The Comprehensive Guide to EFT Payments

Person holding bank card

What is an EFT?

Also known as an Electronic Funds Transfer, an EFT forgoes paper money through administering financial transactions between two parties via electronic signals. An EFT gives the user easy access to financial information but more importantly can facilitate financial transactions at a lightning pace without the requirement of physical tangible information that can be tedious to process, enabling a less efficient method of processing vital financial information that can’t keep up with the fast-paced growth of your business.

Essentially an EFT payment is any Etype of electronic transaction that doesn’t use the bank as a direct intermediary but gives you the essential ability to transfer from one account to another.

However, EFT’s payments are widely popular in B2B transactions, this can be through payroll, wire transfers, and ACH’s (Automated Clearing House, a computerised network for processing low-value domestic payments).


A Brief History of EFT’s

While transferring funds were a usual aspect of business transactions during much of the 19th century through the use of telegraphs, EFTs were introduced in 1871 by Western Union.

However, EFT’s started to take off during the 1960s but with the introduction of ATM’s as a method of withdrawing funds EFT’s started to garner major traction towards becoming incredibly commercially viable

In today’s world, EFT’s run almost most commercial transactions from daily coffee purchases to salaries, wire transfers, card transactions to large inventory purchases for the business, the possibilities with the advent of EFT’s are quite transformational and endless for the global economy simply due to its ease of use, accessibility and speed compared to manually handling funds for various purposes be it for purchases or deposits.


3 Major Reasons why you should use EFTs’ as part of your ERP Solution

Electronic Fund Transfers are available from any part of the world, with retailers giving an incredible amount of payment options online that not only make payments and transfers from the comfort of your own home but also give you the ability to now even pay at a weekly rate on interest-free periodic loans.

Money can be accessed internationally as well with global transactions and money is received in the currency you prefer provided you have the necessary bank account in that currency.

Moreover, from a business perspective apart from offering your customers a myriad of payment options, you are also able to automate payments for vendors using payroll functionalities provided by an ERP solution. EFTs are incredibly accessible as long as there is an internet connection to make payments and transfer funds across various bank accounts through your ERP solution.

As a business sending cheques can leave you open to the risk of forgery and also can lead to you losing the physical cheque in the process of mailing or shipping the cheque to the receiver. EFT’s are heavily padded with state-of-the-art security features done through a highly secure online network that is constantly maintained with the ability to safely and quickly deposit funds directly into your vendor’s account.

Let’s take a wire transfer as an example to solidify how secure the process here is. The financial institution through which the transfer is made will make sure to send only money that is available within the account. These funds usually will take 2 to 3 business days depending on the receivers/vendors’ financial institution policies, when the transfer is made and accessible the receivers must provide proof of the transfer to confirm its legitimacy before gaining the ability to access these funds.

You also can reverse electronic payments through your financial institution given extenuating circumstances.

With EFT payments being incredibly quick and efficient you can reduce time spent by employees on deposits, transfers, and additional bank fees from transactions. The quicker the transactions the less time is available for cases of fraudulent activity.


How quickly can you move your money using EFT as part of your ERP solution?

A traditional check would need you to wait 14 days for you to transfer or make your funds available due to the various manual processes that are being handled, whereas an EFT transaction can take 1-2 business days domestically and a maximum of 3-4 business days for international transfers. However, most consumer-level transactions are immediate or at least on the same day.

A major advantage of this efficient movement of funds through EFT is that you as a business can administer operational or functional changes of your business immediately through your revenues as they remain updated frequently.


Ok, now that you know why you should use EFTs’ as part of your ERP solution, its important to recognise EFTs’ are an Umbrella term that encapsulates a wide variety of electronic payments;

Here are 7 Types of EFTs’

1.      Direct Debit

2.      Direct Deposit

3.      ATM (Automated Teller Machines) Transfers

4.      Mail Order/Telephone Order

5.      E-Checks

6.      Wire Transfers

7.      Debit/Credit Card


How EFT is used as part of your ERP solution

EFT’s have majorly changed the way businesses maintain cash flow, negating the use of checks. By reducing waiting periods for transfers, your clients and your business can easily set up various automatic payments using an ERP solution.

