ACH / EFT / Check by Phone
If you are contacting customers to have them send in a payment that is due, or if you are doing phone order sales, you can initiate a one-time debit on the customer’s checking account. You simply enter the checking account information, the amount of the payment, personal information to identify the payer, and indicate that it is a one-time transaction. After you submit the transaction, the customer’s account is debited the same or the following day, and the funds are deposited to your company’s checking account, generally in 2 business days. You are able to immediately access reports on current and previous activity, track individual items, and much more. You receive notification of NSF or otherwise rejected items, generally the day after they reject.
If your business requires that you take regular monthly or weekly payments from your customers, this program allows you to debit their checking accounts for payment on a specific day each week, or date each month. You simply enter into the program the day or date for each payment, the number of payments, the payment amount, and the information on the checking account that is to be debited. Once the transaction is submitted, the customer’s account is debited, and your account is credited in the same time frames referenced above. It also provides the reports and tracking referenced above. We can customize your set up according to your specifications, including customizing fields, dates, time spans, and more.
Here are just a few of the benefits:
- If you are collecting a payment, get that payment now, while you have the debtor on the phone.
- Improve your collections effort and reduce your collections expense.
- Speed up your cash flow.
- Reduce your number of past due accounts.
- If you are doing a phone order sale, reduce the instances of “buyer’s remorse” that inevitably occur when the customer is set up to mail in a check the next day. Get the commitment from the buyer immediately, rather than hoping and waiting to receive the proverbial “check in the mail”.
- The cost of this type of transaction is much lower than the cost of a “phone order” credit card transaction. There is only a small transaction fee, but there is no discount rate.
- Electronic transactions take precedence over paper items when a bank is determining which items are to be paid, and which are to be returned.
- Improve your handling of NSF items Receive faster notification, and resubmit items.
- NSF items can be resubmitted twice electronically after the initial bounce. Paper items can only be resubmitted once after the initial bounce.