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Authorize.Net's
eCheck.Net is a payment solution that allows
online and traditional merchants to accept and process electronic
check payments either directly from their Web site's storefront
or through the Authorize.Net™ Virtual Terminal
With eCheck.Net,
customers pay for a purchase with an electronic check by selecting
the electronic check option and entering the requested bank account
information. eCheck.Net encrypts the data using Secure Socket
Layer (SSL) 3.0 encryption technology, and transmits it to the
secure server for posting. Transactions are automatically settled
each day. Authorize.Net initiates a debit to the consumer's checking
account via the Automated Clearing House (ACH) and then transfers
collected funds to the merchant's account. The eCheck.Net system
notifies merchants of failed debit attempts, including “Not Sufficient
Funds” returns.
Traditional
merchants without commerce-enabled Web sites can also use eCheck.Net
to handle periodic billing. Health clubs, tanning salons, subscription
services, ISPs, membership companies and health care practitioners
are all examples of businesses that regularly deduct funds from
customers' checking accounts. Of course, written customer authorization
is always required, and merchants must apply to be approved for
the eCheck.Net service prior to performing these types of transactions.
eCheck.Net
:
- Enables
merchants to obtain payment via direct debit from their customers’
bank accounts.
- Initiates
a seven-business-day payment fulfillment cycle once a transaction
is cleared.
- Appears
on a customer’s bank statement as "ECHECK TRANSACTION XXXXXXXXXX,"
where the Xs represent a 10-character abbreviation of the merchant’s
business name.
Merchants
should note the following:
- It is not
possible to process electronic check transactions over the Internet
in real time. The only way to debit a shopper’s checking account
in real time is for the shopper to initiate a credit card transaction
with a debit card.
- Authorize.Net
is the acquirer of eCheck.Net transactions and sets all processing
volumes and levels for a merchant.
eCheck.Net
Prices
- Application
Fee = $49
- One-Time
Setup Fee = $99
- Discount
Rate = 1.99%
- Transaction
Fee = $0.30
- Monthly
Minimum Fee = $10
eCheck rates
and fees listed above are for low risk merchants only. Your actual
eCheck rates and fees will be determined by Authorize.Net according
to your business type, credit rating, monthly volume, through
a separate eCheck.Net application process.
To apply for
a eCheck.Net service you must have an Authorize.Net account with
us first.
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