EFT DIRECT RECEIVABLES

Sage Accpac EFT Direct Receivables is a simple yet powerful add-on product that allows you to process direct deposits for major banks and trust companies in Canada and the United States. It allows you to manage receivables with improved reliability by preauthorizing amounts for withdrawal from specific clients.

Benefits

For you:

• Eliminates the costs of processing and depositing checks
• Reduces cash flow uncertainty because collections are available on the date payment due; no "check is in the mail"
• Improves payment accuracy through reduced data entry
• Eliminates the need to reconcile checks

For your customer:

• Allows withdrawals to be made from the account of their choice
• Lowers costs: no checks to write or mail
• Eliminates the possibility of missing payment and incurring late charges/interest payments
• Processes recurring payments easily and efficiently

How it works

EFT Direct Receivables allows you to import your customer list from Accounts Receivable into the EFT Direct database without modifying your existing data. You then enter the customer's bank information (as many as 12 institutions/accounts per customer).

EFT Direct Receivables extracts Receipt, Prepayment or Unapplied cash transactions from the receipt batches (posted or unposted) that you specify and creates a preauthorized debit file. This preauthorized debit file is then transferred to your bank where it is processed, moving cash from your customer's account into your account.

Receipt information can be extracted for more than one company and combined into a single preauthorized debit file.

EFT Direct Receivables allows you to control access by user.

Compatibility

Sage Accpac 100 ERP Edition, Sage Accpac 200 ERP Edition, Sage Accpac 500 ERP Edition version 3.0 and higher

Canadian banks/standards supported:

• Alberta Treasury Branch
• Bank of Montreal
• Bank of Nova Scotia
• CPA Standard
• National Bank
• BC Central Credit Union
• Caisse Desjardins, Laurentian Bank
• Canadian Imperial Bank of Commerce
• First Chicago NBD Bank, Canada
• Hong Kong Bank of Canada
• Royal Bank
• TD Bank

United States banks/standards supported:

• ACH (NACHA) Standard
• ACH (NACHA) Non Standard with Offset/Alternative
• CSB CoreState Bank