Electronic Funds
Transfer (EFT) - Merchant Accounts
FAST TRANSACT's Check Services program provides business owners with the payment tools of electronic commerce. Most people don't realize the total costs associated with writing a check for payment or sending invoices and receiving checks for payment, accepting credit cards and later receiving a check from the processing company. ACH EFT gives retail and Internet merchants the solutions to reduce overall operating costs and administrative expenses, improve cash flow, and eliminate lost, stolen or forged payment documents.
Electronic Funds Transfer (EFT) allows businesses to collect accounts receivable, pay payables, direct deposit payroll and all Federal and State taxes including sales taxes. The accounts receivable function can be for purchases of goods and services . . . or collections of taxes, traffic fines or utility payments. This service can be used in conjunction with check readers for the conversion of checks, received at a counter or in the mail, into electronic debits for ease of handling and quicker processing into available funds.
Our ACH EFT program is a PC- based system that allows a retail or Internet business to use the system for all types of pre-authorized transactions (either withdrawals or deposits), or funds concentration from multiple locations. Merchants can transfer funds from a customer's account into their business's account in lieu of the traditional check payment and collection process. The relevant data can be imported from any accounting program, where it is encrypted and converted into NACHA format. The merchant decides the effective date, and the transmission is initiated on the day necessary to settle on that day. A business can further benefit by using the system to pay it's own accounts payable, payroll and taxes . . . knowing precisely when a payment is deducted from its bank account and the cost is less than using a check.
This saves a business owner time and money by doing away with deposits, posting preparation costs and manual procedures for processing payments. Customer benefits include the elimination of time spent paying bills, cost of checks, envelopes and postage, and knowing exactly when a bill is paid. Employees benefit from direct deposit by having their pay in their account on their payday without the need to go to the bank.
