What is a PayPal eCheck? Has someone required an eCheck payment from you and actually don’t know what it actually means? Eventually, after the review of the PayPal eCheck, you will have an idea about the PayPal eCheck and what it means. Nevertheless, PayPal eCheck can be fully stated as an electronic check or payment which finance by the one purchasing an item through their back account. In other words, you can refer to it as the buyer’s bank account of making an online payment.
On the contrary, the electronic payment or eCheck has to pass through the bank first before it can be credited to the seller or the receiver. This usually takes more than 5 business days for the bank can make a clarification that the eCheck is ready for use and the money appears in the seller PayPal account. keep in mind, you can just use the eCheck or request for an eCheck, the methods are that you must have enough money in your bank account to be able to have access to the PayPal eCheck.
How Does Buyer’s Use the PayPal eCheck for Transactions?
Another aspect of the PayPal eCheck is that it’s majorly an alternative means of making payment online. You can use the eCheck to pay for items and the downside about using the eCheck is that it usually gives the receiver a tough time to make a claim of the money.
Here is how to use the eCheck;
- First of all, when you receive a request for money, all you need to do click the Pay Button.
- Then on the Pay Money request page, select the option, More Funding options.
- After that, select eCheck option and also select the bank type, from the Funding Options page.
- Keep in mind, adding a new bank account to your PayPal account is acceptable during the transaction.
- Finally, click Continue.
Afterward, the next thing is to verify the payment detail and once that’s done, simply click Send Money link. Then the rest option goes to the receiver which then makes a claim of the money to their PayPal account.
How to Accept eCheck Payment as a Seller
Most time sellers don’t like buyers using eCheck as a form of payment. Because everyone wants to receive their money instantly once their products are sold. And the PayPal eCheck takes up to 6 business days to the payment to be clear by the bank account and for the money to be transferred to the seller account. However, once the process is up to 6 business days, a message will be sent to you that, the money has been transferred to your PayPal account and that’s how you can accept the eCheck.
Another means you can accept instead of the PayPal eCheck is by using the pay instantly for your bank. Just add your credit card or debit card to your account and this will allow you to make and receive payment instantly. Keep in mind, if the buyer doesn’t have enough money in his/her account, the process will be declined by the bank.