Elcronics

What is Electronic Check Processing? Electronic check processing means that you can convert a paper check received from a customer into an electronic transfer (sometimes called an e-check) that takes funds from your customer's account and places them into your account. (You may have seen transactions of this type on your checking statement.) This transfer takes place via the Federal Reserve Bank's Automated Clearing House (ACH) system. It's a faster, less-expensive way to get your money. What is the ACH Network? Put very simply, the ACH network moves money from one entity to another--electronically. The Automated Clearing House (ACH) Network is a highly reliable and efficient nationwide batch-oriented electronic funds transfer system which provide for the interbank clearing of electronic payments for participating depository financial institutions. The Federal Reserve and Electronic Payments Network act as ACH Operators, central clearing facilities through which financ...

What Kinds of Electronic Check Conversion Exist? There are two major types of electronic check conversion - electronic check conversion and electronic check conversion with check guarantee. Before jumping into the key difference though, it's helpful to spend some time explaining electronic check conversion in general. Electronic Check Conversion Explained Using Credit Cards The best way to explain electronic check conversion (and even electronic check conversion with check guarantee) is to point to credit cards. Years ago, instead of swiping credit cards into an electronic reader, merchants had to physically place them into a metal contraption, along with a two-piece carbon form. A heavy roller created an imprint of the credit card. After signing the form, one copy stayed with the store and the other went to the purchaser. But in the last twenty years shoppers and stores forego using extra paper since everything is stored electronically thanks to the electronic reader. With el...

The processing of electronic checks is performed much like paper checks. Electronic check payment processing involves the use of electronic checkbooks. An electronic checkbook is a device in the nature of an electronic token. It contains encryption related tools, certificates, public and private key pairs, check processing software unlocking utilities, and those that perform other functions. It also can help maintain the log of transactions securely. Whenever electronic check payment processing transaction is to be initiated, a blank electronic check appears on the payer's screen. The memo field, the date field, and the amount are all filled-in. The step to make the signature on the e-check involves insertion of the electronic checkbook into the check reader. The check reader is a check processing machine. The payer then needs to unlock his checkbook by entering the PIN. The serial number of the electronic check is automatically filled in by the checkbook device. The entire ch...

What is Electronic Check Processing? Electronic check processing means that you can convert a paper check received from a customer into an electronic transfer (sometimes called an e-check) that takes funds from your customer's account and places them into your account. (You may have seen transactions of this type on your checking statement.) This transfer takes place via the Federal Reserve Bank's Automated Clearing House (ACH) system. It's a faster, less-expensive way to get your money. What is the ACH Network? Put very simply, the ACH network moves money from one entity to another--electronically. The Automated Clearing House (ACH) Network is a highly reliable and efficient nationwide batch-oriented electronic funds transfer system which provide for the interbank clearing of electronic payments for participating depository financial institutions. The Federal Reserve and Electronic Payments Network act as ACH Operators, central clearing facilities through which financ...