A kind of digital transaction known as an eCheck enables individuals and businesses to transfer funds between bank accounts utilizing the Automated Clearing House (ACH) network. The usage of eChecks as a form of payment for products and services is made possible by "eCheck payment processing systems."
Companies commonly employ a mode of payment or a the forth payment processor that expertise in ACH processors to oversee eCheck payments. In order to ensure the security of the trade and comply with banking rules, the "payment processor" or "gateway" authorizes the transfer of funds here between user's bank and the "merchant's bank account."
Faster settlements times, cheaper transfer fees than those associated with credit card processing, and a reduced risk of credit cards and fraud are just a few of the ways that "eCheck payment processing" solutions may help organizations. Also, individuals without credit cards or those who like bank transfers could find eChecks to be a practical payment option.
What is echeck payment gateway?
Customers can transmit money electronically from their bank accounts to the merchant's bank account by using a "eCheck payment gateway." The Central Clearing House (ACH) network, a reliable and secure electronic network for financial transactions in the United States, is a sort of online payment that enables companies to accept payments through it. The user's bank routing information and account number are needed by the ACH network to complete an eCheck payment. Within a brief period of time, usually a few, the payment is deposited into the merchant's bank account.
Organizations that accept recurring billing, such as membership services, frequently employ eCheck payment gateways because they provide a simple and affordable solution to handle these sorts of transactions. Also, as epayment payments generally have lower processing costs than credit card payments, it is typically less expensive for companies to accept them than "Credit card payments".
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https://www.offshoregateways.com/what-is-ach/