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Electronic Funds Transfer for SAP B1

4/29/2014 4:06:58 AM Posted by Erin Carrather

Are you looking 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? With Electronic Funds Transfer for SAP Business One, you can utilize the solution’s Payment Wizard to quickly create an EFT bank file, all while increasing security and reducing payment processing costs.

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 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. 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 of 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!

If you think EFT might be a good fit for your organization, contact Third Wave today! For more information, check out the video!