A service of EFT Network, Inc.
245 Saw Mill River Rd. Suite 105
Hawthorne, NY 10532
Phone : 800-492-2794
Fax : 914-747-7218
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Page 1 EFT Basic Transactions
Page 2 Marketing and How Debit EFT Works


EFT (Electronic Funds Transfer)

Basic EFT Transactions

 For businesses with recurring and one time billing there is no better way to collect than through Electronic Funds Transfer (EFT). The EFT NETWORK, INC. is a third party processor through the ACH – we process directly through the Automated Clearing House(ACH). The ACH is the electronic banking network to which 95% of the nation’s banks belong, including the Federal Reserve.

We provide our customers with EFT CheckRep software that works with Windows or NT platforms on your PC system. The system can be networked and have a number of users. Setup and processing are extremely easy to perform and you manage the account information and transaction process.

YOU CONTROL THE SOFTWARE FROM YOUR OFFICE !!!

SECURITY: A major security feature of the Checkrep software is that only authorized personnel can set up and/or change the bank deposit information with the EFT Network using the prearranged pass codes. Nobody can redirect the funds to a different account.

 WHAT DOES DEBIT EFT DO?

DEBIT EFT is the electronic transfer of funds from your customer’s account to your bank account on an agreed upon date - they are paying you.

 

NO NEED TO CHANGE BANKS

WE PROCESS THE FUNDS INTO OR OUT OF YOUR ACCOUNT !!!

 TYPES OF EFT:

Recurring: the same amount is debited from your customer’s account on a periodic basis (weekly, monthly, quarterly, etc.).
Non-Recurring: the amount changes on each transaction or the period changes.

One Time Only: one time only event requiring a one time authorization.

WE HELP YOU DESIGN THE BEST EFT SYSTEM FOR YOUR SPECIFIC NEEDS !!

BENEFITS OF EFT:

EFT is safe, accurate, and convenient. EFT assures you and your customers that payments will be processed accurately and on time, every time.

Here are just some of the many benefits of EFT:

    • Low per transaction cost

    • You will receive your payments on time.
    • Dramatically improves cash flow.
    • Money is collected from your customer on the due date and electronically deposited into your account in four business days. During this time the returned items are pulled out (NSF, closed accounts, etc.) - the funds you receive are the good funds.
    • Complete reporting through the software telling you exactly what was paid and what was unpaid and the reason for non-payment.
    • Very low NSF fees on return items compared to paper returns.
    • No more late notices to mail out.
    • Less paperwork
    • No more deposit slips to make out and bank runs to make
    • Reduce lost or missing check problems.
    • No envelopes to open, no checks to deposit, etc.
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