EFT is one of the fastest growing industries in the U.S. Trillions of dollars are safely transacted via EFT through the banking system each year. EFT is an electronic check and every person with a checking account or eligible savings account can be set up for automatic, on time payments – and every transaction can be easily traced through the electronic banking system. Introduction and implementation of Electronic Funds Transfer (EFT) is simple and easy. Loading the software takes about 20 minutes. Training someone to use it takes only about another 20 minutes. You can be up and ready to go in less than one hour. Billing takes only about one minute per 1000 customers to process each billing cycle.
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.
EFT is the electronic transfer of funds from one bank account to another via modem in an encrypted format. Our software allows you to control the process from your office. The system can be networked with a number of users. Setup and processing are extremely easy to perform and you have total control of the account information and transaction process. No ones bank needs to be contacted as everything is processed through the Automated Clearing House, a part of the Federal Reserve. There are no fees charged to your customer by his bank for EFT.
EFC’s software not only gives you the ability to accept re-occurring payments but also gives you the capability to accept checks by phone or fax for one-time transactions. (Frequently used by receivables and collections departments to expedite receipt of funds)
Your customers no longer have to write out checks and mail them. They pre-arrange for you to debit their account every month on the due date.
You receive the payment automatically via the safety and security of the Federal Reserve’s Automated Clearing House (ACH). The software is designed so that only authorized personnel can set up and/or change the bank deposit information.
We also help you introduce EFT to your customers in a simple and positive way that effectively communicates the safety, ease and convenience of EFT.
According to Metropolitan Life Insurance, the biggest benefit they enjoy from ACH automated receivables is account retention. They see fewer policy cancellations among those who pay electronically. The reason for this is simple: Each time a customer sits down and has to write a check to make a payment, he must convince himself that he really wants to maintain his policy. Wereas when their accounts are debited automatically, however, policyholders are much less likely to think about eliminating their policy. Metlife sees 50% fewer policy cancellations among its ACH customers.
EFT is far less expensive than credit cards. Setup fees are minimal as compared to $1,500 to $2,000 for credit cards. Per transaction fees are only pennies per transaction as compared to credit cards which can be 1 1/2% to 4% per transaction. There are approximately 60 million people in the U.S. who do not have or use credit cards not counting those who have them but they are at their limit.