| EFT is one of the fastest growing
industries in the U.S. Trillions of dollars are safely transacted
via EFT through the banking system each year. EFT is an electronic
check and every person with a checking account or eligible savings account
can be set up for automatic, on time payments - and every transaction can
be easily traced through the electronic banking system. Introduction
and implementation of Electronic Funds Transfer (EFT) is simple and easy.
Loading the software takes about 20 minutes. Training someone to use it
takes only about another 20 minutes. You can be up and ready to go in less
than one hour. Billing takes only about one minute per 1000 customers to
process each billing cycle.
We provide marketing ideas, letter
formats, and literature resources that you can use to sell the EFT program
to your customers. We will help format a plan to effectively communicate
to your customers what EFT is, how it will benefit them, and how they can
easily join the program.
EFT is the electronic transfer of funds
from one bank account to another via modem in an encrypted format.
Our software allows you to control the process from your office.
The system can be networked with a number of users. Setup and processing
are extremely easy to perform and you have total control of the
account information and transaction process. No one’s bank needs to be
contacted as everything is processed through the Automated Clearing House,
a part of the Federal Reserve. There are no fees charged to your customer
by his bank for EFT.
EFC’s software not only gives you the
ability to accept re-occurring payments but also gives you the capability
to accept checks by phone or fax for one-time transactions. (Frequently
used by receivables and collections departments to expedite receipt of
funds).
Your customers no longer have to write
out checks and mail them. They pre-arrange for you to debit their
account every month on the due date.
You receive the payment automatically
via the safety and security of the Federal Reserve's Automated Clearing
House (ACH). The software is designed so that only authorized personnel
can set up and/or change the bank deposit information.
We also help you introduce EFT to your
customers in a simple and positive way that effectively communicates the
safety, ease and convenience of EFT.
According to Metropolitan Life Insurance, the biggest benefit they enjoy from ACH automated receivables is account retention. They see fewer policy cancellations among those who pay electronically. The reason for this is simple: Each time a customer sits down and has to write a check to make a payment, he must convince himself that he really wants to maintain his policy. Were as when their accounts are debited automatically, however, policyholders are much less likely to think about eliminating their policy. Metlife sees 50% fewer policy cancellations among its ACH customers.
EFT is far less expensive than credit
cards. Setup fees are minimal as compared to $1,500 to $2,000 for credit
cards. Per transaction fees are only pennies per transaction as compared
to credit cards which can be 1 1/2% to 4% per transaction. There are approximately
60 million people in the U.S. who do not have or use credit cards not counting
those who have them but they are at their limit.
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EFT SOFTWARE
Runs under Windows 95, 98, 2000, XP
and NT. The software resides in your facility so you have complete
control at all times. You can add, delete, change dollar amounts,
or put a customer on hold in a few seconds.
All reporting is in the software
Keeps a record of every transaction
All files are encrypted for safe transmission
The software has import/export capabilities
to most accounting packages.
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RETURNED ITEMS
You will have a report on your returned
items in 24-48 hours, instead of 10-14 days from your bank.
You can automatically resubmit to collect
on the returned items.
You can electronically submit a penalty
fee through the software on returned items.
OVER 4,000,000,000 TRANSACTIONS
WERE PROCESSED THROUGH THE
ACH LAST YEAR |
HOW DOES IT WORK ?
IT'S AS SIMPLE AS A-B-C !
| (A) - Authorization:
Your customers provide you with written authorization to allow you to electronically
debit their accounts. We furnish this form to you at no charge.
It can be used as a mailer, envelope stuffer with your invoices or you
can post it on your web site to be downloaded and printed out by a customer.
(See Sample) Once the form is filled out,
the customer attaches a void check to it and sends it back to you.
(If the customer forgets to attach a void check but sends in a check with
this payment, you can photo copy the front of the check and staple it to
the back of the authorization form and put both in his file). Since
everything is processed through the Federal Reserve's Automated Clearing
House, neither your bank nor your customer's bank need be contacted.
There will not be a service charge to your customer by his/her bank for
EFT transactions.
(B) - Enter Data: Enter
the customer's check data into the software. This is a simple process
and only has to be done once.
(C) - Transmit: One
day before the due date transmit the data to our processing center - just
push a button on the software to transmit. |
"PROCESSING
YOUR FUNDS
AT THE SPEED
OF LIGHT" |
(D) - Processing: Our
processing center receives your data and processes encrypted files, via
modem, through the Federal Reserve's secure ACH electronic banking system.
The software can also easily import comma delimited ASCII files into the
system so that all your customer data can be imported from other programs.
You literally import thousands of records in a matter of minutes - once
imported you can simply transmit. The day before your bills are due
to be collected from your customers you transmit the data to our processing
center (this is automatic – just click on the transmit button) and we confirm
receipt of the data back to you. By transmitting the day before the due
date the funds (if available) will be taken out of your customer’s account
exactly on the due date. The data is translated into a special NACHA
format for ACH processing and forwarded through the ACH – the electronic
banking system.
(E) - Payment: The money is
deducted from your customer's account by his/her bank on the due date and
deposited into your account four business days from the transmital date.
All consumers regardless of whether they write paper checks or use EFT
have a 60 day period from the effective date to contest the
transaction with their bank. (Banks for obvious reasons have kept this
a secret for years). It is important that you maintain the signed authorization
(we furnish it) on file to dispute any reversal claims of this nature.
Business to business transactions have only 3 days. The start and
stop date feature makes it impossible to debit a customer past the lifetime
of the collection cycle - for loan collection for example you enter the
last day that a collection can be made and the software automatically stops
on that date unless edited.
YOU CAN ADD OR DELETE ACCOUNTS ANY
TIME YOU WANT - TOTAL FLEXIBILITY !!!
ON TIME PAYMENTS, EVERY TIME !!!
(F) - Reporting: On
the 4th business day, you will receive through the software a record of
every unpaid item and the reason for nonpayment. You can immediately
resubmit for payment. It is possible, but a very rare occurrence,
that an NSF or other type of return can show up a few days after the 4
business day period used for funding. This is primarily due to small banks
and credit unions who deal through larger banks not being as automated.
In most cases we can reverse these types of items back as an untimely return.
The software maintains complete reports
and history on all account data bases you set up in the system as well
as a log of all files that you have transmitted. These can be viewed or
printed out at your convenience.
(G) - Billing: We will
invoice you on or about the 1st of the month following activity and debit
your account for submitted invoices on or about the 10th of the same month. |
_______________________________________________________
Now is the time to change your company
over to EFT and be done with the "Check is in the mail" routine - collect
your money on time, every time. At the speed of light!
EFT IS THE FUTURE AND THE FUTURE IS NOW !
_______________________________________________________
BENEFITS OF EFT
You receive your payment on time,
every time.
No more $10 - $25 dollar NSF fees from
your bank.
Improves cash flow.
EFT builds high customer retention
rates.
Your customers will love EFT - No more
writing checks, buying stamps &
rushing to the post office, etc.
No more bank runs.
EFT reduces paperwork.
No more invoices, postage stamps.
No more 2nd and 3rd notices.
Resubmit immediately on returns.
Collect penalty fees electronically.
No chance of lost or stolen checks.
No bank fees to you.
Eliminate lost, stolen and missing
check
problems.
No one needs to contact your bank
or your customers bank. Everything
is done through the Federal Reserve's
(ACH)
Vacation & Illness do not effect
receipt of funds.
Cuts down on possibilities of identity
theft.
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