Process Checks and Make Deposits on Any Computer
or Device, from Anywhere in the World, 24-hours a day.
1. Collect information present in your customer's check.
2. Enter the check information into the eQuoteIn Payment Gateway.
3. Alternatively...customers can provide such information into your website.
4. The check is scrubbed against the national check databases.
5. Once approved, the check is directly processed to your bank account.
Want your check to be processed by Fax?
Besides allowing you to receive your client's check by fax, eQuoteIn also enables you to take checks through your phone. It turns the process even more secure!
In the US, faxing checks is considered irrevocable and legal. Over here, real checks may be faxed to you by your clients, and we'll transfer it to your account on the same day.
eCheck, an established payment instrument combining the security, speed and processing efficiency of all-electronic transactions with the familiar and well-developed legal infrastructure and business processes associated with paper checks, is the first and only electronic payment mechanism chosen by the United States Treasury to make high-value payments over the public Internet.
Let’s examine how eCheck works for the banking industry and the clients it serve. There are fundamental characteristics and differences between paper check, the eCheck and other Electronic Funds Transfer (EFT) transactions.
eChecks, in 2015, are an important instrument in transitioning businesses and consumers into the world of electronic commerce.
Simply put, an eCheck is the electronic version or representation of a paper check.
eChecks have the following features:
Fancy terminology aside, eChecks are simply a type of online payment where money is electronically withdrawn from the payer’s bank account (usually a checking account), transfered over the ACH network, then deposited into the seller’s (or receiver of) own bank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. 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).
eChecks work the same way a check does. The process works like this:
The 4 Steps Behind Each eCheck Transaction
There are essentially four major steps involved (read our How eChecks Work article for more info). The process mirrors paper checks, but is done electronically and much faster. There is no need to fill out paper checks by the payer and there is no need for the receiving institution to manually receive and process that paper check. Removing this workflow saves a lot of time for both payee and processor of the payment.
Step 1. Payee must specifically authorize the transaction either per transaction of for a reoccurring set of transactions. This is usually done via an Online payment form, via phone, a signed order form, or some other method. If you are paying Online via a payment gateway, this would likely be the payment processor form when you first set up the payment.
Step 2. When authorization is given by the payee, the payment info is submitted to an Online payment processing service. This ‘middle man’ who handles this step is usually a payment gateway (such as Paypal, PaySimple, MoneyBookers, a bank or specialized payment service).
Step 3. The payment information is submitted over the ACH network by the business or payment processor.
Step 4. The payment is automatically withdrawn from the payer’s (person who is making the payment’s) bank account. The business or payment gateway then sends the receipt of payment to the payee’s email account. The payment is then deposited into the receiver’s bank account (or if both parties are using a payment gateway to handle the transaction, into the payment gateway’s account given to the receiver). The payment funds are usually deposited anywhere between 3 to 5 business days after the ACH transaction is initiated by the payment gateway. The actual clearing time for the payer’s bank may be 24 hours to 48 hours, but the whole payment cycle tends to be longer than this for security measures.
eChecks have important new features:
Check technology is software and hardware developed by FSTC members to:
eChecks are based on:
eChecks are designed to leverage technology capabilities that were not available as recently as three years ago. As technology continues to evolve, the FSTC will capitalize on new developments by integrating significant break-through technologies into the eChecks’s open architecture.
eChecks are the most secure payments instrument or transaction ever designed or developed. eChecks are designed to utilize state of the art security techniques of :
eChecks further enhance banking practices with added security so that even breaking the cryptographic protections would not necessarily allow a fraudulent transaction to be paid.
eChecks provide the best of both paper and electronic laws and regulations to bank customers:
eChecks leverage established banking technologies to enable secure, fast, and reliable payments online. eChecks integrate into today’s business practices and coexist with paper check processing.
eChecks offers the following advantages:
eChecks will lead the way to an Electronic Commerce environment for businesses and consumers.
eChecks will succeed because eCheck meets real business needs and is based on the paper check – the most popular non-cash payment choice, and a core competency of banks.
For more banking information like finding the best checking accounts, getting ChexSystems help, and other financial advice tips, see our checking account guides.
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