Electronic checks, sometimes referred to as e-checks, are a kind of payment that function similarly to regular paper checks and are sent via the Internet or another data network. Due to its electronic nature, the cheque can be processed faster. In addition, it has more security features than standard paper checks, such as digital signatures, public key cryptography, encryption, and authentication. An electronic cheque is typically much less expensive to print than a paper cheque. The good thing is that you can choose. eChecks provides a safe environment for your clients while also assisting you in streamlining internal business processes. Thanks to our E-Check, companies can take electronic cheque payments for goods and services ordered through phone orders, postal orders, eCommerce websites, or subscriptions.
With the exception of clients providing their bank account, routing number, and payment authorization through an eCheck authorization form instead of a paper cheque, which allows you to process the information electronically, an electronic cheque works similarly to a standard cheque. Electronic cheque processing is done via the ACH (Automated Clearing House) network. A consumer provides the routing and account numbers for their bank account for processing. The customer's bank account details are used to send an electronic request to charge the customer the purchase amount. The bank's answer to the transaction is awaited by the eCheck system. This process usually takes two to three business days.