eCheck.Net™ is an RTWare.net™ corporation
payment service that allows online and traditional merchants
to accept and process electronic check payments - either directly
from their Web site's storefront or through the RTWare.net
Virtual Terminal. eCheck.Net makes it easy for online businesses
to add an electronic check payment option to their Web site.
Customers who wish to pay for a purchase with an electronic
check can simply select the electronic check option and enter
the requested bank account information. eCheck.Net encrypts
the data using the same SSL 3.0 encryption technology as RTWare.net
and transmits it to the secure server for posting. Transactions
are automatically settled each day. RTWare.net initiates
a debit to the consumer's checking account via the Automated
Clearing House (ACH) and subsequently 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 billings. Health
clubs, tanning salons, subscription services, ISPs, membership
companies, and health care practitioners are typical examples
of businesses that need to periodically deduct funds from
their customers' checking accounts. Of course, written customer
authorization is always required, and merchants must apply
and be approved for the eCheck.Net service prior to performing
these types of transactions.
- eCheck.Net enables merchants to obtain payment from their
Customer via direct debit to their bank account.
- eCheck.Net transactions are not processed in real-time
and do involve additional risk to the merchant.
- eCheck.Net transactions "clear" and are paid to the merchant
in approximately seven calendar days.
- eCheck.Net transactions will appear on a merchant’s customer’s
bank statement as "ECHECK TRANSACTION XXXXXXXXXX," where
the Xs represent a 10- character abbreviation of the merchant’s
business name.
- eCheck.Net transactions are not guaranteed and can be
revoked by the customer without the protections present
with card transactions.
- All eCheck.Net transactions must be authorized by the
customer in writing and physically signed, just like with
a paper check.
- RTWare.net is the acquirer of eCheck.Net transactions
and sets all processing volumes and levels for a merchant.
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