Let's start by defining electronic verification. Basically, it is a type of payment system where funds are withdrawn from the customer's bank account and deposited directly into the merchant's account.
The network that takes care of everything behind the scenes is called an Automated Clearing House. In order to process these payments, the business owner must have electronic verification processing in place. This system allows payments to be withdrawn easily from or from the customer's bank account. It is also possible now to look for hemp product payment processing via axiompayments.net/hemp-products-payment-processing.
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How eCheck processing works:- There are many similarities between paper check processing and electronic check processing. The difference is, electronic checks are processed faster. Below is a description of the entire process. For a better understanding, we have divided the process into three steps:-
1. Authorization to purchase:- Customers can fill out the online form or call to approve the purchase. Once authorized, check information is sent to the payment processor.
2. Payment complete: – Upon receipt of information about the check, the payment processor will withdraw money from the customer's bank account and make space.
3. Money deposited to the merchant's bank account:- After the transaction commences, it takes up to 3 days of electronic checks to redeem and transfer money to the merchant's account.