Electronic Funds Transfer ACH Processing Direct Payment

- Electronic Receivables Collections -

Helping businesses, banks and financial institutions
with a method by which to expedite the receipt of funds
at the speed of light.

What is EFT?

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,

+ EFT News Stories
& Links
Churches go high-tech with automatic funds transfer Electronic rental-payment technology comes to tenants FEDERAL RESERVE BANK - INFORMATION ABOUT EFT AND ALL OF THE BENEFITS OFFERED - ACCEPTING CHECKS VIA PHONE OR FAX USING EFT - ACCEPTING PAYMENTS AND DONATIONS VIA EFT - HOW EFT WORKS - TYPES OF BUSINESSES THAT USE SERVICES PROVIDED BY EFT

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.

Additional Information
Click on the links below to Learn More...

* EFT SOFTWARE

* RETURNED ITEMS

* 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.

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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 !

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