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Sunday, December 9, 2012
How buyers and sellers use echeck for payments
eChecks or electronic checks are the digital
counterpoints of the pieces of paper found in a checkbook. Buyers and sellers
pay and get paid by eCheck in electronic transactions similar to tradtional
banking.
When someone
sends you an eCheck as payment, the funds won't be deposited into your account
for three or four days (however long it takes for the eCheck to clear).
Buyers
paying with eChecks
From the buyer's
standpoint, sending an eCheck is advantageous; the funds are left in the
buyer's bank account for a few extra days, earning interest, and no credit card
debt is incurred. To send an eCheck, in response to an invoice or Money
Request, you need to have a bank (checking or savings) account linked to your
PayPal account. Here's how to use eCheck to pay for a purchase:
1. When you
receive a request for money, click the Pay button to make a payment.
2. On the Pay
Money Request page, click the More Funding Options link under the Funding
Options section of the page.
3. On the Funding
Options page, select the eCheck option and choose which bank account to use.
If necessary, you
can link a new bank account to your PayPal account by clicking the Add Bank
link.
4. Click the
Continue button.
Verify the
payment details and click the Send Money link.
Sellers
receiving eChecks as payment
If you receive an
eCheck payment, you get a PayPal e-mail informing you that "Cash is on the
Way!" If you hoped for "Cash is Already Here!" you may feel a
little disgruntled, but the good news is that you'll get payment in three or
four days.
If you look at
the transaction in your PayPal Account Overview, you see a status of Uncleared
until the funds are transferred from the buyer's bank account. It's important
that you don't mail any items to the buyer until after the payment has cleared.
From a seller's
standpoint, there's one big advantage to getting an eCheck. Unlike other PayPal
fees, which are charged as a percentage (usually 2.9 percent) of the value of
the item, the total fee for an eCheck won't exceed $5.00. If you're selling an
item that's valued at over $162, you'll get a break on the transaction fees. If
the item is very expensive, you can save a good amount.
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