Automatic Payments

This module supports the payment of bills through either an automatic bank transaction or a third-party collector. An Automatic Payment is the electronic transfer of an authorized payment from a consumer's checking or savings account into the account of a biller, financing or investment company, or not-for-profit organization.

A third-party payment is a one which is collected on your behalf at a location, such as a neighborhood bank. Many providers of this type of collection system, often referred to as a lock box, have the ability to provide an electronic file detailing the payments received. This module is capable of reading such files and automatically loading the information into FlexiBill.

Capabilities & Advantages

• Payment Processing is reliable, accurate, on time and confidential.

• Research shows that Direct Payment helps consumers reduce late payment fees.
• Automatic Payment improves cash flow, saves time, and enhances customer service.
• View automatic payment account information from the "Account Screen" in FlexiBill™
• Offers multiple payment locations via a lock box which reduces the number of delinquent accounts
• Eliminates the need to manually enter a large number of payments
• The benefits of Automatic Payment to consumers, companies and non-profits are numerous. This is why 43 percent of all U.S. households use Automatic Payment for at least one recurring payment (according to NACHA) and 84 percent of consumers who use it say they are very satisfied with it.
• Research shows that Automatic Payment can save companies and non-profits an average of 11.5 cents per payment (versus checks) in reduced processing costs and paperwork. Payment processing is accelerated.
• Your financial institution is a great resource for more information on setting up and using Automatic Payment or third-party collections.

Reports & Output

• Bank Draft Verification Report
• Bank Draft by Cycle Report