Answer
May 16, 2024 - 10:44 AM
An eCheck, or electronic check, is a digital version of a traditional paper check. It uses the Automated Clearing House (ACH) network to transfer funds from the check writer’s bank account directly into the recipient’s bank account, processing the payment electronically.
Here’s how it typically works:
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- Authorization: The payer authorizes the eCheck, which can be done through an online payment form, a signed order form, or over the phone.
- Payment Setup: The payee inputs the payer’s bank account and routing number into the online payment processing software.
- Confirmation and Processing: Once the eCheck is submitted, the payment is processed through the ACH network. The payer’s bank verifies the funds and, if everything is in order, sends the money to the payee’s bank.
- Funds Transfer: The funds are then deposited into the payee’s account, usually within 3-5 business days, depending on the bank’s processing times.
Check out our FAQ page for more information!
Source: https://bullionexchanges.com/faq
