December 8, 2021 by Tyson McMurren Electronic Funds Transfer (EFT) for SAP Business One A video on the features and benefits of Electronic Funds Transfer for SAP Business One can be found below. Implement EFT to resolve inefficient processes Issues with performing EFT directly from online banking: No remittance advice sent to business partnerIncreased reconciliation issuesRedundant tasksManual emails to reconcile or advise of payments Issues with writing checks within SAP Business One Studies have shown $8.00 to get a check printed and mailedPrinting costsSigning time and effortMailing time and costs Realize the benefits of EFT for SAP Business One Maximize cash flowIncreased BP relationshipsBetter control and easier reconciliationStreamline accounts payable and receivable processesReduce payment processing costsIncrease securityReduce days outstanding. Some key features of EFT include the ability to: Create bank transfer files formatted for your bank EFT comes with pre-installed NACHA and CPA file formats to ensure compatibility for all banks in the US and Canada. You then have the option of customizing any of the pre-loaded templates using EFT’s configuration tool to edit, add, or remove data fields. You can even create your own templates by building record types and data fields that match your requirements. Pay vendor invoices on time and reduce customer collection times EFT’s Payment Wizard easily creates EFT/ACH payment transaction files. Set up both Vendor Outgoing Payments and Customer Incoming Payment transactions. With the click of only one button, you can create files to upload to your bank to complete the payment process. Instantly notify your vendors when a payment is made EFT’s remittance emails allow you to notify your vendors when a payment has been made. These emails are generated with one click and include an attachment with the invoice number, date, total amount, and purchase description. Any additional data from a user-defined field can also be pulled onto the invoice. Enhance the security of your accounts AP and AR processes With EFT, you no longer have to deal with checks being lost in the mail, stolen, fraudulently cashed, or securing check stock. EFT’s pre-note function validates vendor and customer payment information, making sure that the transaction is sent to the correct bank account. Automatically keep a record of all your EFT Payments EFT provides one centralized location for quick access to all of your EFT payments in a folder on your network. Easily view any EFT for verification purposes. In addition, you can review the audit trail at both the transactional and file-level! Third Wave’s Electronic Funds Transfer allows you to do all this and more! Talk to an expert today to get started Recording of a recent webinar Watch this video on YouTube Innovation at Heart As the most experienced SAP Business One Gold Partner in North America, we help scale and support your business, every step of the way. Our expertise extends beyond SAP Business One and ERP. Our customers enjoy having a single provider for all their needs. No matter how your business system requirements grow and change, we are there to assist you. Third Wave’s implementation process and consulting team has created a customer retention level average of 98.7% year over year and is the only partner to achieve 100% customer retention. We have a 95% implementation success rate. Contact us and see how we can help you get the most out of SAP Business One. Talk to an expert today and discuss how we can help you get the most out of SAP Business One Versago and Bizweaver SAP Business One runs better with Versago and Bizweaver, our innovative portal and business process automation platform for modern operations. Extend the power of SAP with a connected workforce and smart integrated eCommerce, CRM, EDI, and 3PL with SAP Business One.