There are fundamental characteristics and differences between paper check, the e Check and other Electronic Funds Transfer (EFT) transactions.e Checks, in 2015, are an important instrument in transitioning businesses and consumers into the world of electronic commerce.
Simply put, an e Check is the electronic version or representation of a paper check.e Checks have the following features: Fancy terminology aside, e Checks are simply a type of online payment where money is electronically withdrawn from the payer’s bank account (usually a checking account), transfered over the ACH network, then deposited into the seller’s (or receiver of) own bank account.
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You can typically send an e Check from any sort of modern checking account, provided your bank offers the ability to do so online.
Let’s examine how e Check works for the banking industry and the clients it serve.
For the payment to be initialized, it must be authorized specifically by the payer (via acceptance such as confirmation click or some other means (signed contract, etc).
There are essentially four major steps involved (read our How e Checks Work article for more info).
Even high risk businesses that can't be approved by other processors can qualify for Charge.com's extremely low rates.
The key to using any prepaid Visa card for online purchases is that it must be registered under your name and billing address because the payment processor requires this information, as well as the three digit CVV code on the back, for identity verification.
Visa prepaid cards are debit cards and not credit cards, so it's just like using cash to shop online because you don't pay any interest.
Charge.com's e Check processing accounts come with both a virtual terminal and website API.
The virtual terminal enables you to manually key in check orders taken over the phone, while the website API allows your customers to key in their check payments at your website.