What is eCheck?
|eCheck is a paperless mode for making hassle-free payment without any stamp. Electronic check is the full form of an eCheck. It is one of the easiest forms of an electronic payment for sending and receiving the money. The buyer's bank account pay the money to the recipient within 2 to 4 business days. If due to any reason (i.e. insufficient funds etc.) eCheck is not cleared, then the transaction stands as canceled and both the parties get notified through an email.
eCheck is safe enough as all the information passed through encrypted SSL. eCheck is also safe as if a fraudulent charge is made to an account, customers are protected by Regulation E (Reg. E), which requires banks to allow a consumer to revoke a payment if they consider it fraudulent. They can do this within 60 days of their bank statement on which the charge occurred. eCheck also called as direct debit, ACH transfer or ACH payment.
The points to be taken care before using an eCheck:
Things required for making payment through the eCheck are:
All the above details must be present in your printed checks.
eCheck help buyer and recipient both to serve better.