The bankcard community is constantly seeking new and innovative products to increase sales and profitability. Unfortunately, good products have been few and far between, until now. EFTNet has developed a new processing program that increases profitability and customer retention, assists in recruiting, and makes your organization attractive to trade associations and agent banks.
EFTNet has put together a suite of EFT (Electronic Funds Transfer) products that can distinguish your organization from the rest. By utilizing the Federal Reserve's ACH (Automated Clearing House) you can offer products that allow your customers to:
1. Collect Recurring Bills Electronically
This program provides a commercial subscriber with the ability to collect funds from their customers' bank accounts or pay vendor bills electronically. Recurring payments and/or collections are completely automated with the use of EFTCash software.
2. Process Returned Checks Electronically
Commercial business are burdened with submitting bounced checks back through the paper banking system and are limited to only two submissions. With EFTCash your customer can resubmit bounced checks electronically providing them with a total of three submissions and quicker access to funds.
3. Process Point-of-Sale Checks Electronically
Enabling merchants to settle POS checks electronically will save them both time and money. Imagine using a credit card terminal to transmit check data for electronic settlement eliminating batching and delivery of checks to the bank.
4. Process MO/TO Checks Electronically
Accepting cheeks over the phone has become commonplace for many mail order merchants. EFTNet has taken it a step further by eliminating the check all together. The merchant will gather checking information over the phone. This information is keyed into the EFTCash software and then funds are electronically deposited into the merchant's bank account. In addition, EFTNet is completing a secure site which will enable consumers to purchase goods and services over the Internet using a credit card and/or electronic check.
All of these products can he opened through one software package called EFTCash. This Windows-based software has been designed to provide small, medium, and large businesses with the same tools that have typically been reserved for Fortune 500 companies. Features of the software include:
1. Processing debits and credits of fixed or variable amounts.
2. "Wizards" to walk the user through setting up and sending transactions.
3. Generation Reminderówhen the user turns on their PC the software notifies them that they have transactions to send.
4. Allows users to setup recurring payments one time.
5. Data Translator Tool Kitóeliminates any re-keying of data from customer's database. The translator will automatically load customer information.
Craig Shapero, Executive Vice President of EFTNet describes the power of EFTCash: "We recently entered into a state association endorsement which includes EFT Bankcard services for the association membership. The program received such strong response from the membership, within 4 months of the endorsement we received endorsement approval from 29 other state associations within the same industry. We now expect a 70% + penetration into this national marketplace. Thanks to EFTCash, a state association has blossomed into an entire industry section. We view this as a phenomenal result."
In today's competitive marketplace, Electronic Funds Transfer is becoming more and more predominant because of its ability to decrease costs and increase efficiency. The market for EBT is currently where the bankcard market was in the late ë80s. As awareness grows and usage increases, EFT will also benefit the ISO market by providing fee income as well as residual revenue. For more information on EFTNet and Electronic Funds Transfer services, call Joe Broderick at (800) 903-8819 or check their Web site at http://www.eftnet.com.
