While conducting business, the need to cancel a transaction may arise at some point in time. Whether or not an eCheck payment can be cancelled depends on the stage of the ransaction. If the payment has already been credited to the entity's account, it cannot be cancelled. To refund the amount deposited, a refund process must be initiated. If the payment is still pending, the payment processor must be contacted to find out the best way to proceed. The exact process for cancelling an eCheck varies between the payment software used by the business entity.
What happens if an eCheck bounces?
In online modes of check payments, the customer generally has an idea of when the amount will be debited. Funds are verified within 24 to 48 hours after the customer authorises the payment. If there are not sufficient funds in the customer's account, the eCheck will 'bounce' like a traditional paper check. The customer needs to contact the payment processor to see if an eCheck has bounced or not and details of its fees, any penalties for late payment, etc. If a payment is not processed due to a check bounce, the customer needs to set up an alternate mode to settle the transaction.
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