E FAST PAY QUESTIONS

How much can I save by using E-Fast-Pay to process my customer debits?

The answer depends on how much it's costing you now. With E-Fast-Pay your fee is only $.79 per debit and that fee never changes. In fact, if you process a high volume of debits we'll reduce this fee. But saving money is not the only advantage. The cost in collecting funds may be even more valuable to your organization.

How do I get started?

All you have to do is make a one time payment of $99.00, complete a signup form and accept our aggreement. E-Fast-Pay will do the rest! Once approved, you will receive tools to show you how to electronically transmit customer payments.

What happens if my customer doesn't have the funds in their account or tries to cancel a debt?

Electronic debits processed through the Federal Reserve offer consumers the protection to dispute any debit during the first 60 days. If the customer cancels, disputes, or doesn't have the funds available to process a debit those funds will be charged back against your account and an additional rejection fee will apply. It will be up to you to handle your customer regarding these fees. It's important that you clearly tell your customer upfront about the fees that will be imposed should their debit not go through. However, you may set your own fee structure with your customer. For example, we will charge you a $15.00 fee if the debit rejects for Non-Sufficient Funds but you may charge your customer $25.00 for that same fee.

How do I cancel a debit that has been submitted?

Debits are processed 24 hours in advance so if you submit a debit and it's already been processed we cannot cancel it. However, we can credit funds back to your customer pending your authorization.

Are there any other costs besides the per transaction fees?

Yes, we charge a monthly account fee of $99.00 per month.

What is ACH?

Automated Clearing House.This is a process that banks use to accept money from each other. The Federal Reserve operates the clearing house and if you make a deposit at your bank in Illinois on a check that was drawn from a bank account in North Carolina it will be entered into the system and the funds will be electronically cleared to the Illinois branch even though it may take several days for the paper check to be presented in North Carolina.All banks are members. ACH provides a fast and secure way for checks to be presented.

How long does it take for funds to deposit into my account?

We will hold funds for 7 business days.The actual process can sometimes take less or longer.If you submit a transaction today we will not submit for processing until the following day.The ACH will be presented through the Federal Reserve and clear your customers account the following business day.The Federal Reserve will process the transaction through and remit funds back to us in 2-3 business days.If the funds are not good (NSF or blocked) we will receive notification and then notify you as they are posted. However, some checks take more than 2 or 3 days to clear the Federal Reserve.It depends on the bank, where they are located. Larger banks such as B of A will process faster where as smaller banks such as the Richmond County Credit Union can actually take up to 2 weeks to process.Therefore, we’ve adopted a policy to release funds to our clients in 7 days. This gives most of the accounts the proper time period necessary.You will receive a daily reconciliation of all debits posted and all funds being credited to your account.If there is a return that occurs after we’ve already paid you, we will either debit that return from a future credit or we will ACH the outstanding funds from your designated bank account.

What is E-Fast-Pay Remote?

Check 21 or Remote Check Capture is a new format adopted recently by the Federal Reserve to allow companies who do business by telephone or internet.It works similar to ACH, in that the information is collected from your client by telephone, internet or fax.However, unlike with ACH, the information is then processed into a printable check that is deposited just like a regular check.So, what is the difference? The difference is in the dispute process for your customer.With ACH, your customer has 60 days to dispute any electronic transfer out of their bank account.If you have a contract or agreement with your customer you should be protected.But with ACH, the bank will automatically reverse the transaction and put the funds back in their account.However, with Remote Check Capture the payment is presented in the form of a physical check so the customer cannot dispute. The customer can only file an affidavit claiming that the check was fraud and then if you have a contract supporting the request for the check you are completely protected.

Can i process credit cards by Telephone or Internet?

Absolutely.Credit Card processing is charged by the type of business and the type of transaction. For example if you sell Auto Parts you might be categorized differently than if you sell Insurance Services. The risk is higher for cards that are non present or not swiped. Therefore, we have a rate schedule for retail and a rate schedule for MOTO or not-present. If you have a website and are selling a product we can help you setup a shopping cart to have your customers submit an order and automatically process the transaction. If you are selling a service we can provide you with a secure gateway to enter the transaction information and automatically process the transaction.

What is Qualified , Mid-Qual and Non-Qual?

These terms refer to your customers card type.If the customer is using a normal credit card it will process as a qualified charge. However, if your customer is using a reward card such as a mileage card it will process at a higher rate.Additionally, if your customer is using a business rewards card the rate will be higher. You cannot control what type of card your customer uses but you will receive the lowest possible prices on all categories.