Hi 2Co,
My client wants to pay by electronic check for a digital product. Are there any delays in the vendor getting the payment if the client pays by electronic check ? How long does it take for an electronic check to clear and are there any risks in accepting electronic checks? Also can i setup subscriptions for electronic check payments? What sort of check payments made by the client will delay the weekly vendor payments due to the clearence time? Can you please advise.
Regards
Lora
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Hello there, Lora!
Electronic checks take approximately 10-14 business days to clear and deposit into your 2Checkout account. As you continue to receive payments, the balance in your 2Checkout account will increase and eventually surpass a release level. When your account has reached that release level (which defaults to $600 USD, but you can change this), you are then sent a payment by 2Checkout in the method that you have chosen when you set up your bank account details within your 2Checkout account. Since your payment is held until this release level, there is no risk for accepting electronic checks as the money will already be deposited to your 2Checkout account by the time we will send you a payment.
Subscription products can not be set up to accept electronic checks as a form of payment. This is mainly because standard checks are intended as a form of one-time-only payment, and an electronic check is just a standard paper check in digital form. However, keep in mind that all the credit card services can still be used to purchase subscription products, and your account is not restricted to any one form of payment.
Hope this helps!