E-Check: The future mode of making payments
eCheck, the electronic version of paper check is a quantum leap in expedited and convenient payments. It can be sent through email to the recipient avoiding the security issues of credit card payments and hassles of a paper check.
Due to misuse of credit card numbers and other online frauds, many users do not prefer to use credit card as a payment option. For such users, echeck is one of the best choices that ensures safety and cost-effectiveness.
The streamlined process An electronic check reaches the recipient securely in a matter of minutes and the amount is credited to the recipient’s account in 2 to 3 days. To make payment through the eCheck, you just need to mention the Bank routing number, Bank account number and the Name on your bank account. What’s more, the sender receives immediate confirmation that the e-check is received by the intended beneficiary.
Innovation of the new era E-commerce has been with us since years and traditionally people have used credit cards, debit cards, online bank transfers, PayPal and similar payment methods. Each mode of payment has its drawbacks. With this as the backdrop two companies in the US, Clareon Corporation and Xign Corporation licensed eCheck technology based on FSML, or Financial Service Markup Language with roots in SGML. The e-check came into being as an outcome of a project undertaken by the Financial Services Technology Consortium made up of over 100 members including leading banks, technology firms, research laboratories and universities.
Technologies that ensure your safety An eCheck integrates secure authentication, public key cryptography, digital signature and secure encryption. It includes digital signatures using Public Key Cryptographic Digital Signature, a set of mathematical calculations that identify signatures of signed documents in a tamper-proof, secure authentication pathway.
The Payment System The e-check works well in an automated payment system. While issuing the e-check, you enter a PIN which releases a smart card format e-check containing the signature key with inherent non-repudiation system. Once the process of issuing an echeck is complete, it is sent by email to the beneficiary. The payee has means to authenticate or verify the signature on the echeck and accompanying invoice. Then the payee detaches the invoice and enters the PIN to unlock the eCheck and sign an electronic deposit slip. Then the payee forwards this echeck to his bank for deposit and related clearing process. Banks have an electronic check present system to verify signatures on echeck and endorsement with the help of a double layer certificate system. Your bank details are safe in an eCheck. When you provide the eCheck information, you will get a phone from the payment processing bank. They verify the details with the account holder and then only the payee bank can charge the account.
Safety & Security at its best Issuing banks, recipient and issuer are all covered by layers of protection and security checks. Our echeck providers are based in USA thus dealing with the US Bank is an additional security factor for the users. Currently, only the US citizens can issue eChecks.
The Added Advantages: A number of added advantages make eCheck the most preferred alternative to credit card payments. The processing Fee for eCheck is less. eCheck conversions are totally electronic and do not require any human interaction. Average processing charge of paper cheque is approximately $1.5 per cheque while conversion of an eCheck takes only about $0.55 eCheck is Environment friendly. It saves on paper thereby saving trees. Also all the transactions occur electronically, there by saves on pollution part as well since there will be no physical transfer through transportation channels. Thus saving fuel and saving from pollution caused by vehicles.
eCheck is also convenient to use. With eCheck you can make all transactions sitting at home whenever and wherever you want. Conversions of eChecks are easy and quick. All the information is recorded at one go trough scanning for further verification. eChecks usher in a new and better as well as secure of payments using email and the web, in line with current technologies and online commercial practices, saving costs, time, paper and the environment as well. Lets us shift to the new level of online payments. It’s safe, secure and cost-effective.
The streamlined process An electronic check reaches the recipient securely in a matter of minutes and the amount is credited to the recipient’s account in 2 to 3 days. To make payment through the eCheck, you just need to mention the Bank routing number, Bank account number and the Name on your bank account. What’s more, the sender receives immediate confirmation that the e-check is received by the intended beneficiary.
Innovation of the new era E-commerce has been with us since years and traditionally people have used credit cards, debit cards, online bank transfers, PayPal and similar payment methods. Each mode of payment has its drawbacks. With this as the backdrop two companies in the US, Clareon Corporation and Xign Corporation licensed eCheck technology based on FSML, or Financial Service Markup Language with roots in SGML. The e-check came into being as an outcome of a project undertaken by the Financial Services Technology Consortium made up of over 100 members including leading banks, technology firms, research laboratories and universities.
Technologies that ensure your safety An eCheck integrates secure authentication, public key cryptography, digital signature and secure encryption. It includes digital signatures using Public Key Cryptographic Digital Signature, a set of mathematical calculations that identify signatures of signed documents in a tamper-proof, secure authentication pathway.
The Payment System The e-check works well in an automated payment system. While issuing the e-check, you enter a PIN which releases a smart card format e-check containing the signature key with inherent non-repudiation system. Once the process of issuing an echeck is complete, it is sent by email to the beneficiary. The payee has means to authenticate or verify the signature on the echeck and accompanying invoice. Then the payee detaches the invoice and enters the PIN to unlock the eCheck and sign an electronic deposit slip. Then the payee forwards this echeck to his bank for deposit and related clearing process. Banks have an electronic check present system to verify signatures on echeck and endorsement with the help of a double layer certificate system. Your bank details are safe in an eCheck. When you provide the eCheck information, you will get a phone from the payment processing bank. They verify the details with the account holder and then only the payee bank can charge the account.
Safety & Security at its best Issuing banks, recipient and issuer are all covered by layers of protection and security checks. Our echeck providers are based in USA thus dealing with the US Bank is an additional security factor for the users. Currently, only the US citizens can issue eChecks.
The Added Advantages: A number of added advantages make eCheck the most preferred alternative to credit card payments. The processing Fee for eCheck is less. eCheck conversions are totally electronic and do not require any human interaction. Average processing charge of paper cheque is approximately $1.5 per cheque while conversion of an eCheck takes only about $0.55 eCheck is Environment friendly. It saves on paper thereby saving trees. Also all the transactions occur electronically, there by saves on pollution part as well since there will be no physical transfer through transportation channels. Thus saving fuel and saving from pollution caused by vehicles.
eCheck is also convenient to use. With eCheck you can make all transactions sitting at home whenever and wherever you want. Conversions of eChecks are easy and quick. All the information is recorded at one go trough scanning for further verification. eChecks usher in a new and better as well as secure of payments using email and the web, in line with current technologies and online commercial practices, saving costs, time, paper and the environment as well. Lets us shift to the new level of online payments. It’s safe, secure and cost-effective.
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