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USING AUTOMATED FOREX MERCHANT ACCOUNT PAYMENTS TO COLLECT YOUR RECEIVABLES

More and more people are using this technology to collect their receivables because they want to take advantage of the benefits of this technology. Each year several billion dollars are exchanged by using electronic payments through the “Automated Clearing House” or ACH network. In 2007, about $45 billion was exchanged through this network. This network was set up in 1974 and since then it has provided the government agencies and businesses with an inexpensive and quick method to transfer money from one account to another.

The technology has become so popular that every person is affected by it. It has a big impact on people’s lives and the way they work, specifically the way they make payments. More businesses are opting for automated payments over bank draft’s and paper checks.

In the year 2004, 4.8 billion automated transactions were processed. Over 90% of the payments were recurring ones that were generated by small and large organisations for: direct debits, pay bills, pay the premiums for general and life insurance and other subscriptions; direct credits, mainly used for the purpose of salary payments, annuities, child benefit and pension payments.

The remaining percentage of the transactions were mostly inter – bank online and telephone banking payments.

Even though your customers want to pay their dues they make find it difficult to do it each month due to various reasons. You can either choose to spend a huge amount of money for buying complex collection and billing systems or choice to switch to the fastest growing method to receive monthly payments.

With the correct authorization, you will be able to get your payments from the customers in just one working day, without regard to where your customer’s bank in the U.S, provided the funds are available. There is no need to print or process any paper items. You also don’t have to spend any administrative energy or money if you do things in the new way. And the best part, no excuses for making delaying payments to you.

This technology also has “Electronic Check Recovery”. If a pre – authorized or check payment is returned due to non availability of funds, the check will be re – submitted automatically. This facility will not only save you money and time, but it also saves you the embarrassment of manually re – submitting the returned items.

Almost any business will benefit greatly if they use electronic payments, which includes city utilities, phone companies, collection agencies, catalogue companies, wholesale distributors, and internet merchants, insurance companies, leasing companies, online service providers, security companies and health clubs.

The benefits of “Automated Payments” are:

  • Less expensive
  • Settlement of payments on time
  • Automatic re – submission of NSF items
  • Streamlines the billing department
  • Constant cash flow
  • Zero cost for NSF items
  • Internet Payment Solutions
  • A Custom Payment System
  • Direct crediting of salary
  • Facility to accept checks on the phone
  • Gives a personal touch to all customers irrespective of his size
  • No need of extra equipment
  • Software readily available
  • Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.