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...

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...