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How Does Check By Phone & Fax Work? |
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 Broaden your current market by offering your customers the convenience of paying by check. Set yourself apart from your competition and increase your sales and profits.
Did you know that only half of the shopping public can qualify for a credit card, but 94% of that same shopping public have checking accounts? Furthermore, of the 50% who do qualify for credit cards, about half of them have reached their credit limit? Now your company can use the same powerful tools that only the largest companies have enjoyed in the past.
You can now automatically and electronically debit your customers bank account for your products and services as well as eliminate the ongoing expense of accepting and processing traditional paper checks.
How Does ACH/EFT Electronic Phone Checks Work?
You can accept Checks by Phone™ as easily as accepting a credit card payment. When a consumer would like to pay your company by phone, a salesperson, collection agent, or telemarketing representative requests the consumer to read the MICR line at the bottom of their check. The MICR line contains the consumers’ checking account number, bank routing number and check number needed to process the transactions electronically.
This information can be sent to us as a batch that is uploaded at our secure web site or individual checks can be processed in real-time at our secure, easy-to-use virtual terminal that can be accessed securely from any internet connection. |
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Processing ACH Payments (Example transaction)
A consumer instructs the business by telephone, personal computer or manually written authorization to debit their bank account and credit the bank account of the payee.
The business transmits files to the processor, Creative Cash Flow Solutions. Our software prepares the files for transmission into the Federal Reserve’s ACH network and then transmits them via an Originating Depository Financial Institution (our bank).
The files go through the network to the receiving bank (the customer’s bank), and the funds are transferred through the system into the business’ account, via the processor’s internet connection.
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What Are The Benefits? |
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Ease of Use. Our Electronic Funds Transfer (EFT) system has been designed from the ground up to be as intuitive and efficient as possible while incorporating the most advanced and powerful features that have been designed into any program of its kind. In fact, it is so easy to use that you'll be able to install the program, configure the software for your company and be ready to start entering EFT billing transactions within 15 minutes of starting.
Powerful Scheduling. One of the most powerful features of the EFT software is in how easy it is to schedule billing transactions. Whether you need to schedule a single transaction for a new customer or if you need to schedule multiple recurring transactions for a group of customers - it's all just a few clicks away. Recurring EFT transactions can be scheduled to recur on a weekly, bi-weekly, monthly, quarterly, semi-annual, annual, or custom number of days basis. EFT transactions can be scheduled for months and even years into the future - all with a simple click of a button.
Advanced Resubmit Options. Another one of the more powerful capabilities of the program is its ability to handle rejected and NSF items. The system allows you to customize the software to work the way you do, whether you want NSF items to be resubmitted immediately after a certain number of days has elapsed, or on certain days of month such as the 1st or 15th. Either way, you can automatically reschedule these transactions for you or you can even set-up the system to allow you to resubmit these transactions manually. By using the manual resubmit option, this would allow you to confirm that the funds were available or to contact your customer before making another attempt at collection.
Comprehensive Reporting. As part of the standard program you will have a comprehensive set of reports that will give you the critical financial information that you need. Whether you need to look at a customer's payment history or if you need to analyze your company's future revenue streams, you will have the reports you need. The use of these comprehensive and analytical reports, in addition to the improved efficiency that we can bring to your company, will allow you to spend time focusing on growing your business rather than dealing with the day-to-day collection and cash flow problems.
Multi-user / Multi-company Capable. Our electronic funds transfer (EFT) software is fully network capable. The number of simultaneous users accessing the software is only limited by the number of users on your network. In addition to using the system to handle your company's billing needs, it is also multi-company capable so you can use the software to process multiple divisions or (in a service bureau environment) the EFT transactions for multiple companies.
Service You Can Count On. We understand that your cash flow and your relationship with your customers are the two most important aspects of your business. This is why we will be here to make sure that your transactions are processed accurately and on time each and every time. And in the event there is a problem, we will be there to provide you with the answers and the solutions that you need.
- No more "check's in the mail".
- Faster funds availability.
- Increases your market potential because most people have checking accounts while only approximately 50% of Americans have credit cards.
- Approximately 50% of those with credit cards have reached their credit limit (another reason market potential increases). Adding one more "payment option" is a convenience to the customer.
- Increases ability to actually get paid while on the phone with collection calls.
- Ship products faster with no more COD hassles.
- Reports For ACH/EFT Electronic Phone Checks.
What Is My Cost Per Transaction? ACH pricing is dependent on volume, rate of returns, what the transactions are being used for, the average value of an ACH Debit, whether a depository account was set-up and underwritten for you instead of using your own depository account...etc. To receive a FREE quote CLICK HERE.
How Do I Get Started? After completing our easy application, approval is quick and easy. Same day approval can allow you to start using Checks by Phone™ today! To receive the application and obtain a price quote CLICK HERE.
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Did You Know? |
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20% of all online transactions are check-based.
Checks have only a 60 day window of liability, as opposed to the 180 days for credit cards.
Checks have no chargeback limits or penalties.
Member retention percentages are higher with checks than with credit cards.
Checks are less expensive to process than credit cards.
If you are not accepting checks, you are LOSING money. |
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Check Processing Facts |
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- There are over 1.2 million NSF checks written each year
- 40% of the population is totally check dependent
- The face value of the checks written has increased 25% during the last five years
- Total face value of checks written through 2005 will exceed 14.3 trillion dollars
- Consumers prefer checks four to one over debit cards
- 88% of the population, over 174 million consumers, have a checking account; only half of those have a debit or credit card
- 72% of consumers believe that their check use will increase or stay the same over the next year
- 53% of retailers are reporting continued check growth (on-line survey by Stores Magazine and the Reid System)
- Checks represent 24% of all retail sales as a significant part of the overall payment system
- Americans write an average of 25 checks per month
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