Are you interested in Same Day eChecks? What are these? How do they work? How can you get the necessary payment processing solutions for your business fast and easily? Just read below and you’ll get a better idea.
eChecks and Their Features
eChecks can be described as the electronic versions of a traditional paper check. eChecks help you withdraw money electronically from the payee’s bank account. Then, the money gets deposited into the receiver’s account. It’s necessary that the payee authorizes this so that the payment can initialize.
eChecks have several features that you can find below:
- Similar to paper checks, use the same account and routing information
- Similar to paper checks, offer the same legal protections
- Like you use paper checks, you use eChecks to pay for goods
- Can add value to your paper checks by providing additional information
When it comes to whether your business should accept eChecks or not, let’s consider the following. eChecks can help you complete bank transactions over the Internet and enjoy the best level of security. Besides, eChecks cut the number of incidences associated with fraud for both parties.
Additionally, you can enjoy automatic verification of funds. eChecks offer more affordable transaction fees as compared to the majority of other methods of accepting online payments like credit cards.
So, eCheck is used to digitize what would normally be a paper check transaction. As a result, merchants get an opportunity to accept and enter the payment using a computer/phone. In fact, there’s nothing challenging about this process.
You should let your customers know how checks will be processed. Your customers should also know that the transaction will be processed through the ACH network. The funds will clear into a business account Next Day and even Same Day Deposit Funding.
ACH is the US faster payments initiative. It aims to speed up the settlement time for specific bank-based transactions. What about Same Day ACH for B2B (business-to-business) payments? Just read below and you’ll know.
By the way, by turning to a reputable high risk processor like eMerchantBroker.com, you can get answers to all your questions concerning Same Day eChecks. EMB is voted the top high risk credit card processing company in the US. Moreover, EMB carries an A+ rating with the BBB and an A rating with Card Payment Options.
The great thing about eMerchantBroker.com is that EMB talks to every single merchant to know his/her business well. Then, EMB offers the right merchant services tailored to his/her own needs.
What Are Same Day eChecks/ACH?
According to a new NACHA rule, ACH processors are allowed to offer Same Day eCheck processing for customers who need their eCheck funds deposited same day. As a result, you get a “Same Day Fee” applicable to all Same Day ACH transactions. It also compensates ACH processors for the service.
When it comes to settlement time, it’s as follows:
- ACH transactions submitted before 10:30 AM ET will be settled same day at 1:00 PM ET
- ACH transactions submitted before 2:45 PM ET will be settled same day at 5:00 PM ET
Based on the new NACHA rules, almost all ACH or eCheck payments are eligible for Same Day ACH. This refers to both credits/debits. International transactions or IATs are among the major exceptions. This also refers to high value transactions (above $25.000), which can’t be eligible for Same Day ACH. All these exceptions taken together account for less than 1% of all ACH network transactions.
Currently, you can find Same Day ACH as an option through numerous ACH providers. You just need to contact your current ACH provider and find out if Same Day ACH is available. Figure out whether the additional associated costs are acceptable for your business. Be aware that eMerchantBroker.com can help you with reliable and low cost ACH payment processing.