How much would your company benefit from a seamless process within SAP Business One that electronically transfers payments and cash receipts via EFT/ACH bank transactions? What if you could use the SAP Business One Payment Wizard to quickly create an EFT/ACH bank file? Would you like to reduce payment processing costs, increase security and reduce Days Outstanding? Third Wave’s Electronic Funds Transfer allows you to do all this and more!
Third Wave’s Electronic Funds Transfer (EFT) is an SAP add-on that enables you to pay vendors and receive payments from customers by directly transferring funds between bank accounts via EFT/ACH bank transactions. Not only does this help reduce back-office costs and postage, but it also enhances security, simplifies accounting procedures, and increases overall efficiency.
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Accommodates both Vendor and Customer payments directly from the SAP Business One Payment Wizard
Notify vendors and customers of payment by delivering detailed remittances via email
Gain out-of-the-box support for NACHA and CPA formats or create your own template
Generate pre-note EFT test files for the US NACHA format for validation by your banking institution
Set up termination dates on vendors and customers
Increase payment security while reducing processing cost
Enter EFT payments but schedule them to take place on a later date
View the demo of Electronic Funds Transfer for SAP Business One
You can create and store EFT bank transfer file formats specifically formatted to your bank’s designated requirements. There are pre-installed NACHA and CPA file formats to ensure compatibility for all banks in the United States and Canada. You can then customize any of these templates using EFT’s configuration tool to edit, add, or remove data fields and records to match your bank’s format. You can also create your own templates by building your own record types and data fields that meet your requirements.
You can use the SAP Business One Payment Wizard with EFT to easily create EFT/ACH payment transaction files. EFT will set up both Vendor Outgoing Payments and Customer Incoming Payments transactions. Simply click the “Generate EFT Files” button to create the file to upload to your bank to complete the payment process. Using EFT Effective Date, you also can schedule payment to be processed on a future date.
By using EFT’s automatic remittance emails, you can notify your vendors when a payment has been made. The emails are generated with one click and include an attachment with the invoice number, date, total amount, and description of purchase. Data from any user-defined field can also be pulled into the invoice.
With EFT, you no longer have to deal with checks being lost in the mail, stolen, fraudulently cashed or securing check stock. The pre-note function validates vendor and customer payment information insuring that the transaction is sent to the right bank account. Throughout the process, the transmission between bank accounts is completely secure.
You can store a record of all of your EFT payments in one centralized location for quick access. During the initial EFT setup, you’ll be able to select a folder on your network to store all generated EFT files. You’ll then be able to view any EFT for verification purposes. In addition, because EFT integrates with the SAP Business One Payment Wizard, you can review the audit trail at both the transactional and file level.
Get started with Third Wave’s Electronic Funds Transfer to ensure fast payment to your vendors or collection of payment from your customers. Contact Third Wave to find out how EFT can help you manage your business better!