Today with the advent of new technology, funds are easily transferred electronically from a customer or client’s bank account directly to your bank account. This new technology is e-check processing. E-check processing is the check cashing made easy, a hassle-free and inexpensive way to get paid faster. This process offers many benefits for merchants. It eliminates the need to take checks to the bank and speeds up deposits. You need not have to complete check deposits slips anymore with this provision. It also reduces the chances of checks getting stolen or lost before they are deposited.
E-check processing starts when a customer writes a paper check at the point of sale. The in-charge or the clerk runs the check through the reader or imager that captures all relevant information including the check number, account number, and the routing number. The clerk also puts additional merchant-related information to complete the one-time payment from the designated account. The check is verified or guaranteed by the provider. The verification depends on merchant’s agreement with their payment processor. A receipt is generated and printed for the check writer to sign. It is voided and returned back to them. Now the merchant uploads the captured check information to their payment provider for processing. The proceeds are put into the merchant’s account within 1 to 2 business days.
There are many service providers that offer an array of e-check processing programs. They also provide offshore merchant account services and offshore company formation services.
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