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ELECTRONIC
CHECK SERVICE
A payment service that allows online and traditional merchants to
accept and process electronic check payments -- either directly
from their website store front or through the Instant Commerce Virtual
Terminal.
Electronic Check Service makes it easy for online businesses to
add an electronic check payment option to their Website. 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. Electronic Check Service encrypts the data
using the latest SSL encryption technology and transmits it to the
secure server for posting. Transactions are automatically settled
each day. Then the system debits the consumer's account via the
Electronic Check Service and transfers the funds to the merchant's
account. If the account numbers are entered incorrectly or the account
has insufficient funds, the Electronic Check Service system notifies
the merchant.
Traditional merchants without commerce-enabled Websites can also
use Electronic Check Service to handle periodic billings. Businesses
such as health clubs, tanning salons, subscription services, ISP's,
membership companies, and health care practitioners are typical
examples of businesses that need the ability to periodically deduct
funds from their customer's checking accounts. The Electronic Check
Service is the electronic network which transfers and clears funds
between banking institutions on behalf of merchants and their customers.
Each transaction takes approximately 48 hours to clear.
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