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EFT

Electronic Fund Transactions (EFT) program has been designed specifically for merchants that either debit or credit accounts on a recurring or non-recurring basis both offline and online, and for Point-of-Sale or Post-Sale transactions.

This is a most powerful service that's been available only to the largest merchants and traditionally provided by banks. However, with the most recent advances in EFT technology, we are proud to offer this service to any size business. Pay close attention to what this service can do for your business. Any business owner and controller would appreciate this service.

How It Works

Your business must obtain a written authorization from the person whose account is being credited or debited. This authorization must be kept for two years from the date of the last transaction. A stipulation may provide for an automatic renewal. Eft-Direct will provide a pre-approved written draft of such authorization letters.

Once that's done, you can initiate electronic transactions by only once entering the authorizing party's identity and banking information into the system and determining the frequency of each transaction. You may even create different categories for the transactions, i.e. Company XYZ, Condo Owners, Apartment Renters, Car Buyers, etc.

The entire process is then fully automated and very easy to manage. There is very minimal training that's required for learning the functions of this system. And only very basic computer experience is required.

Cost:

The cost is the price of the software and a nominal per-transaction fee thereafter. The myriad of benefits will justify the cost. A toll-free customer service and tech support will be provided.

Some Applications:

  • Employee Direct Deposit
  • Debiting and crediting customers accounts
  • Debiting and crediting suppliers accounts
  • Process one-time or recurring debits and credits: daily, weekly, bi-weekly, monthly, quarterly, yearly, etc.
  • And More.

Benefits:

  • Fully electronic and automated
  • Perfectly legal. EFT is routed through ACH (Automated Clearing House) and overseen by Federal Reserve Bank
  • Eliminate paperwork
  • Eliminate bank deposit fees
  • Eliminate bank redeposit fees on NSF redeposits or NSF fees
  • Save labor and time on calls made to the bank for status of a check or transaction
  • Worry free
  • Easy setup & user friendly
  • Efficient
  • Cost effective
  • Daily reports on all transactions
  • All NSF transactions are electronically transmitted to our Processing Center for Electronic Representment
  • Received funds from NSFs will be deposited into merchant's account according to NACHA guidelines
  • And More.

Some businesses benefiting from EFT:

  • Any company with regular accounts receivable and payable
  • Apartment rental agencies
  • Associations
  • Auto Dealers
  • Cable companies
  • Collection agencies
  • Financial institutions
  • Furniture stores
  • Insurance companies
  • Mortgage companies
  • Online companies
  • Suppliers (of any product or service)
  • Telecommunications companies
  • Third-party service providers
  • Universities
  • Utilities companies
  • And more.

System Requirement:

  • Runs on Windows 95, 98, and 2000 Operating System
  • Maintains a history of all transactions
  • Import and export data options
  • Transmit files over standard telephone line or Internet
  • Optional check reader can be added for faster operation

Reports include:

  • Complete status or history report on existing customers

Contact Us today for a free evaluation or information.