what other alternatives are there to paypal's echeck? currently, echeck is the only way i can receive payments larger than $162 without having to pay more than $5 in transaction fees. the payments take longer to process but the 3-5 day wait for echeck isn't a problem since i'm selling a service and not a product.
i'm curious if anyone has found an alternative to echeck that supports subscription billing. with fixed transaction fees. i'm looking for the electronic equivalent of a check that may take 7-10 business days to clear but has a low fixed transaction fee.
One option is to use a program like Versacheck or Checker Software.
The benefit of using it is that there are no fees.
You enter the routing and account number into the windows software. Then you place the blank check paper into your printer and print the check. You can then mail or take it to your bank for deposit.
The 1996 electronic (ACH) banking law permits this.
Because of the fact that there is no electronic funds verification, I will usually wait for the check to clear before I order or transfer a domain.
You can also accept a fax check for greater authencity, or you can have your web form email you the account numbers (commonly done, though this is a poor security practice.) or store them in a secure database. (better solution.)
Give me a call if you are interested in me showing you how to use the software.
i'm going to start with the checker software because it only costs $15 compared to Versacheck's $50. since i'm already using quickbooks i don't need a lot of the features built into Versacheck.
but more important, i now understand that i can create check demand drafts that can be deposited to my bank account just like regular checks. the only additional requirement is that i have a "verification" proceedure in place. this appears to be essentially what Paypal was willing to do @ $5 per transaction.
i'll follow up once i get a chance to setup Checker