An ERP solution gives you a visual digitized representation of all payables and receivables for your accountant making life easier for you.

As an accountant having control of both accounts receivable and payable through an ERP solution can be vital for survival in a fast-paced marketplace to administer and maintain payments to various vendors.

E-Commerce has led many traditional institutions and businesses to adapt and change to the current world by digitizing payment methods, this can be through digital wallets and also through the use of debit/credit cards through a platform called EDI (Electronic Data Interchange).

EDI acts as a platform through which purchase orders, invoices, and payment data is computerized in a form of digital communication between businesses rather than the traditionally communicating through the paper that can increase wait times and any issues that occur can take days to remedy

An incredibly well-known and popular type of EFT is applied to Point-of-Sale technology, better known as POS. You can find the POS system in commercial malls, retail stores, food stalls, restaurants, it is widely used in physical consumer-level stores as card transactions are widely popular as a form of payment within the context of the modern world.

While this might be the most popular form of EFT as a payment terminal, nowadays design specific POS systems for targeted industries are made by software companies, depending on the size and the yearly revenue of clients

EFT

Our proprietary ERP solution offers a continually updated list of banks and BSB numbers when you nominate a creditor to be paid by EFT which only requires additional information such as their BSB and account number

As part of the Automatic Payment Process an electronic banking file, in either an Australian or overseas banking format, is produced. A special CRC security check is also made on this file to ensure no one tampers with it. This file can then be uploaded to the relevant bank for processing. It couldn’t be easier.

 

So…

EFT’s are efficient in a manner of giving you the user easy access and management for future or past transfers, helping you adapt to fast paced global market through ease of use, accessibility and speed with the help of an ERP system that manages and secures all your transactions for the future.

Triumph 6.2 Release: Nine amazing new features to help your business thrive

Are you ready for a new release

If you’re a business owner or manager, you’ll know all about the benefits of maintaining technology. It is imperative for businesses keep up with enhancements, because the reality is, that if your company is dealing with outdated systems, you may may be missing out on business opportunities. This is why Triumph Business Systems has been working hard at improving Triumph ERP, and after nearly two years of hard work, we wish to introduce to you the latest version of our software.

Triumph 6.2!

This latest version of our Enterprise Resource Planning (ERP) software will offer you newfound abilities, and introduce you to newly requested business modules which can make managing your small or medium-size business so much easier and will encourage your business to thrive in 2020.

This update is by far the most comprehensive and powerful version released to date and we are excited for you to try it.

To help you learn more about what is available with the latest update, we have listed our top nine features of Triumph 6.2, and show you how this software is beneficial to your business.


Pro Tip: Already got Triumph 6.2 and want to master its capabilities? Check out our What’s New Document and take control of your business.

1.  Take steps to becoming a paperless office with Documents on Transactions

paperless for 6.2

Triumph ERP now has the ability to attach documents to various transactions and optionally email them with the business form, thus removing the need to keep a paper copy. This ability allows you to link documents to transactions and is a fantastic new feature that will assist you in becoming a paperless office. Transactions which now have the ability to attach documents include:

  • Debtor Invoice
  • Debtor Batch Invoice
  • Sales Orders and Quotes
  • Creditor Invoice
  • Purchase Order Invoice
  • Purchase Order Progress Invoice
  • Purchase Order Combined Invoice
  • Request Managed Stock
  • Receipt Managed Stock
  • Bank Reconciliation.

2.  Save yourself time by making your system work while you rest with Background Task Scheduler

background task for 6.2

To help you save time with your reporting, it’s background task scheduler to the rescue. Background Task Scheduler is the new option where you specify all the things you want to run in the background. By using the background task scheduler, you can instantly gain the ability to run key reports overnight and have them automatically emailed to you and your team ready to review each morning, or at the start of the week.

