How to use Echeck and What is it?
A form of payment made via the internet that is designed to perform the same function as a conventional paper check. Because the check is in an electronic format, it can be processed in fewer steps and has more security features than a standard paper check. Security features provided by electronic checks include authentication, public key cryptography, digital signatures and encryption, among others. Electronic checks (eCheck) have been developed in response to the transactions that have arisen in the world of electronic commerce. Electronic checks can be used to make a payment for any transaction that a paper check can cover and are governed by the same laws that apply to paper checks. This is the first form of internet-based payment that the U.S. Treasury uses for making large online payments. Paper checks can be processed electronically so you’ll never have to go to the bank again.
What Process Do we use to Verify Customers Transactions to use Echeck?
Our team utilizes an in-house, live Verifications Department. When we submit a transaction to be processed, within seconds it is scrubbed by the internal nationwide scrubbing data system that checks for negative bank account data. If the system does not detect any negative data on the bank account, it is passed into the “pending” status. From there, the Verifications Department calls the customer to confirm the validity of the order. Once all is verified, the customer bank is called to verify the name on the account matches, the account is open and valid, and the funds are currently available for the amount to successfully debit the customer’s account.
This verification process takes place in real time, approximately 1-2 minutes to complete, in the order the transaction was received. In some cases, a DocuSign is sent for the customer to complete. Once the DocuSign is returned to us completed by the customer; we then make a final call to confirm that the customer was the signer of the completed document. If your company is required to include this DocuSign step for Verification calls, the Merchant will be notified of this step upon the boarding of your processing account. You might wonder, why such a thorough process? These steps are taken to prevent the risk of a “Returned Check.”
Instead of pushing the transactions automatically through to the customer’s bank, our Verification process reduces the chance of a NSF, Stop Payment, Not Authorized payment, etc. It also minimizes the chance of fraudulent activity on a customer’s checking account. This process gives reassurances to our customers, that they are safe and secure when making payments via eCheck.
What are the hours of the Verification Department?
Our Office hours of operation are M-TH 9:00 am- 7:00pm EST & Friday 9:00am-6:00pm EST.
What is the Description that wills how up on your bank statement?:
After an eCheck payment is processed, it will show up on the bank statement under “JBI/Paymonex”.
How long will it take for an Echeck to post to your Bank Account?”
Once the eCheck transaction has been approved, it takes approximately 2-3 days for the check to clear. If you cannot use echeck and prefer to use payal or credit card, try lifespharma.com