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Understanding of eCheck Payment Processing
A better understanding of how eCheck payment system works and address some common questions related to eChecks.
Nowadays, making payments through a check is quite common. If you are a business owner and you want to receive payments from your customers through electronic checks, this article can help you. In this article, we are going to get a better understanding of how this payment system works. We will address some common questions related to eChecks. Read on to find out more.
What is an eCheck?
Basically, an electronic check comprises an online payment system. In this system, money is withdrawn electronically from the checking account of a person. The transfer is made through the ACH network. Finally, the money is deposited into another bank account.
If you have an ACH merchant account, you can withdraw payments for services or goods from the bank accounts of your customers. However, it is possible only if the customer authorizes e-payment under a signed contract.
How Does the Processing Work?
Unlike paper check processing, electronic check processing is a lot faster. Customers don’t have to fill out a physical check. There is no need to send the check to the business…
