Electracash offers two methods of implementation for Direct Deposit processing: Manual and Direct. Additionally, funds and instructions for distribution of funds can be provided via four different methods. The most expedient means of transfer entails providing funds and instructions via wire or by keeping a reserve fund at Electracash to cover the upcoming payments due. Funds begin to arrive in the payee's bank accounts within three-to-six business days of the date the funds and instructions are received by Electracash.
For complete information about deploying Direct Deposit, please request the Electracash Direct Deposit Merchant Guide from an Electracash sales representative.
Payee Pre-Registration with Electracash and “Short Format” Batch File
When merchants deploy the manual process for direct deposit services, an individual must register with Electracash in order to receive payments via the Electracash Direct Deposit Service. Enrollment is via a URL provided by the merchant (from Electracash). Merchants will then send a file to Electracash in a comma-quote delimited file containing the details of each payment, one entry per line.
XML Interface
Electracash’s XML Interface for Gateway Direct Deposit is aimed at automating the process of sending credit transactions through Electracash, Inc. The Electracash Gateway provides the merchant with a TCP/IP socket-based interface for submitting transactions for authorization. This interface exclusively accepts credit transactions from merchants, grouping transactions into batches. A batch may contain one transaction or many. Merchants sending credit transactions must be configured in the system so they can successfully post transactions. Also, merchants who are configured to post credit transactions to this interface must have a post-back URL registered with Electracash. This URL is used to send a suitable response from Electracash to the merchant.
