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: 

  • The payer must have a valid US bank account
  • He/She must have funds in the account.

Things required for making payment through the eCheck are:

  • Bank routing number
  • Bank account number
  • Name on your bank account

All the above details must be present in your printed checks. 

Benefits of using eCheck:

  • Convenient to use: eCheck processing not only saves time but it is a convenient method too. One can make all transactions with simple clicks while sitting at home.
  • Less processing Fee: eCheck doesn't requires any human interaction. The eCheck process (i.e. starting from issuing the check to funding the cheque) is completely electronic, therefore the processing fee of using eCheck is less compared to physical checks.
  • Easy Conversion: With eCheck, the payment conversions are easy and quick. It only requires to run a scanner and the complete information is recorded at one go for further verification.
  • Pocket-friendly: The average processing fee of a paper cheque is around $1.5 per leaf while the conversion of an eCheck takes only $0.55.
  • Environmental friendly: Using eCheck saves paper and thereby saving trees saves our nature.

eCheck help buyer and recipient both to serve better.

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