Payment processing is an essential part of the modern retail world, especially when it comes to running an eCommerce website. Do you want to learn more about how payment transactions are processed? If yes, just keep on reading below since this article is about how payments are cleared and how eChecks processing can help you.
How Payments Are Cleared: eCheck Payments
Before moving forward to seeing how long payments take to clear, let’s find out what key players are involved in the processes of authorization and settlement. So, these are the cardholder, the merchant, the acquiring/merchant’s bank, the issuing/cardholder’s bank, as well as the card associations, meaning Visa and MasterCard.
When a credit/debit card payment is submitted, it may require 2-3 business days to clear your bank or credit account. Card transactions get authorized just right off the bat, so the money will just immediately be pending for your transaction.
When the transaction is made, the property management staff receives an email payment confirmation. The latter includes a date and time stamp of the payment.
What about eCheck payments, which are a preferred choice by many since they offer excellent speed and top security? Well, when an eCheck payment is submitted, it may require 3-5 business days for funds to clear or be debited from your bank account.
No one would argue that speed is everything these days, and how fast payments are cleared is a major benefit of electronic check processing. eCheck payment processing very often helps merchants boost sales because customers really like having multiple options available for completing transactions.
Speedy Transactions: eCheck Processing
The payments landscape has undergone incredible changes in recent years. The space has evolved to a great extent, and 2019 promises to serve as a turning point for professionals in payment roles. So, working with a true payment expert is of special importance for your business.
You can see funds from check sales immediately when you use iCheck. This is a striking electronic check processing service that you can look for and find out which processors offer it. With a reputable eCheck processor, you’ll start taking advantage of iChecks thanks to their instant check processing.
Working with a true specialist in the field, you can get your application approval for eCheck processing service in just 24 – 48 hours.
Well, why do customers trust eCheck payments so much? This is because eChecks payments account for less risk by offering various screening measures. These include checking account detail verification, bad check database review, and more.
What’s more, eCheck payment processing offers:
- No consumer notification or receipts
- No check writer authorization
- Funding gets deposited in just 24 hours
- You can monitor transactions online free of charge
To sum up, the process of payment clearance requires just a few seconds. Your terminal sends the transaction information to the given processor, and then the card network passes it to the issuing bank so the info can get approved or not. Next, the issuing bank sends an authorization back through the card network to your processor. Finally, it ends up back at your terminal or software.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers the most secure and cheapest eCheck processing in the industry. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.