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What is eCheck and payment processing with High Risk Processing?

An eCheck, short for electronic check, is a digital version of a traditional paper check used for making payments or transferring funds electronically. It is a method of payment processing that allows individuals and businesses to send money from one bank account to another via the Automated Clearing House (ACH) network, which is a secure and widely-used electronic funds transfer system in the United States. Here's how eChecks work:

Authorization: The payer (the person making the payment) initiates the eCheck transaction by providing their bank account details, including the account number and routing number, as well as the recipient's information and the payment amount.

Verification: The payment processor or financial institution validates the provided information to ensure the payer's account is legitimate and has sufficient funds to cover the payment.

Processing: Once the payment is verified, the funds are withdrawn from the payer's account and electronically transferred to the recipient's bank account.

Settlement: The transaction is settled within a few business days, and both the payer and the payee can see the transaction details on their respective bank statements.

EChecks are commonly used for various types of transactions, including online purchases, bill payments, and payroll processing. They are often preferred for their convenience, reduced processing costs compared to paper checks, and the ability to automate recurring payments.

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FirstName tim
LastName jone
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Topic revision: r2 - 20 Sep 2023, TimJone
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