Evaluating E-Check with other Payment Methods
E-Check
and Paper Check
Paper check is an older format or check that is filled by the payer manually to process the request for making payment from his bank account to any other account. The main comparison between E-Check and Paper Check is the method of use, costing, grant error, richness of information, risk management and processing time. E-check is more fast and secure than paper check with various benefits allowing users to transfer money in a hassle-free environment.
Debit Cards and E-Check
Debit cards used by the bank account holders having inbuilt ATM card that allows to withdraw money or use for making online payments to various merchants. Conversely, E-Check is completely different from Debit cards, mainly in terms of use and payment systems. E-Check Processing for Tech Support is suitable but for debit card holders there is difference.
E-Check and SET or Credit Cards
SET or secure electronic transaction which is especially defined by credit card industry to facilitate online transaction executed through online purchases. E-Check allows online purchases but their payment processing is completely different.
In Credit Card, payment is made by customer’s bank and amount immediately transferred to merchant’s bank account with facility for customers to deposit the amount within the 45 days. Whereas, in E-check processing the amount is transferred from payer’s bank account and clearing of this process usually takes 2-5 days compare to quick transfer in credit card.
E-check and Online/Internet/Home Banking
It is a most common and widely mode of online payment used by the customer’s. Home banking or online banking system is convenient for bill payments or make payments for other services. Internet or Online Banking is used to pay online using the transaction id and password, while E-check are filled and digitally authorized for further processing of payments. E-Check Processing for Pharmacy Business while home banking is suitable for bill payments.
Paper check is an older format or check that is filled by the payer manually to process the request for making payment from his bank account to any other account. The main comparison between E-Check and Paper Check is the method of use, costing, grant error, richness of information, risk management and processing time. E-check is more fast and secure than paper check with various benefits allowing users to transfer money in a hassle-free environment.
Debit Cards and E-Check
Debit cards used by the bank account holders having inbuilt ATM card that allows to withdraw money or use for making online payments to various merchants. Conversely, E-Check is completely different from Debit cards, mainly in terms of use and payment systems. E-Check Processing for Tech Support is suitable but for debit card holders there is difference.
E-Check and SET or Credit Cards
SET or secure electronic transaction which is especially defined by credit card industry to facilitate online transaction executed through online purchases. E-Check allows online purchases but their payment processing is completely different.
In Credit Card, payment is made by customer’s bank and amount immediately transferred to merchant’s bank account with facility for customers to deposit the amount within the 45 days. Whereas, in E-check processing the amount is transferred from payer’s bank account and clearing of this process usually takes 2-5 days compare to quick transfer in credit card.
E-check and Online/Internet/Home Banking
It is a most common and widely mode of online payment used by the customer’s. Home banking or online banking system is convenient for bill payments or make payments for other services. Internet or Online Banking is used to pay online using the transaction id and password, while E-check are filled and digitally authorized for further processing of payments. E-Check Processing for Pharmacy Business while home banking is suitable for bill payments.
nice information @merchantstroghold
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