E-Check (or echeck)

E-Check payments are ACH payments that originate via the internet, telephone, point-of-sale (POS), or bill payment sent through the mail or unattended lockbox. For mail and lockbox payments, the paper check is not deposited, but converted into an ACH debit. Learn more about e-check payments here.

Related Terms

  • EFT (Electronic Funds Transfer)

    The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

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  • Interchange

    Interchange is a small fee paid by a merchant's bank (acquirer) to a cardholder's bank (issuer) to compensate the issuer for the value and benefits that merchants...

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