There are various online payment transmission services, which have become popular. But most of them do not offer check facilities. In other words, electronic check acceptance online is not offered by every payment system. Hence Authorize.Net has come up with a great solution by the name of eCheck. For online casino payment, this system can be easily used. The payment system runs on the basic facility of making electronic checks out of paper checks. The transfers are done efficiently by a specialized network.
This network is named Automated Clearing House or ACH. The payment system eCheck.Net efficiently uses this network as it enables glitch free processing as well as clearing of the e-checks. This particular network is governed by the National Automated Clearing House Association as well as the Electronic Funds Transfer Act and Regulation E. hence you can see, fund transfer through this method is highly regulated and safe.
Depositing with eCheck
Now that you know about eCheck, your next point of concern would be regarding registering with this payment system. For opening an account with eCheck.Net, you will need to provide all the personal information necessary for the same. Authorize.Net is responsible for processing the information.
The entire working system of eCheck can be described in 6 steps. At the first step, you will be communicating the data to the merchant. The moment this is done, the actual process of transaction begins. Once the data is in, that data is transferred to Authorize.Net via the internet. The work of Authorize.Net is that of a mediator for this purpose. Once the data is entered and processed by Authorize.Net, it is then sent to the relevant banking system. This is done to begin the money transfer process. The banking system is regarded as the ODFI. Once the data enters the ODFI network, it is then verified with the ACH network, just to check everything is in place. Once the verification results are positive, your bank will receive a request from ACH for fund transfer. The requisite funds are then taken from your bank and sent to the merchant’s bank, thereby completing the entire process of fund transfer.
Pros and Cons of eCheck
The usage of eCheck has gradually gained a lot of popularity. As a payment system, it is not free from a few drawbacks though. For instance, if the transaction you are trying to process is in the currency of US dollars, then the transaction is possible. But, if the currency is not in US dollars, then the transaction will not be processed. Also, eCheck requires business checking accounts in order to work. But, not every bank allows such accounts – so the usage of eCheck would be limited by that extent. Also, real time processing of eCheck is not a possibility.
But, there are a number of advantages too. This particular payment system provides increased efficiency to its users. The transaction fees charged are lower too. And most importantly, this payment system has excellent security. The entire process followed by eCheck is strictly regulated between banks. It does not require credit card details either. This is why it is transparent and extremely reliable. So, you can opt for this particular online payment system without a worry.