Electronic Funds Transfer

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Electronic Funds Transfer

Make Electronic Payments to Reduce Costs, Maximize Cash Flow, and Streamline Your Accounts Payable and Receivable Processes

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!

SAP Business One Electronic Funds Transfer (EFT) Overview

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A Faster, More Reliable Way to Make Payments

Third Wave’s Electronic Funds Transfer (EFT) is an SAP Business One 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.

Key features include the ability to:

  • 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

Create Bank Transfer Files Formatted for Your Bank

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.

Pay Vendor Invoices on Time and Reduce Customer Collection Times

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.

Instantly Notify Your Vendors When a Payment Is Made

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.

Enhance the Security of Your Accounts Payable and Receivable Processes

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.

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Automatically Keep a Record of All of Your EFT Payments

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.

Take the Next Step to Boost Your Accounts Payable and Accounts Receivable Processes in SAP Business One with EFT

Get started with Third Wave’s Electronic File 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!