Transfer your funds safely through electronic transfer (eCheck)
ECheck which is commonly known as the Electronic Check is a form
of payment that is done via the internet that is funded from the bank account
of the buyer and here you do not need a physical check to be sent. The
recipient receives the money within 3-6 working days or business days using
ECheck and instant transfer are same as well as different in some or the other ways, though both eCheck and instant transfer is a way to pay through the bank account, in instant transfer payments the money is received instantly and in case of eCheck it takes 3-6 working days for the recipient to receive the money.
In case of e-check the only requirement is a valid bank account but in case of instant transfer, it needs to be funded by credit card or debit card which has to be registered in the PayPal account.
This method of eCheck payment is digital hence the amount can be transferred directly from the sender’s bank account to the recipient’s bank account without involving any physical instruments.
There isn’t any difference between an e-check or a printed check
as the processing time is same for both eCheck as well as printed or paper
check takes the same time as 3-4 days and in case of eCheck, the person has to
write a check online while in printed check it is a physical process.
If you are paying through the e-check method then the person
should be aware that the shipping of your goods will not start unless the check
gets cleared in the recipient’s account. Unlike a paper check, eCheck requires
a bank routing number, bank account number, a digitalized signature and an
endorsement to complete the transaction.
The process to send money
- In case you wish to pay through
eCheck the recipient should also have the PayPal account to get the amount or
has to register with PayPal for the transaction.
- You have to log in to your
PayPal account and click on “send money” tab. Type in the receiver’s PayPal
address and the exact amount that you wish to pay.
- Then, you need to click on the
personal tab to select what is your purpose of sending the money or entering
rhe purpose code as it can be your gift or payment or other forms of payment.
You need to select the option from purchase tab if you are buying some good or
services from the person.
- You have to then select
continue and then audit your entire transaction, if you do not have a checking
account you will have to click on the change option and it will offer another
- You will then have to go to
your funding options page where you have to click on “add bank account”. Here
you need to enter valid checking account number or your bank and also the routing
- Then you need to enter
the receiver’s name and reason why you are sending him the money. It can be for
any purpose like rental payment, or a gift or a payment for any service
- Have a quick look at the
transaction details and press “Send Money” to complete the transaction. It will
take approximately 3 to 5 business days to for the eCheck to clear. If you already
have a checking account linked to your PayPal account then the eCheck may get
processed immediately and money will be sent. A backup credit card should be
listed on the account just in case.
Instruction for Buyers:
- Before you proceed with the
payment make sure you have sufficient balance in your account to cover the
eCheck payment, if not, then the bank will cancel your payment request.
- If Instant Transfer option is
not available, in that case you cannot send an eCheck. Your eCheck cannot be
funded partially by a PayPal balance, hence the bank will always ask for the
full amount at the time of the transaction.
- You can easily cancel an eCheck
paymeny if you wish to cancel the e-check after the check is issued you need to
call your bank and settle the cause in case you wish to cancel the eCheck after
it has been issued in this case you need to speak with your seller to refund
you the entire amount.
Instructions for sellers
you have to refund the entire amount through eCheck you need to maintain
sufficient balance in your account as you cannot send the partial money through
eCheck as the bank will request you the full money for making the eCheck