fund request and settles the fund into the business bank.
- The customer’s bank– a Receiving Depository Financial Institution (RDFI) receives the request, verifies the fund available in the account, debits the customer’s account and credits the business account.
High-Risk Gateways providing E-check Payment Processing service
If you are a High-Risk merchant seeking for e-check payment option for your business, then High-Risk gateway is the correct destination for you. High-Risk Gateways offers you E-check Payment Processing service along with its High-Risk merchant account. E-check Payment Processing service gives the flexibility to accept the check payments securely from your customers.
Features of E-check Payment Processing service with High-Risk Gateways
- Real-time confirmation- You can connect with several banks instantly to check the legitimacy of the account info.
- PCI-DSS level I certified security standard, API, SSL incorporation, and other security tools to ensure a safe and straightforward payment experience.
- Accept check payment in actual time for your business.
- Diverse currency option for your customer to pay.
- Virtual terminal to make pay-outs more convenient and accessible.
- Low processing charges for transactions in comparison to debit cards and credit cards.
- Recurring billing service to make a monthly auto payment for the services.
High-Risk Gateways brings a solution for your Offshore Payment Gateway . It helps high-risk merchants in getting offshore merchant account so that merchants don’t lose any customer for your products and services worldwide.
E-checks are more reliable and secure payment method in comparison to paper checks. It gives you several facilities like real-time verification and actual-time payments, which makes it more legitimate. High-Risk Gateways is in the market, providing E-check payment Processing to high-risk business owner from the past six years. With its features as discussed above, it makes it a more reliable service provider for your business. It helps you in the rapid growth of your business.
So if you are looking to obtain e-check payment processing service for your business, then fill our online form to get assistance with it.
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