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Electronic Fund Transfer -
Paid
On Time, Every Time
What are Electronic Fund Transfers or EFT?
The EFT process pre-authorized debits or credits from one bank
account to another within a 48 hour period to handle your company's
payroll, accounts receivable, accounts payable and/or NSF checks (RCK -
returned checks). All transactions are governed by the Federal Reserve
Banking System.
For those of us familiar with ATM cards at gas station pumps and
grocery store check out lines, the concept of EFT continues to earn the
confidence of consumers and is therefore being applied in more and more
settings. Over the past several years, EFT has gained in popularity
among businesses as well. Now any business, regardless of size, can use
EFT to conduct a variety of financial transactions.
What are the benefits of EFT?
The benefits of EFT are many. For receivables, benefits include
prompt payment of your customer’s bills each month and early notice of
insufficient funds. You get your cash on time, every time. While there
is a small fee per transaction for this service, EFT eliminates the need
to print, process and send a monthly bill in many instances. This can
save you as much as $2.25 to $3.00 or more per customer. Thus, you could
lower your costs for labor to prepare statements as well as postage and
the cost of paper used to print statements. EFT also reduces late
payments and the need to send out reminder notices.
EFT can actually increase your customer retention. Having the fee
automatically deducted from your customer’s checking account increases
the retention of those who might otherwise let the service lapse.
You can save hundreds, even thousands, of dollars on your billing and
administrative costs, dramatically improve your cash flow and eliminate
many of your collection hassles by using the EFT services.
While you are saving money, your customers benefit from EFT as well.
With TechVantage Billing Solutions, Inc. EFT solution, customers will no
longer have to worry about missing billing deadlines. Bills are paid
even when your customers are away from home. No more writing checks, no
more postage, no more service charges for checks and no more
embarrassing second billing notices and late payments. EFT is free to
your customers and your customers will appreciate this value added
service.
How does the EFT transfer process work?
First you have your customers sign a form that authorizes you to deduct
their payment on a certain date. Your customers provide you with a
checking deposit slip or voided check to verify all account information.
Then you send information to us or have us pick it up . According to the
billing cycle, the amount of your customer’s bill is then automatically
debited from their checking account and deposited into your account. In
the case of payroll, your account is debited and your employee’s account
is credited each pay period.
How safe is EFT? All EFT
transactions are governed by the Federal Reserve Banking System. Only
pre-authorized transactions are allowed to be processed. This is
strictly enforced by the Federal Reserve. Customers must authorize all
EFT debits from their checking account in writing.
How will I know that the information sent
to TechVantage has been received and processed?
TechVantage Billing Solutions, Inc. provides you with a status report
the same day that verifies all of the transaction information. You will
know within 24 to 48 hours if any of your customer transactions failed
to process due to insufficient funds or incorrect data entries. Most
banks take as long as two or more weeks to notify businesses of
insufficient funds on checks being processed. Clearly TechVantage
Billing Solutions, Inc.’s EFT service offers your business a better
alternative to processing checks for financial transactions.
How much will I pay for the EFT services?
TechVantage Billing Solutions, Inc. bases its transaction
fees entirely on volume—the more EFT transactions, the lower your fee.
One EFT transaction consists of one debit and one credit of the same
dollar amount. The fees do NOT vary by the amount of the transaction.
You pay the same amount for a $5 transaction as you do for a $500,000
transaction. In nearly all cases, this figure is less than the cost your
business bears to process receivables, payables and/or payroll
transactions by checks. |
Payroll EFT
Services
Accounts
Receivable
Medical
Practice EFT
Check
Representment
Medical
Billing Solutions
TechVantage Billing Solutions, Inc is a professional billing service
dedicated to meeting all of the insurance and patient billing needs of
your practice. We offer a variety of highly personalized services, which
can meet the needs of most any medical practice. Our services are
specifically designed to meet the needs of individual and small group
practices; our specialty is in aspects of office management and claims
processing. Click here for more information about our Medical Billing
Solutions!
Business Billing Solutions
Our comprehensive services address the billing challenges businesses
face today. Whether you want to deliver your bills and statements to
your customers by U.S. mail, email, fax or via an online site -
TechVantage will provide substantial cost savings, improve quality and
enhance your business. Click here for more
information about our business billing solutions.
Document Solutions
TechVantage provides a full range of document creation,
document scanning, document conversion, and document management
solutions, OCR scanning, document imaging, data entry and database
creation, electronic publishing, and data conversion (PDF to HTML, PDF
to Word, etc.), to mention a few. Click here for
more information about our document solutions.
Call us Today!
888.925.2220
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