US consumer online payments lean heavily toward cards and digital wallets, so manual transfers are not as common as in the European or Asian markets. Even so, they remain a valid option for high-limit transactions, B2B-style orders that exceed card authorization limits, and customers who prefer not to leave card details on file, typically taking the form of an ACH credit or a transfer through a banking app.

Manual transfer is distinct from automated debit (ACH Direct Debit), which is merchant-initiated recurring billing, and Pay by Bank, which is per-transaction approval based on bank authentication, in that the consumer initiates and completes the transfer themselves. It suits merchants with high per-order amounts and low transaction frequency, such as high-value equipment, wholesale orders, or custom-made goods, as a supplementary method.

Once an order is placed, the consumer is shown the deposit account and reference information online, and the order is confirmed after the transfer is completed and reconciled once the consumer executes the transfer through their banking app or online banking. Because the order remains pending until the transfer is completed, an inventory and expiration policy is needed. Hecto Financial receives the deposited funds in USD, then converts and pays them out in the contracted currency.

Through integration with Hecto Financial, merchants in Korea can also explore a framework for receiving transfer payments from US customers. However, since manual transfer is a method that can involve reconciliation issues such as missing reference information or partial deposits, it is advisable to align with the sales team before contracting on the scope of automated deposit confirmation and the handling rules for unpaid orders.

• Country of business registration

  Confirm contract eligibility for businesses registered in Korea

• Sales channels

  The integration method and priority vary depending on your online sales channel mix, such as owned storefronts, open marketplaces, and mobile apps

• Product categories handled

  Advance confirmation is needed on whether your business falls under a restricted category per the Bank Transfer operator's merchant policy

• Compliance with local regulations

  Confirm compliance with US payment and foreign exchange regulations, including federal and state consumer protection rules and card network rules (see official sources below)

Funds become eligible for settlement once the deposit has been confirmed. Hecto Financial converts the received USD and pays it out in whichever of USD, KRW, or JPY was selected under the contract, on a cycle determined by the contract terms. Because refunds are sent back to the consumer's account, an account verification step is required, so predefining what information to collect at the time of a refund request can help reduce processing delays.

• Federal ReserveOfficial information on the US payment system and Electronic Fund Transfer Act (Regulation E). If this page's content differs from the actual regulations, the official source takes precedence.
• Consumer Financial Protection Bureau (CFPB)Official information from the federal oversight body for US consumer finance and payment disputes.