An electronic version or representation of a paper check. The account holder writes an e-check using a computer or other type of electronic device and transmits the e-check to the payee electronically. Like paper checks, e-checks are signed by the payer and endorsed by the payee. Rather than handwritten or machine-stamped signatures, however, e-checks are affixed with digital signatures. The payee deposits the e-check, receives credit, and the payee’s bank clears the e-check to the paying bank. The paying bank validates the e-check and then charges the check writer’s account for the check.
A check in an electronic form, deliverable through the network.
a check that is written without paper
a cost-effective alternative to paper checks and credit cards
a method of debiting the funds from your checking account just as you would write a check
an unsigned check prepared after a customer buys a product, approves the amount, and provides his bank account and clearing house information, (usually over the phone)
Generic term for any payment that begins as a paper check and is subsequently converted to an ACH transaction for electronic clearing and settlement. Also known as an E-Check.
An electronic check that takes money directly from a user's checking account
The process of taking back, or debiting, the merchant's credit card funds after the funds have been paid to the merchant. This occurs when a customer disputes a credit card transaction. The merchant must respond to the charge back and provide proof that the product or service was provided to the customer.
A check written and submitted electronically via the Internet.
The term "electronic check" is used to refer to several types of electronic transactions. • ACH-based electronic check. A payment that begins as a paper check is converted into, or truncated to, an ACH debit entry. The paper check is not processed. • Electronic network electronic check. A payment that begins as a paper check is converted into, or truncated to, an electronic network entry, using networks such as an ATM network or a credit card network. The paper check is not processed. • Internet- or telephone-initiated payments. A transaction that is initiated over the Internet or via phone, with the debit carried out by an electronic debit, usually an ACH debit. Some users categorize payments initiated via Internet or telephone but that are effected by paper drafts as electronic checks, even though the debit is paper-based. • A catch-all term used loosely to refer to any attempt to initiate payment through PCs, the Internet, and computer systems.
An electronic version of the traditional paper check. It includes all the components of a paper check and can be used as a method of payment on the Internet. Currently the Payment Gateways that are integrated with ecBuilder do not support Electronic Checks.
Refers to several types of electronic transactions that debit a checking account. An electronic check is not a substitute check.
Describes a check or bank account payment that is submitted and/or processed electronically.
An electronic equivalent of paper-based check used to effect payments over the Internet.
The use of a computerized network to draft checks for the payment of bills and the purchase of goods and services.
Electronic version of a paper check, including date, payee name, payment amount, and signature. Electronic checks (e-checks), currently being tested by several large banks, are meant for paying bills, transferring funds, or any purpose where a paper check is used today. Checks bear a digital signature security code proving payment was authorized by the account holder. See also Digital Signature.