Accounts: Account - EFT Setup
This is used to establish the bank account information for electronic funds transfers.
Layout / How to
Up to nine bank accounts may be stored per customer. The EFT Account to Show box controls which acccount is being displayed. All deals within this customer will have access to the account information supplied here. You must create a recurring payment entry on the Payment - Recurring screen in order to request an EFT payment. (A manual "push" to an EFT batch from this screen is the only exception to this rule.)
Before an account may be referenced on the Payment - Recurring screen, it must be marked as Active. In order to properly process an EFT entry, the following fields are required:
Transit Routing (all 9 digits)
First Name and Last Name -or- Company
Address line 1
For security purposes, the Account Number field only displays the last two digits of the account number. To edit it, you must click on it, first.
Use the Fill Name and Address from Name / Address Screen button to copy in the name and address from the customer's information. If someone else is paying for this deal, then enter that entity's name and address.
The Postal field is specially formatted. If must not contain any spaces and all 9 places must be filled. Use zeroes to fill in at the end if needed.
The Phone Number fields must only contain digits. Do not enter and punctuation or spaces.
Manually Adding a Payment to an EFT Batch
Individual payments may be added to a new or existing EFT batch. The amount that will be added is in the Payment Amount field. This amount will initially default to the current total payment. If you wish to settle on a specific day (relative to today), then enter the day into the Settlement Day field. (It will default to the current payment due day.) Modify the amount and day as desired, and press the Add Payment to EFT Batch button to add the payment request to an open EFT batch.
(If you specifiy a settlement day, your ACH/EFT provider needs to be able to handle a future settlement date.)
How the Data is Stored
The data on this screen is stored in an encrypted format in the database. Even if a hacker could locate where this data is kept, the hacker would have an extremely difficult task of decrypting the information, as it looks like "garbage" has been stored.