Electracash is a payments processor offering a range of options for non-face-to-face merchants. Our services include:

  • Check Debit Processing - Electracash processes Check Debit payments for both business-to-business and business-to-consumer transactions, for U.S. and Canadian accountholders. This includes:
    • ACH eChecks – processing of check payments over the internet using the ACH system.
    • Check21 Service – the creation of full, exact check images from payment data entered at a merchant’s web site, processed through the Check 21 system.
  • Direct Deposit Processing – Electracash processes Direct Deposits initiated and received within the United States. For Direct Deposit funds being sent to or from outside the United States, Electracash uses wire transfer services to complete the transactions.
  • Canadian EFT Processing – for checking accounts held in Canadian banks.
  • Credit Card Processing - for the largest global brands.

Check Debit

Check Debit via Electracash enables merchants to capture more sales from consumers and businesses in the US and Canada. By including Check Debit as a payment option, businesses are able to serve the 87.3% of US households that have checking accounts1, including the approximately 25.7 million U.S. households that do not have a credit card2. In addition to increasing e-Retailing sales, Check Debit is also well suited for recurring payments such as monthly fees and membership.

Electracash processes Check Debit payments through the Automated Clearing House (ACH) and the Federal Reserve System.

ACH eChecks

Electracash processes many internet Check Debit payments through the ACH. Called “eChecks”, these payments travel through a clearing house when routed to appropriate banks for debiting consumer accounts and crediting merchant accounts. Find out more.

Electracash’s Check21 Service

Electracash’s Check21 Service is the conversion of checking account payment data into a digital image of an actual check. The digital image is transmitted for processing through the U.S. banking “Check 21” system. This service enables faster returns processing and can help reduce “friendly” consumer fraud. Find out more.

With the Check21 Service, Electracash uses “SignatureSafe™”, the digital capture of a customer’s actual signature. The consumer signs the transaction by manipulating a mouse. Find out more.

Credit Cards

While Electracash’s core business is processing Check Debit and Direct Deposits for merchants, we also enable the acceptance of credit cards. This is accomplished through our various partner relationships. Find out more.

Direct Deposit

Direct Deposit is a reliable, expedient, and convenient method to issue payments from your company's account into the checking/savings account of an employee, shareholder, affiliate, or other individual or business. The payment can be divided among several different accounts and between different financial institutions around the globe. Find out more.

Canadian EFT

Electracash enables businesses to accepting payments from Canadian consumers who want to pay using their checking accounts. For all merchant accounts accepting Canadian transactions, the Canadian Payments Association requires the receipt of written authorization from each merchant’s customer prior to debiting the customer’s Canadian account, and Electracash has established procedures to facilitate these transactions on behalf of the merchant. Find out more.
Relevant Facts
  • More than 2 billion ACH transactions   were initiated over the Internet in 2008 1

  • 23% of American households - about 25.7 million - had no credit cards at the end of 2008 2

  • Businesses saved a total of $6.7 billion over the last ten years by switching employees to Direct Deposit 3

  • More than half of US households were using automatic bill payment by 2004; that number continues to grow 4

 

Sources:

1 NACHA

2 Nilson Report, April 2009

3 PayItGreen, 2009. 

4 U.S. Census Bureau