Process eCheck payments
Electronic checks are an ideal digital payment option for recurring transactions, bill payments, and contactless payments.
What is an eCheck?
An electronic check, or eCheck, is similar to a paper check, except customers provide their bank account, routing number, and payment authorization through an online form for electronic processing.
What are the benefits of eCheck?
Business benefits
Save time, reduce costs
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Save time. Because eChecks are processed electronically, you don’t have to wait for a paper check to arrive in the mail before receiving notice of a customer’s payment.
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Reduce errors. The process of receiving and depositing a paper check has multiple opportunities for human error. There are also costs associated with check acceptance, including employee expenses and bank fees.
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Less effort. With a one-time approval to withdraw funds from a customer’s account, business can automate recurring payments, eliminating the need to manually collect payments.
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Low costs. eCheck transactions are typically inexpensive for businesses, with average costs between 26 and 50 cents (for comparison, paper check costs are typically between $1.01 and $2.)1
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Small dispute window. The period for a customer to issue a chargeback period for an eCheck is 60 days from the purchase date.
Consumer benefits
Save time, reduce effort
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No paper. eCheck eliminate the time, costs, hassle and efforts associated with using paper checks.
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Easy payments. Customers can “set it and forget it” by arranging a recurring payment to withdraw automatically.
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Inclusivity. Customers without access to credit can still pay with an eCheck.
How do eChecks work with ColdPoint?
All the information needed from a paper check (routing number, bank account number) is input into an eCheck authorization form, and then it is sent to be processed through the ACH network.
Funds from eChecks are transferred via direct deposit, which is also called electronic funds transfer (EFT), from the customer’s account into the business’s account.
Services for all plans
Advanced Fraud Detection Suite
Identify, manage, and prevent suspicious and potentially costly fraudulent card transactions with our Advanced Fraud Detection Suite (AFDS).
Customer Information Manager
Tokenize and store your customers' sensitive payment information on our secure servers, simplifying your PCI DSS compliance and the payments process.
Automated Recurring Billing
Automated Recurring Billing (ARB) is a convenient and easy-to-use tool for submitting and managing recurring, or subscription-based, transactions.
Invoicing
Send an invoice to anyone with an email address. Invoicing is perfect for businesses that need to send simple, no-hassle invoices.