echecks Vs i-Check
That depends......
eCheck or Electronic Check is a method of converting a paper check into an electronic item. This service was
developed to reduce the costs associated with accepting checks at the Point of Sale (POS) and to expedite the
settlement of funds into the store's bank account through the use of the Automated Clearing House (ACH) network. This is the process that is used by a growing number of retailers where you hand the cashier a check, they scan it, stamp it VOID, and hand it back to you.
eChecks use a very limited amount of verification, typically one of the national negative databases to determine if the check should be accepted. This minimal verification is sufficient and NO digital authentication is required because the customer is PHYSICALLY standing at the cash register where the clerk can see the check, ask for and physically look at the customer's identification, plus the check writer is more than likely a local resident.
But what if you can't see your customer, look at his identification, and he isn't local? What if he is making a purchase from your web site?
i-Check or Internet Check is designed for transactions where more complete verification and digital authentication is not only good business but REQUIRED by the rules that govern ACH transactions. Since you can not look at your customer, look at his identification, look at his check, and he is not from your neighborhood you must use extensive verification methods. i-Check does not simply use a negative database but rather multiple negative databases containing information on known bad check writers, positive databases containing real-time information from your customer's bank about his current bank account status and also fraud databases, velocity algorithms, and an extremely accurate address verification system to verify your customer's name and address. On top of all of the verifications is the i-Check authentication where we capture your customers digital signature and meet the requirements of Federal Regulation E which governs electronic transactions. Without the complete comprehensive verifications and authentication that is used by i-Check you run the risk of financial losses from fraud and possibly fines from your bank.
There is only one i-Check system. The original i-Check platform has been in continual commercial use since it was developed in 1997. The i-Check system is the only system trusted by thousands of leading e-commerce companies including Fortune 100, multi-national non-profit, and financial institutions in multiple countries.
PayByCheck.com is proud to provide you the full power and security of the i-Check system.
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