Using the customer s bank account information, an electronic request is made to Authorize.Net to charge or refund the customer in the amount of the purchase, via the merchant s website or the Virtual Terminal.
Authorize.Net receives the electronic request and stores the transaction in the "batch" where the other transactions for the day reside.
At the end of each business day, a request is submitted to the customer s bank through the Automated Clearing House (ACH) to charge or refund that particular customer. This is called "settlement" or "settling your batch".
Because there is still manual intervention by the bank, electronic checks are not considered "real-time". The eCheck.Net system waits for the result of the transaction from the bank. This process usually takes 2-3 business days, but has been known to take up to 5 business days.
If sufficient funds are available in the customer s account, the funds will be deposited into your bank account on file by eCheck.Net after a 7 day clearing phase. If funds are not available, the customer s bank will send back a response through the ACH to Authorize.Net and we will post the item as a return to your settlement statement.
Your eCheck.Net account balance will be updated depending on the results of the transactions.