WHAT IS ELECTRONIC FUNDS TRANSFER (EFT)?

Simply, EFT also known as Direct Pay, electronically debits a consumer's bank account to pay a bill.  This eliminates costs and time of  traditional paper-check processing -- where a company sends a bill and then waits for the customer to send a check.

HOW DOES QuikPay EFT WORK?

Consumers simply complete an authorization form permitting Orion to transfer payments electronically from their bank accounts directly to the billing company's bank account for a specific amount on a designated due date.  Orion uses the Federal Reserve's Automated Clearing House (ACH) to transfer the funds ensuring their safety.  

Over 95% of the nation's commercial banks participate in the ACH network as well as thousands of Savings and Loan Associations and Credit Unions.

Orion Financial Services maintains a database of  formats required by the Federal Reserve for electronic payment processing.  Prior to each transaction Orion carefully verifies each customers account information to ensure accuracy.

HOW DOES QuikPay EFT  BENEFIT THE BILLING COMPANY?

QuikPay EFT saves the billing company or organization money and time. Therefore, it increases cost effectiveness and efficiency.  And, of course, the bottom line, dependable cash flow.

Saves money and time because it eliminates the costs of conventional billing including bookkeeping, postage, mailing materials and processing expenses.

Efficiency increases because there are no paper checks to be deposited or that can be lost or stolen.  QuikPay also gives the company immediate access to customer records at any time, enabling them to analyze payment histories, update information and compile reports for planning.

Dependable Cash Flow means that a company can expect their funds on time because the payment or donation is automatic.

Additionally, Orion's expert staff is always available for support and back-up.

It all adds up to cost-effective payment processing, improving accounts receivable, and safe secure banking.

HOW DOES QuikPay EFT BENEFIT THE CONSUMER?

While Orion provides the billing company with convenience, efficiency and lower operating costs, the consumer also benefits by saving money and time.

Consumers save time and money because they do not have to spend time writing and mailing checks to pay the same bills month after month.  Electronic Funds Transfers eliminate postage stamps, per check charges and costly check printing fees.

Additionally, the consumer has peace of mind that bills are paid on time eliminating expensive late fees because the payment is automatic.

HOW CAN QuikPay EFT BENEFIT THE ENVIRONMENT?

Consumers and billing companies can also feel good about saving the environment by using QuikPay EFT.

Save The Trees - Americans write over 61 billion checks each year.  If  half of these checks were processed electronically, thousands of trees would be saved.

Eliminate Waste - More than one half  million pounds of paper would by spared and prevented from reaching overcrowded landfills.

Improve Air Quality - Using electronic payments means less trucks on the road needed to move your money between the post office, your financial institution, the Federal Reserve and the billing Company.  Fewer trucks on the road using less gas saves energy meaning less pollution and cleaner air.

WHAT IS THE FUTURE OF EFT?

Electronic Funds Transfers are here to stay! 

The National Automated Clearing House Association recently stated that the United States originated more than 3.4 billion Automated Clearing House transactions in 1995 valued in excess of $11.1 trillion.

Additionally, the Federal Government mandated EFT payments.  All Federal government payments to individuals and entities that become eligible to receive such payments after July 25, 1996, must be made by electronic funds transfer.  Additionally, all Federal payments made after January 1, 1999, must be made electronically.

Electronic Funds Transfers is the future of payment processing available today.  It saves time and money for the government, businesses, financial, institutions and consumers.  Workplace efficiency and customer service are also improved.

WHY Orion’s QuikPay ELECTRONIC FUNDS TRANSFER?

Here at Orion, our slogan, “The Faster, Smarter Way to do Business” summarizes what our services are all about.

Our expert staff is continually improving our service for a faster, smarter payment processing system.

 

To find out how Orion Financial Services’ QuikPay EFT can help your company or organization, please call (732) 409-6774.

e-mail: info@oriononline.com