Paper checks are a trusted payment method that has been around for more than a century. While the popularity of checks has waned over the years, many people still use personal checks as their preferred form of payment. They make sense in some cases–mortgage payments, donations, utility bills, etc. But physical checks pose an interesting problem in the current contactless environment. Not to mention, the amount of time required to process and clear funds.
The good news is that you have options. eChecks can help provide a secure environment for your customers while improving your own business processes.
Authorize.net’s eCheck payment service allows businesses to accept electronic check payments for goods and services purchased via mail order, telephone order, eCommerce websites, or subscriptions.
An electronic check works much like a regular check, only instead of using a paper check to provide their bank account, routing number, and payment authorization, customers provide payment information through an eCheck authorization form, allowing you to process the information electronically.
Benefits of eChecks
The Automated Clearing House (ACH) Network is an electronic system serving than 10,000 financial institutions to facilitate financial transactions in the United States. The ACH Network essentially acts as a financial hub and helps people and organizations move money from one bank account to another. ACH transactions consist of direct deposits and direct payments, including business-to-business (B2B) transactions, government transactions, and consumer transactions.
eChecks are billed separately from your monthly gateway fee. eChecks are billed on a per transaction bases of .75% of the transaction price.
Customer Information Manager
Tokenize and store your customers' sensitive payment information on our secure servers, simplifying your PCI DSS compliance and the payments process.