3.  Keep track of your supplier purchase order invoices by parking them until the goods have arrived

online payment for 6.2

In many environments, you often receive the invoice separately from the goods, and often before you’ve actually received the goods. Think of a head office with multiple branches. You can check to see if the goods have been receipted first, and if not, put the invoice in a pile to be dealt with later. Then at some point someone has to go through the pile of invoices and see if they can now be invoiced. This becomes very time consuming and inefficient. We now allow you to enter these invoices, and park them until the goods have been received. You can then release them as required. A parked invoice does not create an invoice against the creditor or post any General Ledger journals. This does not happen until it’s released.

4.  Expand your payment processing options by taking Online Credit Card Payments, i.e. no EFTPOS reader required

credit card payment for 6.2

We now have the ability to process credit card payment in Triumph without using an EFTPOS reader. This is extremely handy when taking orders over the phone, or a customer is paying their account over the phone by credit card. The same technology is used in both the main Triumph program, as well as in eCommerce, where customers can also pay their accounts online.

5.  Improve and broaden your online eCommerce store presence and connect with your end consumer market

6.2,triumph,feature,payment

The eCommerce module is one of the key areas that has had significant changes. Firstly, as well as our web shop supporting Business to Business (B2B), we now also support a Business to Consumer (B2C) interface. This means that you can optionally sell direct to the public, with the purchaser not requiring a debtor account with you. This will allow anyone to visit your online web shop, place orders, and pay for them, i.e. they do not need an account or to log in. Again, this requires a suitable Online Merchant Account.

6.  Notify your customers via SMS and email when their goods are ready for collection with Pickup Notifications

6.2,triumph,feature,payment

Keep in touch with your customers during every step of their purchase and automatically notify customers by email or SMS when goods are ready for collection. If you would prefer to contact your customers in person, then fear not, the system can also create a phone list if you prefer to talk to them in person.

7.  Conquer all your freight management needs with a seamless, automated integration to Starshipit

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Triumph ERP 6.2 now has a seamless integration with Starshipit, a leading Australian cloud-based freight management and tracking software. Based on your preferred carriers and rules, Starshipit will give you a live postage rate, book the courier pickup, and print delivery labels, manifests and any required customs documentation. It also updates your Triumph sales order documents with the carrier and consignment note number. Consignment note numbers and carries can be automatically update in Triumph’s latest version 6.2.

8.  Manage your supplier credit requests with the new Request for Credit half module

6.2,triumph,feature,payment

Requests for Credit is a new half module exclusive to our new version of Triumph ERP 6.2. This half-module allows you to keep track of supplier credit requests. Staffs have the ability to raise Pending Requests, which can be then processed into Requests for Credit, or alternatively Requests for Credit can be entered directly. Credit Responses, when received from the supplier, can then be entered against the Credit Requests. Anything outstanding can be easily reported on.

Some of the features include:

  • raising a pending request for credit from Point Of Sale Return and Debtor Credit Notes
  • combine multiple pending requests into individual supplier Requests For Credit
  • supplier invoice look up will return invoice number, date and price
  • keeps track of what quantity has already been returned on an invoice
  • enter a return reason for each line
  • email supplier for a return authorisation number (RMA)
  • return to stock or write off stock, if the credit is not provided by the supplier
  • deduct other charges such as freight or restocking fees etc.
  • keep track and preview what credits have been provided so far on an individual request.

9.  Send new job details directly to your service technician’s phones and allocate work priorities, with Job Mobile

6.2,triumph,feature,payment

As part of the new Job Scheduling module, users can now allocate a job or part of a job to service technicians. This then appears on their phone so they know exactly where they have to go and what they have to do. As well as recording time and materials, they can also take before and after photos, get the customers’ sign off and email it to them as they walk out the door.

Are you ready to upgrade to Triumph 6.2?

If you are already a Triumph member and want to know how to upgrade to Triumph ERP’s fantastic new features, there are two ways to get in touch:

Phone: 1800 653 545

Email: info@triumph.com.au