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4 steps involved in electronic check payment processing
Wondering what an electronic check payment is? Electronic check payment is when you make your payment online through an eCheck. The electronic version of a paper check is commonly known as an eCheck. To make a payment with an eCheck, you simply need to provide your bank routing number, your bank account number, and the name on your bank account.
Electronic checks payment processing has simplified the check-cashing process. It is a hassle-free process where you get paid quickly and in an inexpensive way.
Electronic checks processing is similar to paper check processing. It’s just that instead of doing manual work, you can complete the process electronically, owing to the advanced technology. Electronic checks payment processing takes place in four simple steps. These steps are described below:
The customer is required to give the business an authorization to make the transaction, which could be done through an online payment form or a signed order form or a phone conversation.
Payment set up
Once the completion of authorization is done with the online payment processing software, the company is required to put the payment information. If the payment is recurring, then the information includes the schedule of payment as well.
Finalization and submission
After entering the accurate payment information into the software, the ACH transaction process starts after clicking ‘save’ or ‘submit’ buttons online.
Payment confirmation and deposit of funds
The funds are automatically withdrawn from the bank account of the customer, the online software sends a payment receipt to the customer, and the payment is deposited to the bank account of the business. After the transaction is initiated, it takes three to five business days for the funds to be deposited into the merchant’s bank account.
Once the process is completed, the payment is done. The electronic checks payment processing is a less time-consuming process and is quite convenient for the customers as well.
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