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Automated Payments
If your business sends out invoices, there is a better way to collect your accounts receivable. You can automatically debit your customers’ bank accounts with electronic funds transfers (EFTs) originated through the Federal Reserve’s Automated Clearing House (ACH.) By utilizing automated payments you eliminate the ongoing expense of processing payments through traditional paper methods. When you automate your receivables the time and costs to print and mail invoices, receive and deposit payments, and the expense of lost revenue due to delinquent accounts can be eliminated. You can replace all of this with a single transaction that costs about the same as the price of a postage stamp. Safe, secure electronic payments Automated payments simplify your billing process and improve your efficiency by replacing the traditional method of billing and collection with an easy to use automatic method. You simply enter your customer’s bank account information and payment information into our software and with the push of a button the information is processed through the ACH network. These transactions are deducted from your customer’s account and deposited into your account with one simple step. And your customer gets a complete accounting on their bank statement.The fact that an invoice has a due date does not guarantee that a payments arrives on time. Most companies receive payments weeks, even months past due. By automating your receivables your payments arrive on time, every time. Comprehensive reporting Our software provides advanced, detailed reports that allow you to be informed of the status of all your transactions including NSF items, pending transactions, future cash flow, and more. You also receive information faster. Unlike a paper check, you don’t have to wait weeks to find out about it. You will know within three business days if an item is rejected. With the combination of our detailed reporting and advanced resubmission options you will have the tools to handle every situation that can arise. If you would like to totally outsource your billing, we can act as a service bureau and perform the data entry and transmission for you. This approach gives you more time to concentrate on your core business, and still costs less than generating a paper invoice. Retention is THE KEY Believe it or not, with all the above benefits there is still another most important advantage to automated payments. 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 writes a check to make a payment, he must convince himself that he really wants to maintain his policy. 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. Easy to implement Signing up customers is easy. All that’s needed is a single page form. We will even create custom enrollment forms complete with your company logo.How much does it cost you to create an invoice?
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Increase your cash flow, save time
and money