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- 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.

Accepting Payments and Donations via Electronic Funds Transfer (EFT)

Many companies, charities, non-profit organizations and churches have found that accepting payments and donations via Electronic Funds Transfer (EFT) is not only less expensive, and time consuming but gives a much greater dollar return than conventional old ways of receiving money.

A national charity recently offered their donors the opportunity to EFT their monthly and quarterly gifts.

After one full year, fulfillment and renewal rates for EFT donors were excellent. For example, over 97% of the monthly and quarterly pledges made by EFT donors were fulfilled, whereas only 74% of donors who mailed in their donations, fulfilled their pledges. Almost $11,000 pledged was not mailed in by the donors.

In addition the renewal rate for EFT donors was 92%. Only 55% of the donors who elected not to use EFT renewed their pledges the following year. Furthermore, donors who participated in the EFT program, also supported other direct mail appeals during the year.

In Canada, 40% of Canadians use EFT to pay bills and contribute to charities. More than 80% of Europeans and over 95% of Japanese use EFT.

What is EFT and how does it work? EFT is reliable, confidential and effective electronic payment alternative/convenience to paper checks. When you use EFT, you authorize a company or charity to send a computer generated electronic notice to your bank authorizing them to electronically send a payment or donation of $xx to their bank. So instead of writing a check every month, your financial institution will automatically make the payment from your account on a pre-determined date for you. You will still have an accurate record of your contribution/payment for tax deductions because the payment will be shown on your monthly statement from your financial institution. The statement will indicate the payment date, amount and the name of the organization that received the payment. It's that simple.

EFT saves companies and charities thousands of dollars every year in bulk mailings and fund raisers by collecting smaller dollars on a regular basis and thus giving them a more even, dependable cash flow all year. EFT also saves the company or charity time and money in opening mail, processing paper checks and going to the bank. EFT also saves money when it is used instead of a Credit Card because EFT only charges a few pennies per transaction rather than a percentage of the donation.

EFT is far safer than writing a check as an average of 7 people have access to all your banking information i.e., your Bank Name, your Bank's ABA or routing number, your account number and your name and address. All EFT transactions are transferred via modem, directly from computer to computer in an encrypted format. With Trillions of dollars being moved around the world every year without error.

The only information available to the recipient/charity is the same information that�s printed at the bottom of a check. No-one has access to your account balance or any other information about you that is maintained by your bank.

EFT can easily be stopped simply by sending a written request to the company or charity if you no longer wish to contribute.

All EFT transactions are covered by the Electronic Funds Transfer Act of 1978 and Regulation E.

Many charities and companies are quickly seeing the advantages of EFT and making this convenient and secure service available to their clients.

If you would like more information about Electronic Funds Transfer and how it can help your charity or company, phone the Electronic Funds Corporation at: 775-267-0067.

In Partnership with
EFT Network

Electronic Funds Corporation is a BBB Accredited Business. Click for the BBB Business Review of this Payment Processing Service in Carson City NV

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