An electronic or e-check payment processing is a very simple procedure that takes place through electronic devices. A fast mode of money transfer as it is known is dependent on instant funds.
E-check services in the USA have a convenient method of qualifying the checks for payment through instant funds*. This way the e-check recipient can encash his check with a fee of 2.99%. Instant funds* which are under Hyperwallet are available with this convenience fee. This fee will be levied on the bearer of the check. When the funds are transferred to the bank account, the fee amount is notified before the confirming of the transaction. This means that the bearer knows about it when he accepts payment by e-check.
This can be explained as for example the amount $100 of a check is issued to the bearer, for instant funds i.e.in 30 minutes time. The bearer will get $97.1 deposited in his account. This is the convenience fee which is equal to $2.99 only.
The e-check sender is charged the monthly fee for handling e-checks. He is not charged with extra fees if the recipient gets the payment cleared with instant funds. This service is free for the e-check sender. They are not levied with an extra fee. The bearer has to incur this fee because it is an optional service. The bearer has the option to get the money in a day or two. So, access to instant funds may or may not be chosen by the recipient.
So, e-check service providers in the USA have this instant fund facility for the sender and the recipient.
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