Electronic Funds Transfer
The Ernex Electronic Funds Transfer (EFT) solution provides inter-bank clearing of funds for merchants that require funds transfer for their stored-value gift card program.
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EFT enables a group of participating merchant locations (including franchisees) to transfer funds to and from a centralized pool account that is held either by the group of merchants or franchisees, or by a Corporate Head Office or franchisor.
Customize your EFT Program around:
- Settlement frequency - Choose from several different settlement frequencies.
- Multiple Franchises - For companies that have multiple franchisee groups with separate gift card programs.
- Merchant Account Financial Institution - Participating merchant locations can hold an account at any Financial Institution.
- Pool Account Financial Institution - Ernex supports merchant pool accounts at several leading Financial Institutions, with development of further support on an as-required basis.
Electronic Funds Transfer helps you:
Increase Settlement Speed
Electronic funds transfer provides speed and efficiency by processing the settlement of payables and receivables automatically from the pool account for participating gift-card merchants. Funds are available in the pool or merchant account 24-72 hours after transmission of the settlement file.Reduce Administrative Costs
EFT helps reduce the administrative overhead for your stored-value program. No more collection and payment hassles for Corporate Head offices in a franchise environment!Track Fund Transfers
Reporting is available through Ernex Insight on-line reporting. Reports that are available include:Improve Security
- EFT File Transmission Report
- EFT Transaction Details Report
- EFT Reject/Return Report
The storage of Merchant Direct Deposit Account information and the file transmission adheres to National Automated Clearing House Association, Canadian Payments Association, Moneris and participating Financial Institutions' standards.
