eCheckPlan

What is EcheckPlan

EcheckPlan is a financial technology company that provides electronic check (eCheck) payment processing solutions for businesses across the United States. Its main purpose is to allow merchants to accept payments directly from a customer's bank account through the Automated Clearing House (ACH) network. This serves as an alternative to traditional credit card payments. The company, based in Florida, USA, caters to a wide range of businesses, from small startups to large enterprises, including those in high-risk industries that may have difficulty securing traditional merchant accounts. EcheckPlan also offers unique services like business incorporation for international entrepreneurs looking to establish a presence in the U.S.

EcheckPlan Features

EcheckPlan offers a set of features designed to make eCheck processing simple and secure for businesses.

• eCheck Payment Processing: The core feature allows businesses to accept and process electronic checks online, via telephone, or through a mobile application. This provides a cost-effective payment option for customers.
• Secure Payment Gateway: All transactions are protected with modern encryption technology. The platform ensures that sensitive financial data is handled securely to prevent fraud and unauthorized access.
• API Access: EcheckPlan provides a straightforward API that allows for easy integration with existing websites, e-commerce platforms, and custom software. This enables a seamless payment experience for customers.
• eCheck Verification Tool: To minimize the risk of returned payments, the service includes a verification tool that checks the validity of a bank account in real-time before processing a transaction.
• Dedicated Account Manager: Each client is assigned a dedicated account manager to provide personalized support and assistance with setup, integration, and any ongoing needs.
• Transparent Pricing: The company operates on a clear pricing model with no hidden setup or monthly fees. Businesses pay competitive rates based on their transactions.
• U.S. Incorporation Services: A distinct service that helps international businesses incorporate in the United States, simplifying the process of establishing a legal U.S. entity.

EcheckPlan Pricing Plans

EcheckPlan follows a transaction-based pricing model rather than fixed monthly subscription tiers. There are no setup fees or recurring monthly charges to maintain an account. The cost is based on the transactions processed. The rates are competitive and vary depending on factors such as business type, transaction volume, and industry risk level. Businesses in high-risk categories may have different rates than standard small businesses. This custom pricing approach ensures that merchants pay fees that are aligned with their specific business needs and scale.

EcheckPlan Free Plan

EcheckPlan does not have a traditional free plan, but it operates on a model that is free to set up. Businesses can create an account, integrate the payment gateway, and get approved without any upfront costs. Charges are only incurred when a payment is processed. This makes it a low-risk option for businesses of all sizes, as there are no monthly fees for account maintenance, regardless of transaction volume.

How to use EcheckPlan

Getting started with EcheckPlan is a straightforward process designed for quick onboarding.

1. Sign Up: Visit the EcheckPlan website and complete the online application form with your business details.
2. Get Approved: The EcheckPlan team will review your application. This process is typically fast, and a dedicated account manager will guide you through any necessary steps.
3. Integrate the Gateway: Once approved, you can integrate the payment gateway. For websites, this can be done using their API. You will receive API keys from your merchant dashboard to connect your system to EcheckPlan.
4. Accept Payments: After integration, you can start accepting eCheck payments from your customers through your website, app, or a virtual terminal.
5. Manage Transactions: Use the EcheckPlan dashboard to track payments, view transaction history, and manage your funds.

Pros and Cons of EcheckPlan

Pros:

• Cost-Effective: Transaction fees for eChecks are generally lower than for credit cards, leading to significant savings.
• No Monthly Fees: The absence of setup or monthly fees makes it accessible for small businesses and startups.
• High-Risk Friendly: The company specializes in serving high-risk industries that are often rejected by other payment processors.
• Secure: Uses strong encryption and security protocols to protect financial data.
• API Integration: Offers a simple API for easy integration with websites and applications.
• Dedicated Support: Provides personalized support through dedicated account managers and 24/7 customer service.

Cons:

• Slower Processing Time: eCheck payments process through the ACH network, which can take several business days to clear, slower than instant credit card authorizations.
• US-Focused: The service is primarily designed for businesses operating within the United States.
• Risk of Returns: While verification tools help, there is still a possibility of payments being returned for insufficient funds (NSF).

EcheckPlan integrations

EcheckPlan primarily integrates with other platforms through its API. This allows for custom integrations with a wide variety of systems. Common integrations include:

• E-commerce Platforms: Connects with shopping carts like WooCommerce, Magento, and Shopify through custom API development.
• Accounting Software: Can be integrated with accounting tools like QuickBooks or Xero to automate reconciliation.
• CRM Systems: Custom integrations can link payment data with customer relationship management (CRM) software.
• Custom Websites and Applications: The API allows developers to build payment functionality directly into any proprietary software or website.

EcheckPlan Alternatives

• Stripe ACH: A popular choice for developers, Stripe offers ACH Direct Debit as part of its comprehensive payment platform. It is known for its excellent API and documentation but may have stricter risk policies.
• PayPal: A globally recognized payment provider that offers eCheck processing. It is trusted by consumers but its fees can be higher, especially for smaller transactions.
• Authorize.net: A long-standing and reliable payment gateway that supports eCheck processing alongside credit cards. It is a good option for businesses needing a full-featured gateway.
• GoCardless: Specializes in recurring bank-to-bank payments (ACH Debit). It is an excellent alternative for subscription-based businesses or those that invoice clients regularly.

EcheckPlan API

Yes, EcheckPlan provides a developer API to integrate its payment processing capabilities directly into websites, mobile apps, and other software. To get started, you must first sign up for an EcheckPlan merchant account. Once your account is approved, you can access your API keys from the merchant dashboard. These keys are used to authenticate requests and secure the connection between your application and EcheckPlan's servers.

Here is a conceptual example of what an API call to initiate a payment might look like in Python:

import requests
import json

api_key = 'YOUR_API_KEY'
api_url = 'https://api.echeckplan.com/v1/charges'

headers = {
    'Authorization': f'Bearer {api_key}',
    'Content-Type': 'application/json'
}

payment_data = {
    'amount': 10000,  # Amount in cents
    'currency': 'usd',
    'customer_name': 'John Doe',
    'routing_number': '123456789',
    'account_number': '987654321',
    'account_type': 'checking'
}

response = requests.post(api_url, headers=headers, data=json.dumps(payment_data))

if response.status_code == 200:
    print('Payment successful:', response.json())
else:
    print('Payment failed:', response.text)

For detailed documentation and support, developers should refer to the official API documentation provided by EcheckPlan after signing up.

EcheckPlan Affiliate program

EcheckPlan offers a partnership and affiliate program for individuals or businesses that refer new merchants to their platform. Affiliates can earn commissions for every successful referral that signs up and starts processing payments. The commission structure is typically based on a revenue-sharing model, where the affiliate earns a percentage of the transaction fees generated by the referred merchant.

To join the program, you would typically need to visit the EcheckPlan website and look for a "Partners" or "Affiliates" page to fill out an application. If this information is not readily available, interested parties can contact their support team directly to inquire about becoming a partner. Once approved, affiliates receive a unique referral link and access to a dashboard to track their referrals and earnings. Payments are usually made on a regular schedule, such as monthly.