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EFT F.A.Q.- Frequently Asked Questions

Is EFT right for my Business?

We have compiled a list of business types that can best utilize use our Electronic Funds Transfer service. They fall into the following categories:
  • Monthly service providers
  • Periodic service providers
  • Lay-away installment payment programs
  • Weekly or monthly payment programs
  • Non-profit Donation-funded organizations
The following is a short list of a few categories of businesses that are good prospects for EFT:

Furniture rental centers, Beeper Services, Storage centers, Cellular phone rentals, Apartment & condo complexes, Property Management Firms, Voice mail services, Private mail box rentals, Answering services, Internet providers, Computer Bulletin Boards, Equipment leasing companies, Used car dealers, Multi-level marketing companies, Long distance providers, Pre-paid calling cards, Exterminators & pest control, Weight loss & Fitness centers, Heating oil dealers, Lawn maintenance companies, Alarm monitoring companies, Mortgage companies, Pool cleaning companies, Bottled water companies Office water purification, Consumer finance companies, Golf, tennis & other clubs, Computer maintenance, Monthly membership companies, Flea markets, Fraternities, Pre-paid legal services, Time share companies, Day care centers, Monthly garage parking, Janitorial & cleaning services, Newspaper subscriptions, Cable companies, Satellite TV services, Bookkeeping service, Retail Stores (Lay-away plans), Massage therapists, YMCA'S, Churches, Orthodontists, Non-Profit Organizations, Newspapers, Karate Studios,Waste Management, Pest Control Services, Telemarketing Firms, Public TV/Radio.

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How does the EFT process work?

Your customers sign a simple authorization form that authorizes you to deduct the amount of their payments on a certain date. (Telephone verbal authorizations must be taped. There are third-party companies that you can contract to do this function.) Your customers provide you with a voided check to verify account information. Your charges are then automatically deducted from their bank accounts each week or month on the day they are due and deposited into your account . Unlike most of our competitors, your funds are not held for 3 to 5 days. Since you have direct, password protected access to the Federal Reserve system with our software, You receive your funds within 24 hours.

EFT is a very simple way to receive payments from your customers electronically. A one-time authorization enables YOU to debit the specified amount from your customer's account and deposit payment to YOUR account on a one time or recurring schedule. We do not have access to your money nor do we handle or control it at any time. With our EFT service, YOU are in complete control of your money at all times.

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What authorization from my customers do I need?

Your customers simply sign an Electronic Authorization Form personalized to your business and provide a voided check to implement the process. We have no contact with your customers and remain totally transparent to your customers.

How is the Electronic Transfer of Funds Accomplished?

We provide you with state of the art, password protected EFT software on an outright purchase or lease to own plan that will allow you to input and maintain your database of customer billing account information. The account information is kept confidential by automatic encryption when transferred electronically to the Federal Reserve System for processing.

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How much time is required to process the information?

It only takes a few seconds to process your accounts once the following information has been permanently stored in your software database:

» Name of Debtor
» Bank Account Number
» Bank Routing Transit Number
» Amount Due
» Due Date

Prior to the date due and with a simple key stroke, all transactions are sent automatically. If required, any individual account information such as "Amount Due" or "Due Date" can be easily modified before transmitting. Frequent changes in "Amount Due" can be automatically transferred from your database before transmitting to the Federal Reserve via modem. You receive funds in 24 hours.

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Do Customers Have to Worry about Security?

Business and individual customers and consumers have less to worry about when they pay by EFT than they do when they pay by check. When a check is used for payment many different people in many organizations usually handle it before it gets back to the writer's bank. This multiple handling presents security problems for the consumer and the business. With EFT the information from a voided check is entered once into the business accounting program and not seen again. Payment transmissions are encrypted and sent through the secure wires of the ACH Network to the Federal Reserve Bank. There is an immediate record of who initiated the payment transmission in the business and of the account that received the payment in accordance with the agreement and authorization between the customer and the business.

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How does Electronic Funds Transfer save me money?

  • No waiting for payments.
  • Collecting payments through EFT costs less than printing and mailing a statement. EFT
  • eliminates the handling of paper checks, late payments, and you'll know within hours if
  • the payment request is rejected.
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What benefits do my customers realize?

Customers no longer have to write and mail a check. This avoids late charges, collections and the possible disruption of service.

How safe and reliable is this process?

The Automated Clearing House Network (ACH) is the same system used for payroll direct deposits as well for social security payments by the Federal Government. All bank regulations and payment system rules are followed and strictly adhered to. Below is a flowchart showing the basic mechanics of the EFT process.

How much does the service cost?

The cost of our EFT service is amazingly low, considering all of the benefits it provides. The per transaction fee is determined by your volume. Fill out our online request form for a free quote! and...No more invoices, postage, envelopes or associated labor costs.For those businesses currently processing a high volume of monthly transactions please ask us for a special quotation.


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