Welcome How It Works Weblink - Virtual Terminal - Merchant_Menu - FAQ General Questions - Billing Information - Security - Chargebacks - Electronic Checks - Pricing Glossary Apply Now                Merchant Account Frequently Asked Questions - Electronic Checks What is an Electronic Check? Why should I offer Electronic Check as a payment option? How is an Electronic Check processed? Who can use Electronic Checks? Can an Electronic Check be canceled? Q: What is an Electronic Check? A: An electronic check is a convenient Internet purchase instrument that many Internet shoppers (your customers) use. It works just like a paper check, except it is processed electronically and it clears faster than a paper check. A customer uses funds from a savings or checking account when paying by electronic check. [Back to top] Q: Why should I offer Electronic Check as a payment option? A: By providing your customers with the option of paying with an electronic check, you can sell goods and services to customers who do not have a credit card, or would rather not use a credit card. An electronic check is a guaranteed Internet purchase instrument that is a cost-effective alternative to paper checks and credit cards. Check the pricing page for the terms and conditions of processing electronic checks. [Back to top] Q: How is an Electronic Check processed? A: Your customers input their account information in your system. The account information is securely passed through the Wells Fargo SecureSourceSM payments service and the transaction is presented to the purchaser's bank for settlement. After 4 business days, Wells Fargo sends you payment confirmation via e-mail, acknowledging that the payment has cleared. Electronic check transactions require sellers to wait until they have received notification that the transaction has cleared before shipping merchandise to their customers. The electronic check payment is then automatically deposited into the bank account you've selected. You can access your back-office using Wells Fargo SecureSource payments service to look up any transaction, payment, and deposit information. [Back to top] Q: Who can use Electronic Checks? A: Today, all U.S.-based buyers with a U.S. checking or savings accounts can pay for goods and services with an electronic check. [Back to top] Q: Can an Electronic Check be canceled? A: Once an electronic check payment is initiated, it can only be reversed in the event that it is fraudulent. [Back to top]

 

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