eCheck Processing: What’s “Payments Clearing?”

Jan 22, 2019

What’s involved with the process of payments clearing? How long does it take for payments to get cleared? What about eCheck processing? Is this the right payment processing solution for you? Just move forward to get answers to these questions.

Online Payments: eCheck Processing

It’s no surprise that cash is becoming less widespread for paying for goods and services today. This is also true of paper checks, which are yielding to electronic checks. eChecks aim to make consumers and businesses more satisfied. With eChecks, the money is being sent in the same way, only there’s no actual paper involved.

This makes electronic check processing faster and more affordable. With credit card payments when consumers use eChecks, no extra fees are added, and businesses shouldn’t have any concerns about costly chargebacks.

iChecks, as a means of electronic check processing, are developed with speed and ease of use in mind. iChecks come with fewer restrictions as compared to ACH. Many merchants already use iChecks for accepting check payments. Such flexibility is preferred by lots of businesses these days. Only, it’s vital to find a reputable payment company like to apply for eCheck processing.

EMB, a BBB Accredited processor, specializes in the high risk space and is well aware of all the hard-to-deal-with issues concerning merchant services, especially the high risk ones. isn’t only rated A+ by the BBB: EMB has also an A rating with Card Payment Options, and is dedicated to providing the right services geared to your own specific business needs.

With EMB, you can get up-to-date information about payments solutions and be sure to use the most advanced technology in the industry. Consider applying now to get your approval in just 24 hours.

Payments Clearing: How Long It Takes

Banking and finances define “clearing” as the activities from the time a transaction is processed until it gets settled. So, the process is associated with the actual movement of funds from one account to another. The aim of a clearing house is to make such transactions among banks easier.

Thanks to clearing, trading speed becomes much faster as compared to the cycle time regarding the completion of the underlying transaction. Clearing has to do with post-trading, pre-settlement credit exposure management. It’s responsible for ensuring that the given trade settlement is due to market rules. This refers also to those cases when the buyer/seller becomes unable to pay prior to settlement.

So, cleared funds represent your account balance that can be removed or used in financial transactions. Before funds are regarded as cleared, they’re labeled as “pending.” From here, “completed transactions” are those that’ve been processed, but the funds may not have been actually received. As for “cleared,” it refers to those funds that’ve already been received.

When you submit a credit/debit card payment, the clearing may take different times. It all depends on the account the payment should appear in. So, it may take 2-3 business days to clear your bank or credit account.

Usually, card transactions are instantly authorized, and funds get instantly pending for transactions. As a rule, while the transaction is being processed, you can receive an email payment confirmation automatically sent to you.

Be aware that larger deposits may often require a longer period of time to clear as compared to smaller ones. This is especially true of those cases when the deposit size requires the given financial institution to work in compliance with government regulations.

As you see, the modern payments industry boasts more than one advanced payment processing options. All you need is to work with a respectable payment processing company to get the best deal for your business so to see an increase in sales faster and easier. eChecks are one of these options you can take advantage nowadays.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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