Traditional Check Processing Method
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- Your accounts receivables department/collectors receive either a physical check or check information over the phone from customer
- Your accounts receivables department/collectors print the checks (if necessary) and prepare them for deposit
- You transport the checks to your bank for deposit
- The bank teller performs your transaction
- The deposit is transported to the bank's back office
- Checks are then encoded, processed, and sorted
- Checks are transported to regional Federal Banks
- Checks are captured and a cash letter is prepared
- The check is presented to your customer's bank
- Finally, your original deposit becomes available in your bank account
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Pay Data Center Method using ECheck4u
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- Your accounts receivables department/collectors receive either a physical check or check information over the phone from customer
- Your accounts receivables department/collectors either scan the physical check or enter the check information into the system and submit to PDC ECheck4u
- We directly transmit your transaction to the nearest print site of your customer's bank
- The Image Replacement Document (IRD) representing your customer's check is presented at their bank
- Your original deposit becomes available in your bank account
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Traditional Check Processing Time = Average of 5 days.
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PDC Check Processing Time = Average of 3 days!
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Traditional Credit Card Processing Method
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- Your accounts receivables department/collectors obtain and record information required for credit card authorization
- Information passed to Clerk. Clerk requests authorization on line, authorization returned to clerk, usually by email
- Clerk delivers authorization information to Payment Clerk
- Payment Clerk accesses account and posts payment
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Pay Data Center Method using Credit Card
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- While speaking with a customer, your accounts receivables department/collectors enter credit card information into system and transmits
- Verification received by accounts receivables department/collectors within five seconds, payment funded within 48 hours
- In addition, Pay Data Center allows your accounts receivables department/collectors to enter recurring credit card payments. When the recurring credit card payment becomes due the system will automatically obtain authorization and transmit the funds to your bank
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Traditional Credit Card Processing Time = 15 minutes.
Average Labor Cost = $3.00
Average Discount Fee from Vendor= $2.50
Total Cost per Transaction = $5.50
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PDC Credit Card Processing Time = 15 seconds!
Average Labor Cost = $0.05
Average Discount Fee from Vendor = $2.50
PDC Processing Fee = $0.50
Total Cost per Transaction = $3.05
Savings:
Per Transaction = $2.45
Average Payment per Transaction = $100.00
Per $100,000.00 in processing = $2,450.00! |
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Copyright 2007 Pay Data Center, L.L.C. All Rights Reserved
Version 1.0
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