I always end up shipping out items that are paid by eCheck late as i never know when they are depositied, its tedious to keep checking on one particular order to see if it has been deposited.
It would be helpful if 2CO could send a email whenever a eCheck finally deposits, especially to vendors like me that has a lot of orders and can’t keep checking on the status of one order.
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Our developers are considering ways to address this issue.
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This is a very important issue for me, as nearly every check order ends up with an uphappy customer. I contacted support twice about this, and 2 different people told me that such an email is sent currently
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Dear EOIN,
I sincerely apologize if you have received conflicting information concerning the e-Check process. Currently, confirmation emails are not sent when a check deposits. We will make sure that all of our Customer Care Associates are providing the correct information regarding this issue.
Michael
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We have started accepting digital checks but they are taking far too long to get deposited! Our longest outstanding check is 9 working days (not incl the day the order was placed.) This customer called and complained that the check was cashed July 26th 2 working days after the order was placed.
Why is it taking so long? Where is the money sitting over the last 7 working days! This should not take this long.
I think its great that we can offer an additional payment method, but if it’s bottlenecking at the processing end and becoming unmanagable plus resulting in customer complaints then I will need to consider withdrawing this option.
Is anybody else experiencing this problem?
I also agree that checking for the check to be deposited daily is a tedious job, which could be resolved with an email.
Thanks Emily
PS I posted this a couple of days ago. One check has been deposited it took 2 weeks (10 working days)! The max time stated by the helpdesk (which was 1-2 weeks). I am guessing all checks are going to take the max time possible, even though in the first case the money was taken from the customer in 2 days.
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Hi Emily
I have had only 2 E-check payments so far…AND BOTH didn’t clear. We also find it difficult to process as a. payments are upgraded automatically so we have to work out a method of processing e-check payments on our site now. Without notification that the check has clear it is nearly impossible to us to track this on a daily basis given the number of orders we receive per day.
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We are working to get E-checks deposited as soon as possible. Many do get deposited before the 10 business days however some take the full 2 weeks.
Be sure to keep your customers informed, advise that this payment method could take 10 business days. Some of our suppliers even have the E-check turn around time listed on their website.
E-checks can be frustrating compared to other purchases methods, but it still provides another option for customers. The more options that customers have the more likely they will complete the sale.
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When a customer places a order using eCheck, there are a few things you should know regarding this process. First off, eChecks can take up to 14 days to deposit. Secondly there is no internal fraud process completed. Lastly, and probably the most important thing for our suppliers to know is never provide the goods or services till it has cleared and the status shows “depositedâ€.
Unfortunately, 2Checkout doesn’t notify you when the eCheck clears, so you will need to track the progress within you admin account, using the “Find a Sale†feature.
Here are two statues you should look for on eChecks:
ACH Sent => Marked as pending(means this has been sent to the bank to collect funds, validating the check is good)
ACH Notification => Marked as deposited(means check has cleared and funds have been deposited to us)
Overview
eCheck, payment instrument combining the security, speed and processing efficiencies of all-electronic transactions with the familiar and well-developed legal infrastructure and business processes associated with paper checks, one of many electronic payment mechanism chosen by 2Checkout to make payments over the Internet.
The Electronic Check:
* leverages the check payments system, a core competency of the banking industry.
* fits within current business practices, eliminating the need for expensive process re-engineering.
* works like a paper check does but in pure electronic form, with fewer manual steps.
* is designed to meet the needs of businesses and consumers in the 21st century, using state of the art security techniques.
* can be used by all bank customers who have checking accounts, including small and mid-size businesses which currently have little access to electronic payment systems.
* enhances existing bank accounts with new e-commerce features.
Let’s examine how eCheck works for the banking industry and the clients it serve. There are fundamental characteristics and differences between paper check, the eCheck and other Electronic Funds Transfer (EFT) transactions. eCheck will be an important payments instrument in transitioning businesses and consumers into the emerging world of electronic commerce.
First, what is the eCheck?
An eCheck is the electronic version or representation of a paper check.
eChecks:
* contain the same information as paper checks contain
* are based on the same rich legal framework as paper checks
* can be linked with unlimited information and exchanged directly between parties
* can be used in any and all remote transactions where paper checks are used today
* enhance the functions and features provided by bank checking accounts
* expand on the usefulness of paper checks by providing value-added information
How do eChecks work?
eChecks work the same way a check does.
* the check writer “writes†the eCheck using one of many types of electronic devices and “gives†the eCheck to the payee electronically.
* the payee “deposits†the Electronic Check, receives credit, and the payee’s bank “clears†the eCheck to the paying bank.
* the paying bank validates the eCheck and then “charges†the check writer’s account for the check.
