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Accounts Receivable

Now There's A Better Way!

Tired of hearing that "the check's in the mail"? ETT Consulting can help you take control. You can increase on-time collection of outstanding receivables, decrease your processing costs, and retain customers while still attending to your business. What once was the privilege of big companies is now the reality of any business. And ETT Consulting is the answer.

We provide you with the software and service training to electronically process pre-authorized payments that meet the American Bankers Association standards. All of ETT Consulting's transactions are governed by the Federal Reserve System. You can process literally hundreds of transactions in a matter of minutes. It's fast, simple, convenient and very cost effective.

Through ETT Consulting, you can access an automated bill payment process that is designed to meet your specifications using EFT's. EFT's allow pre-authorized bill payment directly from any customer's bank account into your business's bank accountelectronically! No waiting, no excuses and no checks. You are paid on time, every time with cash available for use on the exact due date. Best of all while you're saving money, your customers will be thanking you for this value added convenience.

ETT Consulting's automated bill payment process can dramatically improve your cash flow. If you are manually processing your accounts receivable (sending invoices and collecting checks), the Small Business Administration estimates that you are presently spending between $2.00 and $2.75 for each invoice processed in this manner. Use of major credit cards for your products or services makes things worse. Assuming your average credit card transaction is $50.00, you could be paying the credit card companies another ($0.80) to $(1.50) per transaction. These costs are incurred even if you are using computerized accounting software to keep your books. At ETT Consulting, our fees are volume driven. Depending on your situation, ETT Consulting could save you between $1.50 to $3.75 per account/invoice.

If your amount due varies each billing cycle, sending a statement is still required so your customers know exactly how much their checking account will be debited. However, if the amount due is the same each billing cycle, then you can eliminate the entire process of sending an invoice. With or without billing, your customers' account is debited on the due date and your account is credited. No more waiting two or more days for the banks to process your checks. Better yet, you will no longer need to access lines of credit at high interest rates to manage your cash flow needs.

The benefits to your business are many. With ETT Consulting as your Processing Center, the EFT process can:

  • · Ensure payment on time, every time
  • · Provide predictable cash flow
  • · Reduce collection (and sometimes billing) costs
  • · Provide early notification of insufficient funds
  • · Eliminate the need for return envelopes
  • · Eliminate deposit and posting preparation costs
  • · Eliminate major credit card charges
  • · Provide a customer oriented service to your clients at no charge

With ETT Consulting, your customers' bills are paid even when they are away from home. No more worries about missing billing deadlines or receiving embarrassing second billing notices and incurring late charges. Your customers will appreciate the fact that they can:

  • · Eliminate check writing
  • · Eliminate any service charges for writing a check
  • · Eliminate postage costs

Your customers will thank you for this payment option and become more loyal as a result. After all when the payment process is automatic, your customer is more apt to continue purchasing your services.

Key benefits from ETT Consulting include:

  • · Low transaction fees
  • · Client software to give you the control and flexibility you want in monitoring this process
  • · Software compatibility with your existing computer system using universal ASCII formatsno dual entry of your receivable data and less likelihood of input errors
  • · Real time transaction status reports from the ACH (Federal Reserve)

We will be there every step of the way helping you maximize the effectiveness of ETT Consulting's services. We are convinced that once you use the ETT Consulting EFT process for your account receivables, you will wonder how you ever functioned using traditional checks. Electronic Fund Transfers Paid On Time, Every Time What are Electronic Fund Transfers or EFTs? EFTs process pre-authorized debits or credits from one bank account to another within a 48 hour period to handle your company's payroll, accounts receivable, accounts payable and/or NSF checks (RCK - returned checks). This electronic computer based process requires the use of special licensed software and a modem. All transactions are governed by the Federal Reserve Banking System. For those of us familiar with ATM cards at gas station pumps and grocery store check out lines, the concept of EFTs continues to earn the confidence of consumers and is therefore being applied in more and more settings. Over the past several years, EFTs have gained in popularity among businesses as well. Now any business, regardless of size, can use EFTs to conduct a variety of financial transactions. What are the benefits of EFTs? The benefits of EFTs are many. For receivables, benefits include prompt payment of your customers bills each month and early notice of insufficient funds. You get your cash on time, every time. While there is a small fee per transaction for this service, EFTs eliminate the need to print, process and send a monthly bill in many instances. This can save you as much as $2.25 to $3.00 or more per customer. Thus, you could lower your costs for labor to prepare statements as well as postage and the cost of paper used to print statements. EFTs also reduce late payments and the need to send out reminder notices. EFTs can actually increase your customer retention. This is most likely to occur in businesses that bill the same amount on a month to month basis for ongoing services such as pest control companies, newspapers, pool services, security companies and the like. Having the fee automatically deducted from your customers checking account increases the retention of those who might otherwise let the service lapse. You can save hundreds, even thousands, of dollars on your billing and administrative costs, dramatically improve your cash flow and eliminate many of your collection hassles by using the EFT services. While you are saving money, your customers benefit from EFTs as well. With ETT Consulting, customers will no longer have to worry about missing billing deadlines. Bills are paid even when your customers are away from home. No more writing checks, no more postage, no more service charges for checks and no more embarrassing second billing notices and late payments. EFT is free to your customers and your customers will appreciate this value added service. How does the EFT transfer process work? First you have your customers sign a form that authorizes you to deduct their payment on a certain date. Your customers provide you with a checking deposit slip to verify all account information. Then you create the initial database. According to the billing cycle, the amount of your customers bill is then automatically debited from their checking account and deposited into your account. In the case of payroll, your account is debited and your employees account is credited each pay period. Who inputs the information into the computer? ETT Consulting provides the software and training to you so you can download needed transaction information directly from your existing accounting systems using the EFT for Windows ASCII format. This means no re-keying of data which minimizes errors and expedites the process. Typically hundreds of transactions can be downloaded and sent to ETT Consulting in a matter of minutes. How much time is required to establish the initial EFT database? It only takes a few seconds per customer to input name, bank account number, routing transit number of their bank, the amount of the debit, and the due date. Its that simple! Once the database is established, the only component that changes each billing cycle is the due date and perhaps the monthly charge. How safe are EFTs? All EFTs are governed by the Federal Reserve Banking System. Only pre-authorized transactions are allowed to be processed. This is strictly enforced by the Federal Reserve. Customers must authorize all EFT debits from their checking account in writing. How will I know that the information sent to ETT Consulting has been received and processed? The ETT Consulting software prints several different reports for you. Both before and after the data has been sent, you can print a report that documents your transaction. ETT Consulting provides you with a status report the same day that verifies all of the transaction information. You will know within 24 to 48 hours if any of your customer transactions failed to process due to insufficient funds or incorrect data entries. Most banks take as long as two or more weeks to notify businesses of insufficient funds on checks being processed. Clearly ETT Consulting EFT services offers your business a better alternative to processing checks for financial transactions. How much will I pay for the EFT services from ETT Consulting? ETT Consulting bases its transaction fees entirely on volume the more EFT transactions, the lower your fee. One EFT transaction consists of one debit and one credit of the same dollar amount. The fees do NOT vary by the amount of the transaction. You pay the same amount for a $5 transaction as you do for a $500,000 transaction. In nearly all cases, this figure is less than the cost your business bears to process receivables, payables and/or payroll transactions by checks. electronic funds transfer eft ach service provider check representment rck automated banking systems for small medium and large business EFT, Electronic funds transfer, software, ach service, automated banking system, businesses, ACH, payroll, accounts receivable, accounts payable, windows, 3.1, 3.11, windows 95, windows 98, windows NT

 

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