An e-check is the electronic version of a paper check, used for secure and fast online transactions by authorizing direct fund transfers from your bank account to the seller.
A e-check, or electronic check, is the digital counterpart of the traditional paper check. It's used to conduct transactions online with the benefit of added security, speed, and convenience. When you use an e-check, it functions similarly to a paper check by instructing your bank to immediately transfer funds directly from your checking account to the seller. Unlike paper checks, e-checks don't require physical handling and can be processed much quicker. In addition, e-checks can effortlessly integrate with online payment systems, facilitating efficient digital transactions within the economy.
Like a debit card transaction, the primary purpose of an e-check is to move money from your account to the seller's. The payment system allows for the exchange of goods and services without the need for cash or other forms of physical payment, providing a convenient method of transaction in today’s digital economy.
So, e-checks offer a modern, secure, and efficient way to authorize a transfer of funds directly from your bank account to another party online, fulfilling the same role as paper checks in the digital realm.