What are echecks?

Online Transaction

E-Fund Transfer
E checks
Online Payment Transfer
Internet Payment Gateways
Free Online Invoice
In-house Internet Payment Internet Banking

Transaction processing

Transaction Processing Types
Transaction Trends
Wire Transfers
Processing Software Transaction
Business Transaction Processing
Processing Monitors
Electronic Check Conversion
Business Loan Calculator

Credit Card Issues & Solutions

Online Credit cards
Credit card Services
Credit Card Payment Tips
Merchant Credit Card
Merchant Credit card Security
Credit Card Fraud

Useful Articles

Merchant Account
Paypal
Paypal Alternative
Automated Clearing House
Turnkey Ecommerce
Phishing Scams
Types Of Phishing
SSL Transaction Security
Why Get a Payday Loan

Free Newsletter

Stay updated, sign up for our free newsletter to receive useful tips

Full Name
Email Id

What Are Echecks & Internet Checks?

An echeck is an electronic version of the check or the representation of the paper checks. The echecks payment instrument combines the security, speed and processing efficiencies of all-electronic transactions with the familiar and well developed legal infrastructure and business processes associated with paper checks.Echeck accepted transactions are now becoming more widely acceptable. Some of the salient points of e checks are as follows:

It contains the information as that of paper checks.
Based on the same rich legal framework as the paper check.
It can be linked with unlimited information's and exchanged directly between the parties.
It can be used in the remote place also were the paper checks are used today.
It enhances the feature and function provided by the bank checking account.
It provides or expands the usefulness of paper checks by providing value added information.

The e checks work the same way the normal check works, except some simple changes as stated below

The check writer writes in the echeck by using any of the electronic means and gives the check to the payee electronically.
The payee who received the echeck deposits the echeck in his account and receives the credit. The payee's bank will clear the check to the paying bank.
The paying bank that is check writer's account is charged according to the values of the echeck.

What Is Internet Check?

I-Check or Internet Check is designed for transactions where more complete verification and digital authentication is required for a good business by the rules that govern ACH transactions. It is more advantageous compared to echeck.

Echecks From Buyer's Point of View

From the buyer's point of view giving an echeck is advantageous as the funds are left in his/her account for a few extra days earning him/her the interest with out the credit card debt. The other advantage is there are no other pay pal fees .The echeck also charge some money from the loans, which will not exceed $50 for all sort of item. If the item value is large you can save a large amount of money. For sending an echeck in response to the invoice or the money request the buyer should have a bank account linked to the pay pal account. Here the buyer sees some format, which is to be filled and submitted, will create a pay pal echeck, which is sent to the seller.

Echecks From Seller's Point of View

If the seller receives an echeck payment then they will get the pay pal email as your cash is on the way. The main advantage for seller is there is full confidence of getting the money without any fraud or cheating from the buyer. The main disadvantage is that they will get the amount only after 3 or 4 days, which is due to the transaction method. The advantage is that the seller can view his transaction at the pay pal account and until it shows the amount is cleared he don't need to mail the item to the buyer. Thus the seller can add a word on their marketing catalog that here echecks accepted, where the echeck is equal to echeck cashing.

Continue to: Echecks Safety