eCheck or the electronic check, is a 2015-founded payment instrument, which is essentially a digital version of the good old paper check. Since checks are predominantly used in the US, this is where the new electronic version originates, and is used by the United States Treasury. Since eCheck itself is not a payment institution and doesn’t process the actual transactions, it’s done by third-party vendors and payment gateways. More info on how it works, how secure the electronic check is, and how much it costs can be found in the short eCheck overview below. T&C's apply to all bonus offers on this site. Must be 18+. Click for a list of all banking methods.
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How It Works?
The eCheck payment method can be used by everyone who has a checking account. And while they contain the same info as paper checks, they require fewer manual steps and are very easy to use.
The payment can be made directly from your bank account or payment gateways like PayPal, Skrill or PaySimple, to another person or company. Once the payment is initialized and authorized by the payer, it’s submitted through the Automated Clearing House (ACH) system. The paying bank then validates the eCheck and charges the payee’s account. The entire process can take up to 5 business days, but should it bounce, the notification should arrive within 48 hours.
Such procedure can be used for regular payments and for setting up recurring billing services. In case you don’t have a checking account, echeck.org has many pages dedicated to help people like you choose the right account at the best price.
eCheck claim to be one of the most secure payment instrument available today. With annual fraud losses reaching over $50 billion with regular checks, that’s a reassuring statement. In short, the electronic check is based on the Financial Services Markup Language (FSML), which along with additional authentication, digital signatures and encryption practically eliminates the risk of forgery, theft and duplication, as well as a host of other hazards.
Finally, when it comes to legal structure, eChecks are based on the check law and provide consumer the protections and rights from Regulation E.
In addition to the positive factors above, eCheck claims to be one of the cheapest payment options, which typically costs between .25 cents to $1.50, depending on the payment institution. Note that additional charges may apply when using a payment gateway, which should be double-checked with each merchant or operator separately.
eCheck is an electronic check that was established in the US in 2015 to minimise the manual steps and security risks that come with regular paper checks. Being a safe payment option, it’s also cheaper to use and can be transferred through online banking or payment gateways.
Click to visit eCheck website.
Posted by CCJ Team