An Echeck bill pay is the same as online bill pay?
An Echeck is just a sort of online payment. During this case, money has been electronically withdrawn from the payer’s bank account, transferred over the ACH network. And then deposit into the payee’s bank account. Payments must be authorized by the customer, however, you will go through Echeck Bill Pay it will be safe, easy and much faster than other payment modes.
An Echeck is Safe or Not?
Fact: eChecks Are Safer Than Paper Checks
Paper checks pass through more hands than Echecks. Which is creates more opportunities for fraud and/or interception by criminals?. But with Echecks, the knowledge has transmitted to the financial organization.
Additionally, a paper check is often missed important details such as the date or signature or have incorrect information and still be processed and cleared. But if something is wrong with an Echeck, the transaction won’t be initiated until the issue is resolved.
How Do I send an Echeck Payment?
In order to send an electronic payment, the person to whom you’re sending the payment needs to have an ACH merchant account. This merchant account gives them the ability to use the ACH network to simply accept payments via electronic funds transfer.
How many ways you’ll send an Echeck payment?
There are two ways you’ll send an Echeck payment:
- The payee sent you an online payment form where you fill in your bank account number and routing number, also because of the amount of payment. Hence, By clicking “Submit” you authorize the payee to withdraw the payment amount from your bank account.
- By make a call on a recorded phone line. The payee can ask for your bank account and routing numbers. They input these numbers, also because of the payment amount, into the Online payment terminal. Upon clicking “Process” the payments are going to be deducted from the payer’s Bank account and deposited into the payee’s bank account. Let’s get started.
Benefits of Echeck Processing
Electronic check processing offers numerous benefits. It eliminates the need to take checks to the bank, there are not any deposit slips to finish, it will reduce the prospect of checks being lost or stolen and you get paid faster.
If you’re working from more than one location, checks can be converted at each location and funds deposited into one main account. Guarantee programs expedite the collection process by discovering NSF (insufficient funds) checks and other returned items.