How Electronic Check Payment Processing Work
With the new technologies emerging everyday, the payment processing technique has taken different forms. Everything went online from depositing money in banks to paying a merchant, and now the bank cheques too. Echeck are electronic conversion of paper checks, with faster processing.
Echeck’s first biggest benefit is the faster processing that saves lot of time for both parties, the payer and receiver. Another advantage is ontime checking, the problem of check bounce can no longer be an issue for merchant since the process is done at same time so it is safe.
echecks are a three step process that starts with customer or clients paper check. Here is the process in detail:
Request Authorization From Customers
Payers first issues the check while buying or purchasing items. The reader captures the image of the check with all important numbers on it including check numbers, payee name, date of issue etc. Additional relevant information are added about the merchants. After at this point the final authorization is taken from the customer.
2.All the data are sent through the payment gateway to the bank for verification and once the bank approves the transaction, the fund can be transferd.
3.The payment comes to the merchants accounts within 48hours (of business days). The payment statement can be seen on both payer’s and payee’s bank statement.
echecks are one of the finest payment processing solution these days that eliminates the requirement of taking checks to banks, No checks deposit slips to complete and no chances of checks being lost.
Appstar Financial eCheck Service
When it comes to choose the right echeck service, Appstar Finance stands out as the best provider. As a payment processing company, it is being used by thousands of merchants. Appstar echeck are meant for all merchants looking for safe and reliable payment processing option.Its secure chex check services offers four different services namely guaranteed conversion, check conversation, check guarantee and check verification. Apart from the echeck payment service the company does provide other services including credit card processing, debit card processing and payment processing euipment services as well.