Everything You Need To Know About E-Check Payment Processing
Today, most businessmen choose eCheck payment processing. Electronic check processing is similar to paper check processing, but instead of the conventional check as it has many advantages like saving time, faster clearance, higher protection, simpler to deposit, and accepting charges anywhere. eChecks offer one of the easiest methods to monitor cash flow on top of dealing with incoming payments in your business. Digital checks or eCheck come with technology that helps you to create a virtual checkbook showing what you have deposited, make assessments on recurring payments, and so on. Electronic checks make it quicker and less complicated to acquire payments, however, additionally, they assist you to recognize your monthly balance sheet at a glance. Choosing eCheck will give you a higher advantage than a traditional check, in your business. How does Electronic Check payment processing work? The transaction is authorized: It is important that businesses accepting eCheck have to get authorization from the customer before processing the transactions. The authorization can be done by filling up an online payment form, signed order form, or recorded phone conversation. Once the authorization is gained from the customer, the merchant can send an invoice to their customers or manually enter the payment information into their eCheck dashboard, which may include a recurring payment schedule if required. The system captures this information once the merchant enters the submit button.