But if the business user has eCheck filters in place and tries to make a payment to an unauthorized merchant account, the payment will be returned.
Whenever people manually enter data, you run the risk of introducing human error. Reduce your chances by having people type their account number into an online payment form more than once, to make sure the numbers match.
For in-person payments, you can use check scanners that read the numbers on the bottom of the check rather than having a person type in their information. Online, people can also scan checks via a mobile device. This is good customer service and can help your customers avoid late fees.
The longer you wait to tell someone about a returned payment, the more late fees they may incur, and the more frustrated they are to hear about the failed transaction. The more payment options you make available for your customers, the easier it is for them to pay their bills. As with any payment or really anything you put online, good user experience goes a long way.
By providing an easy-to-use eCheck payment option native to your own web domain, people will trust that they are making a secure payment directly for the service you provide. Give people paying from corporate accounts the information they need up front, so their payments go through seamlessly. And verify accounts as a person makes a payment, so once they finish a transaction, they can cross that task off their to-do list. Payments by eCheck have the benefit of being lower cost to both you and the people you serve.
Tags: ACH payments , echeck payments , fintech , Payment Fees , payment processing , payment technology , web payments. Share this event. FinTech August 31, Back to blog. Join Us. ECheck processing doesn't happen in real time, so the account might have had sufficient funds when she wrote the check.
Ask the buyer to check whether she used the correct American Bank Association number routing number and account number.
An ABA number is a unique number assigned to a financial institution. If it's wrong, or if the bank account number is wrong, the eCheck will be declined.
Ask your third-party payment processor, such as PayPal or AcceptPay, what the procedure is for resubmitting the eCheck, if that's how you received it. Check that you don't have restrictions on the amount for a single transaction for accepting an eCheck if you're using a gateway processor.
Look at the amount of eChecks you're authorized to accept each month through your payment gateway. If the buyer's check puts you over the limit, it will be declined.
Contact your payment gateway's support desk if necessary to request an increase in the maximum per transaction amount and the total monthly transaction amount if either of those factors caused your buyer's check to be declined. Ask the customer whether she is willing to pay for the product with a credit or debit card or cashier's check if you are unable to resolve the situation with the previous steps. Call the buyer's bank to ask whether her account has sufficient funds to cover the eCheck if the buyer won't submit another form of payment.
The bank won't tell you what the buyer's total balance is, but it will tell you whether the account has a certain level of funds. Redeposit the check immediately when the buyer's account has funds. Contract with an eCheck collection service to process all your returned-for-insufficient-funds checks, whether paper or electronic, if you don't want to call the buyer's bank yourself.
The service will monitor the buyer's bank account and redeposit the check when funds are available. Katie Jensen's first book was published in Since then she has written additional books as well as screenplays, website content and e-books.
Her articles specialize in business and personal finance.
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