Why not my bank?

Electronic Funds Corporation (EFC) is an independently owned company, committed to being a long term provider of electronic payments. Most electronic payment institutions are owned and operated by banks which provides only one small segment of their revenues. It’s not uncommon for banks to change direction, due to upper management directions, forcing them to focus on more profitable aspects of their bank, leaving the electronic payments department short staffed or dismantled.

EFC takes great pride in the software and services we provide to our customers. We’ve gone to great lengths to ensure each and every electronic payment is correct and on time. You can depend on us to quickly correct or assist you in the correction of any problems that may occur. Today we are able to correct almost any problem that may occur, without impacting you, your customer or employees.

Electronic Funds Corporation has a dedicated staff to service our customers for all their electronic needs. This staff includes: electronic payment operators, technical support, marketing and in-house programmers. Many electronic payments departments at banks purchase off the shelf software that is designed for the smooth operation of the bank’s processing center with very little or no thought to the end user’s needs. EFC’s custom software, designed and written by our own programmers, was fashioned for the end user’s convenience and ease of use first and then for our processing center. Many banks processing departments are short staffed and lack the depth and breadth of Electronic Funds Corporation. Recently I personally had to speak to two people and first answer 3 questions before a bank would give me their fax number. This is information printed on every business card, letterhead and brochure.

Problems our customers have related to us in trying to do electronic payments with their bank

  • Failure to return customers calls promptly if at all. If your people have a technical support or other question, they want the answer now so they can continue on with their work, not 3 or 4 days and or calls later.
  • It is well known in the industry that one of the primary reasons that banks offer EFT, is to lock a customer in to the bank forever because of the software and the problems with implementing a whole new program. With Electronic Funds Corporation, it makes no difference who or where you bank and changing banks only takes two minutes in our software.
  • Almost all bank’s software is designed for the banks back room convenience and with little or no thought to the customer’s side. There are some absolutely horrible, mind bogging programs that are so inefficient as to make them totally useless. Some are still in DOS. The reports are difficult if not impossible to reconcile. Electronic Funds Corporation’s software was designed with you the end user in mind first and foremost.
  • Banks will historically quote a very low per transaction fee because that is the fee they know will stick in your mind. But then they have a list of fees like a per batch fee, batch cancellation fees and high NSF fees some are usually camouflaged in your monthly analysis charges.
  • We recently had a customer switch from his bank to us because they told him it would cost him over $22,000 to cancel a batch. If we had to do it, we would probably have only charged him, if anything at all $5.00 or $10.00. He finally, after talking to us and researching just what was involved in canceling a batch, was able to negotiate the fees down to approximately $1,200 which is still ridiculously high for 10 minutes work. Even attorneys don’t get that kind of rates.
  • One of the biggest reasons we get so many people who want to change from their bank to us is because their bank has been bought out by another bank and the management has changed. Take for example here in Nevada. Pioneer Citizens Bank was purchased by Nevada State Bank and 2 weeks later Nevada State Bank was purchased by Zions Bank. If this is how your bank is gong to treat you then it might be wise to reconsider getting involved with them in a program that makes it almost impossible, at some later date, to change to another bank.
  • Conservatively speaking, Electronic Funds Corporation has approximately one company a week, coming to us in total frustration, wanting us to do their ACH processing instead of their bank. Will they pay a little more? Maybe, maybe not.

Solutions and Benefits

Electronic payments are a wonderful and convenient time and money saver as well as a tremendous customer retention tool. In today’s rapidly changing business environment it’s essential to be in control of all aspects of your business, including electronic payments. Many companies and payroll processors are held hostage by their bank for the processing of electronic payments, thus providing a substandard service to their customers and employees. If you have any of these problem:

If you have any of these problems:

  • Different transmission methods and standards for each customer’s bank.
  • Different methods for dealing with returns, notifications of change, and other corrections for each customer’s bank.
  • Different cut-off times for each customers bank.
  • Excessive fees.
  • Different contracts and authorization forms for each customer’s bank.
  • Impersonal, cavalier or otherwise unhelpful staff at your customer’s bank.
  • Multiple contracts at each customer’s bank.
  • Software is written by our programmers in our offices in NY. Be do NOT charge for software modifications and the window for modifications is usually less than 2 weeks. No more waiting for months for modifications.

It’s time to contact us at Electronic Funds Corp. to take advantage of the benefits and solutions we can offer. EFC does not erect barriers to your business, we provide solutions that benefit you and your customers. For example: EFC provides a single transmission method with its state-of-the art transmission center. Our transmission center ensures that our customers can transmit files any time of day, 7 days a week, 24 hours a day.

I. We are a single source for return and correction information. This information is in a standards format for all our customers. It can be received via electronic transmission or Internet.

II. A consolidated cut-off time that works in all time zones. EFC processes electronic payments in time zones all over the United States, Alaska and Hawaii.

III. With EFC, you can reduce your bank fees by eliminating unnecessary charges or by reducing required non-interest bearing balances. EFC will produce a monthly consolidated invoice identifying all of your transactions by line item (company). We’ll consolidate your total volume to afford you the best price available.

IV. With EFC all your companies branches and/or divisions will have the same agreements and authorizations. It wont be necessary for you to try to keep track of which division or branch has which agreement.

V. Every employee at EFC is dedicated to providing superior support by thoroughly investigating and understanding your needs.

VI. You’ll be able to deal with one location for all your questions, concerns or new application ideas. The days of contacting multiple banks with questions that take countless hours to be answered can now be eliminated, freeing up valuable time to service your customers.