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WHAT IS AN ECHECK?

Updated: 5/8/2023

eCheck Plan ∙

Lvl 3
∙ 9mo ago
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We all have heard about checks, traveler checks, cashier and banker checks but
what the heck is an eCheck? The ‘e’ simply means electronic. eCheck or
electronic check is nothing but the electronic/digital version of old
conventional checks. Yes, you might still be using those paper checks, eCheck is
just their evolved form, the same old wine in a new bottle, so to say.

Checks have always been a flexible mode of payment since their underlying
importance is in the information on them (the receiver, amount & the signature).
The global transaction made by conventional checks has been decreasing due to
the penetration of cards and digital payment methods but eChecks have picked the
baton right where the conventional check dropped it. A paper system is
inefficient with the demands of the modern world. It is expensive considering
the ink and paper and also allows errors to creep in since data from paper
checks is entered onto computer systems. They have to be stored physically,
which occupies space and is more prone to damage, theft and fraud in comparison
to eChecks. eChecks on the other hand are completely electronic and do not use
an inch of paper during the whole transaction cycle. They use digital signatures
for authentication and funds are transferred between the bank accounts once the
eCheck is cleared.

However, in some ways eChecks are similar to paper checks; they contain the same
info like routing no's, checking A/C no, the amount payable, person/company made
out to etc. They can also bounce, can be cancelled and float till they are
cleared just like the conventional checks. eCheck payment is exponentially
simpler and less complicated than paper checks and a safer and more precise way
to exchange funds.

eCheck Plan ∙

Lvl 3
∙ 9mo ago
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Related questions


CAN YOU CANCEL A SENT ECHECK STILL ON PENDING I AM THE SENDER AND I WANT TO
CANCEL THE ECHECK I SENT?

Yes you can. Submit a written request to the bank and they will do the needful.
They might charge a fee though...

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DOES AMAZON ACCEPT ECHECK?

No they dont accept. You can pay with your credit card.

--------------------------------------------------------------------------------


HOW DOES ECHECK PROCESSING WORK?

eChecks are processed over the ACH (Automated Clearing House) network. The whole
process consists of 4 steps: authorization, payment set-up,
finalization/submission of the request and finally confirmation of payment
(funds deposition). Let’s now discuss each of these steps in a bit more detailed
manner as to what actually happens from the point you make out to an eCheck to
the point when funds are received at the recipient’s end. Check Verification
After both parties i.e. the payee and the payer agree to an eCheck transaction.
The first step is when a user fills up an eCheck authorization form and sends it
to the merchant, who after receiving authorization looks at the eCheck details
and verifies them. The payer can conduct this step via email, by filling up an
online form or through a telephone conversation. If the payer’s payment
information is correct the merchant begins to initiate the transaction by
preparing it to forward to their eCheck service provider. Setting up payment:
Initiating the transaction means entering the payer’s details into the eCheck
payment processing software. Sometimes this information is automatically picked
up by the software via the online form (it must be entered manually in case of
authorization by email or phone call). If the payment is recurring, it is marked
in this application in this step. Thus a single eCheck can be used to make
multiple payments in case of rent, subscriptions, periodic installations,
utility payments etc. Submission of request If the information entered is final
and correct, the merchant hits the send/submit button and the eCheck goes into
the floating period. This marks the start of the ACH payment transaction
process. Your eCheck processing has begun once this step is complete.
Confirmation of payment At this stage, the information reaches the eCheck
payment service provider who initiates the transaction. This is done by
forwarding the request to the ACH network. Once the payment or eCheck
transaction is cleared by the ACH network, the funds are directly withdrawn
(debited) from the payer’s account and deposited (credited) into the payee’s
account.

--------------------------------------------------------------------------------


WHAT IS THE PURPOSE OF AN ECHECK?

An echeck is an electronic check that, according to the business dictionary,
acts as a paper check, but offers better security and with more features.
Echecks are usually used to process orders made online and follow the same laws
as paper checks.

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RECEIVE CASH INSTANTLY AT WESTERN UNION OR MONEYGRAM BY ONLINE ECHECK?

what's the answer? Does anybody know?

--------------------------------------------------------------------------------


HOW TO USE ECHECKS FOR SENDING/RECEIVING PAYMENTS?

Well, you have to literally make zero effort to get on this wagon. You already
know everything that you need to know about filing an eCheck because it's the
same as paper checks. Anyway, we will still reiterate the process for you. It's
fairly easy and simple. You won't need a pen or a checkbook, what you'll need
are a browser and a keyboard. Let's begin: 1. Check your bank account balance
This is check/eCheck writing lesson 101, you need to ensure that you have
sufficient balance in your account before proceeding to write an eCheck. If you
don't have the required balance, the eCheck will bounce and you definitely don't
want that. If you don't have the funds in your account, 'do not write the eCheck
as the 'float time is very less and your plans of depositing the funds before
the check clears are literally futile here. 2. Fill up the eCheck request form
Pull up your eCheck services and fill up the form online on their website, on an
application/software they have provided or complete the authorization via an
email or a telephone call. Either way, in this step all you need to do is pass
on the accurate info that will go into your eCheck to your eCheck service
provider. Enter all the details correctly. 3. Check details and press submit
Check again for you may have made errors entering so many numbers in separate
fields. If you're sure that all the information you have provided is correct,
click the OK/submit button and you're all set. This is where your part ends. It
only takes a few minutes, just like a paper check.

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