Why use eChecks?
eChecks have important new features. They offer:
* the ability to conduct bank transactions, yet are safe enough to use on the Internet
* unlimited, but controlled, information carrying capability
* reduces fraud losses for all parties
* automatic verification of content and validity
* traditional checking features such as stop payments and easy reconciliation
* enhanced capabilities such as effective dating
The eCheck:
* can be used by all account holders, large and small, even where other electronic payment solutions are too risky, or not appropriate
* is the most secure payment instrument available today
* provides rapid and secure settlement of financial obligations
* can be used with existing checking accounts
* can be initiated from a variety of hardware platforms and software applications
How secure are eChecks?
eChecks are the most secure payments instrument or transaction ever designed or developed. eChecks are designed to utilize state of the art security techniques of :
* authentication
* public key cryptography
* digital signatures
* certificate authorities
* duplicate detection
* encryption
eChecks further enhance banking practices with added security so that even breaking the cryptographic protections would not necessarily allow a fraudulent transaction to be paid.
Are eChecks really checks?
eChecks provide the best of both paper and electronic laws and regulations to bank customers:
* eChecks are based on check law and have the same characteristics of paper checks but in all-electronic form. Account agreements include provisions for eCheck transactions.
* the eCheck also provides consumers the protections and rights from Regulation E, which limits liability and establishes dispute resolution time frames.
* coupling the eCheck security technology with a sound legal structure reduces the exposure and risk of loss to banks and their clients.
What do eChecks provide that will permit banks to sustain their leadership position in the payments system?
eChecks:
* leverage and strengthen the relationship between the account holder and banking institution.
* continue to emphasize the strengths of the check as a payments instrument
* are based on a universal set of technologies to permit rapid and effective deployment
* target virtually all payment system participants – from individual check writers and receivers to large organizations, corporation, and agencies.
Why will eChecks lead the way?
eChecks leverage multiple new technologies and will set the stage for other new products and services. At the same time, eChecks integrate into today’s business practices and coexist with paper check processing.
eChecks are:
* easily understood by bank customers
* easy to use
* extremely safe
* easy to process
Conclusion
eChecks will lead the way to an Electronic Commerce environment for businesses and consumers.
* banks are providing the leadership
* banks are controlling the process
* banks are evolving the payments mechanism
eChecks will succeed because eCheck meets real business needs and is based on the paper check – the most popular non-cash payment choice, and a core competency of banks.
Resources used
http://www.echeck.org/overview/what.html
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Thank you for the information, the second check has been depositied again 10 business days (2 weeks). Again the customer called wanted to know where their order was.
I will make amends to my own informational pages, and I am pleased to see they are on the digital check payment page.
However, I do think you need a quicker turn around in the time they are depoisted (esp: if they are taken from the customers account in 2 days). Customers will expect a quicker turn around on an ”e-check” rather than a traditional check, as the delivery is virtual (rather than posted.)
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Also from the same resource Sharper posted: ”eChecks significantly streamline the payment process. We expect echecks to save 2 – 5 days on average from today’s payment process.”
Also under Timing and finality: ”Under control of issuer and depositor. Depositor can choose to delay receipt of payment by delaying deposit. Finality subject to funds availability, but MOST RETURNS OCCUR WITHIN 48 HOURS, with a maximum of 2 weeks.”
http://www.echeck.org/overview/q-ab.html#B31
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FYI the check that deposited yesterday, the customer called to cancel her order. I talked her round with a couple of freebies as good customer service. My third check deposited today – again 10 days.
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Ok, so the last 2 outstanding checks finally deposited – 9 working days. Again a customer called and complained wanted to knwo where her order was and why it was taking too long.
What time frame do you have for speeding up this process, as you know so far 3 out of 4 customers have compalined.
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emily,
As ATM Direct takes hold and BINs are opened up we hope to get rid of echecks entirely. This is a US-only remittance method and the percentage of customers who have a checking account but not an affiliated (true) debit card is very small.
PIN Debit is essentially an electronic check without a lot of the time constraints associated with old check-payment technology. Those customers who essentially want to pay cash will have the ability to do so via a debit charge that goes directly through the banking network and bypasses the credit associations entirely.
In short, we cannot control the amount of time a bank take to clear a check payment. They aren’t cleared on weekends so a five-day turn-around for a check purchase made late on Wednesday is probably not going to post as deposited for at least eight days from the customer’s perspective (or yours).
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Just so you know the customer that had previously called, called again today and complained – stating that the money was debited on the 31st 2 days after the order was placed. It wasn’t deposited until the 10th.
The reason why I am questioning the timing is beacuse 2CO state: ”We are working to get E-checks deposited as soon as possible. Many do get deposited BEFORE the 10 business days however some take the full 2 weeks.” I have also been told ”1-2 weeks”. So far the quickest is 9 day working days (2 orders), most 10 days (3 orders), so far everything is at the longer end of the scale. Out of the 5 check orders I have received so far 4 have called and complained (1 complained twice and 1 tried to cancel – see above, 2 also had the money debited 2 days after the order was placed.)
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Anyone who banks with 2Checkout’s depository bank will see much faster transaction times.
If someone is with a non-typical organization like a credit union then efficiency rates will be lower.
Customers are also not really savvy about banking nomenclature. I’ll see an authorization on my account fairly quickly — a ”hold” on funds up to 48 hours prior to the actual debit — and time of day is a definite factor.
Consider the concerns noted, however, and we’ll be certain to make sure that there haven’t been file/batch issues or timing issues on our side or our bank’s side.