E check merchant account payment services are different than ACH or Check21 services that low risk US merchant’s use. Here are the major differences between the different check processing services that will help you decide what service works better for your business type.
Echecks : High Risk
- Transactions debited from US Checking Account holders only. (same as ACH and Check21)
- Merchant does ” Not ” have to be a US based merchant or business and can use the E check services from anywhere to collect from a US Checking Account holder.
- Merchant settlement funds can be deposited in to a merchant’s non-US bank account in any country in the world.
- Merchant does ” Not ” have to be registered in the US
- Fast approval with minimal documentation and no credit check – can be up and running in 24 hours in most cases.
- Any merchant type is accepted – Call Centers, Loan Modification, Adult, High Volume, High Risk, Medical Discount Cards, and much more….
- No Limit on monthly processing volume.
- Recurring billing gateway feature.
- Virtual terminal and MOTO – Mail Order / telephone order accepted.
- Charge back is possible but only for up to 40 days after the transaction takes place.
- High number of returns are acceptable
- Funds and transaction verification service included
ACH : Low Risk Only CHECK21: Low to Moderate Risk.
ACH: Automated Clearing House is a check debit system that settles through the US Federal Reserve and is governed by NACHA rules and regulations. This type of US Check Transaction service is offered through participating banks, processors and is regulated byt the FTC and NACHA Rules. ** Usually reserved only for ” Low Risk ” merchant transactions and can not accept high return rates or high charge backs like E checks can tolerate.
- Low risk merchant’s accepted
- -1% charge back rule applies
- Does not support high returns
- Charge backs possible up to 90 days from sale
- Does not accept high-risk merchant business types
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