Page 1 EFT Basic Transactions
Page 2 Marketing and How Debit EFT Works

YOUR CUSTOMERS WILL LOVE EFT:

• NO MORE WORRYING ABOUT DUE DATE

• NO CHECKS TO WRITE
  
• NO ENVELOPES TO ADDRESS
  
• NO STAMPS TO BUY
  
• GO ON VACATION - THE BILLS ARE TAKEN CARE OF

MARKETING:

The EFT Network will work with you to market the EFT services to your customers. We provide marketing ideas, letter formats, and literature resources that you can use to sell the EFT program to your customers. We will help format a plan to effectively communicate to your customers what EFT is, how it will benefit them, and how they can easily join the program.

  HOW DEBIT EFT WORKS (BILL COLLECTION):

STEP 1: AUTHORIZATION A signed authorization from your customer allowing the EFT transaction to take place is required. We provide the format for the authorization. A copy must be maintained in your files for a period of two years - these may occasionally be audited for accuracy. Once the authorization is in place the agreed upon amount can be deducted as each due date arrives. You can also receive a telephone authorization for a one-time EFT. The telephone authorization must be recorded and you must request a unique identifier from the customers (an identifier that you already have in your possession): drivers license and/or mother’s maiden name for example. For non-recurring EFT you must send a notification to the customer of the invoice amount 10 days before the due date of the debit EFT allowing them time to dispute an invoice.

STEP 2: ENTER CUSTOMER INFORMATION You set up the software with the customer information required to make the transfer: name, bank routing number, account number, amount, effective date. The start and stop date feature makes it impossible to debit a customer past the lifetime of the collection cycle - for loan collection for example you enter the last day that a collection can be made and the software automatically stops you past that date unless edited. The software can also easily import comma delimited ASCII files into the system so that all your customer data can be imported from other programs. You literally import thousands of records in a matter of minutes - once imported you can simply transmit.

STEP 3: TRANSMIT DATA The day before your bills are due to be collected from your customers you transmit the data to our processing center (this is automatic – just click on the transmit button) and we confirm receipt of the data back to you. By transmitting the day before the due date the funds (if available) will be taken out of your customer’s account exactly on the due date. YOU MUST TRANSMIT TO US BY 3:00 PM EST TO MAKE THE DAILY PROCESSING CUTOFF !!!

STEP 4: PROCESSING The data is translated into a special NACHA format for ACH processing and forwarded through the ACH – the electronic banking system.

STEP 5: PAYMENT Payment occurs in 4 business days into your account – the customer account is debited the day after you transmit (Provided you transmit by 3 PM EST!) Your electronic debit takes precedence at the bank over paper checks waiting to be debited from the same account. Returns (NSF, closed account, etc.) are made known usually in the 3 day period after the funding in your bank and after the 4 business days we credit your account for all the good funds (the returned NSF, etc. items are pulled out) and we send a data file back into your software giving you the results of all transactions. All customers who use EFT have a 60 day period from the effective date to contest the EFT with their bank. It is important that you maintain the signed authorization to dispute any reversal claims of this nature. It is also possible but a very rare occurrence that an NSF or other type of return can show up a few days after the 4 business day period used for funding. In most cases we can reverse these types of items as untimely returns. YOU CAN ADD OR DELETE ACCOUNTS ANY TIME YOU WANT - TOTAL FLEXIBILITY !!! ON TIME PAYMENTS, EVERY TIME !!!

STEP 6: REPORTING On the 4th business day all results files are transmitted to your software (automatically when you log in) for each batch that you transmit to us. Reporting is done in batch by batch mode. The results files show you every transaction and whether they were paid or unpaid and the exact reason for non-payment. You can view the results, print them, or export them into your main system via comma delimited ASCII file. You can also automatically resubmit all the eligible items (NSF and uncollected funds items) by viewing them in their special folder and clicking on the items. You can select one, some, or all for resubmission. Once resubmitted they are treated just as a regular transmitted item. You can resubmit an item 2 times after the original presentation. Closed account, authorization revoked cannot be automatically resubmitted – you must consult with your customer to resolve the problem before resubmitting. The software maintains complete reports on all account data bases you set up in the system as well as a log of all files that you have transmitted. These can be viewed or printed out for your convenience.

STEP 7: BILLING We will invoice you on or about the 1st of the month following activity and debit your account for submitted invoices on or about the 10th of the same month.

 THE SYSTEM IS FAST, ACCURATE, AND EASY TO OPERATE !!!

Page 1

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