Payment Revolution

Yes. It's Fast, Convenient, Accurate & Secure!

Electronic Check's benefits are at the heart of the "Good Funds Network". - Federal Reserve System - Availability of Funds and Collection of Checks: Proposed Rule. Defines a new payment official instrument called the “electronic check”.

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Feeling Stuck?

It's time to change!

Stop using just ACH & Credit Cards to accept payments.
Instead, add Electronic Payments to accept and process payments for all your sales... Your "GoodFundsGateway"

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Payment Widget©

Customizable

NO PAPER CHECKS! That's right. You can now use Electronic Checks and receive "Same-Day" Deposit of funds using the digital banking "Good Funds Network"...

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More than Software

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Core Features

Online integrated Origination, Sending, Receiving and Recordation of all Electronic Checks. All participants receive electronic notifications.

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Financial Institutions

Electronic Check's inter-bank digital payment transfer system works with all Banks and Credit Unions that are participants in the US Federal Reserve System.

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What about Data?

Your data is serious business. Our white glove approach ensures your data is higly protected and available online real-time.

How "Electronic Checks" Work

Create Remote Electronic Check

Electronic Checks (eChecks) are Safe, Simple & Secure... almost all checks processed by the Reserve Banks today are deposited and presented using the Reserve Banks’ electronic check collection services. These changes have enabled the Reserve Banks to reduce their national check-processing infrastructure so that, since early 2010, they have been processing paper checks at one location nationwide, down from 45 in 2003. The Federal Reserve Board has proposed amendments to subparts C and D of Regulation CC intended to facilitate the banking industry’s ongoing transition to fully-electronic interbank check collection and return. Reserve Banks receive and send virtually all forward collection checks electronically. “Electronic Checks” typically are created when the holder of a checking account authorizes a payee to draw a check on that account but does not actually sign the check. In place of the "paper draft" being created, we create an electronic transaction. A Remotely Created Payment Order, (‘‘RCPO’’) is an electronic version of a Remotely Created Check, (RCC) aka: Electronic Check. Electronic Checks (eCheck) can be a useful payment device for some depositors under certain circumstances. In the current marketplace, eChecks may be used for recurring payments, one-time payments and collection activities authorized over the telephone, as well as contracts that necessitate same-day availability of funds. See Electronic Check versus ACH processing.

Electronic Checks, "RCPO" & "RCC" do not get processed through the ACH (Automated Clearing House) and, therefore, are not regulated by NACHA.

Electronic Payment Orders, (EPOs) were the pre-cursor to Fed's electronification of checks. A digital check (Electronic Payment Order) would make additional benefits available to the check writer in the form of greater convenience (payment initiation and record keeping), time savings, and reduced physical handing expenses. Security could also be enhanced in comparison to traditional paper checks. See Digital Checks as Electronic Payment Orders. In 2013, the Retail Payments Office of the Federal Reserve Banks formed an industry work group consisting of financial institutions, nonbank service providers and businesses to consider barriers and risks preventing the evolution of electronically created items (ECI)—or electronic payment orders as they were referred to at the time. But, on July 15, 2014, the Federal Reserve Financial Services group announced that its research and development on electronically created items (ECI) has been discontinued. Remotely Created Payment Orders are Unlikely to Be "Individual Consumer" Checks. See both National Consumer Law Center and ECCHO 2013

An Electronic Check is subject to state law on negotiable instruments, specifically Articles 3 and 4 of the Uniform Commercial Code (U.C.C.) as adopted in each state. Under the U.C.C., a bank that pays a check drawn on the account of one of its customers may charge a customer’s account for a check only if the check is properly payable. A Electronic Check is defined under Regulation CC (Reg. CC), as amended in 2005 by the Federal Reserve Board, as: . . . [A] check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the person on whose account the check is drawn. The drawer grants the payee (merchant) authorization to produce a Electronic Check drawn on the drawer’s account. See both - Federal Reserve System - Availability of Funds and Collection of Checks: Proposed Rule & An Examination of Electronic Checks.

Federal Reserve System’s New Payment Instrument, The Electronic Check - 2014 - Availability of Funds and Collection of Checks: Proposed Rule. This proposal will permit sending banks and receiving banks to agree to send and receive electronic images and electronic information that do not conform with ANS X9.100–187 (see page 11). Therefore, electronic checks and electronic returned checks could include electronic images of checks sent without accompanying electronic information and electronic information sent without an accompanying image.

Tired of Receiving, Copying, Recording and Depositing "Paper" Checks.
Isn't it time you started thinking Beyond Checks?

Stop Going to Your Bank to Deposit Checks!

Contact Us

Our Sales Team is looking forward to being a partner in your success!

110 Juniper Street, San Diego, CA 92101

Sales@ElectronicCheck.net

Office: (866) 927-7180

Fax: (603) 947-5197