Electronic Funds Transfer is a very important component of managing all transactions. For example, if one location sells a gift card that is then redeemed at another, how does the initial seller be credited?
LoyalMark features an efficient and secure solution for such events with our Electronic Funds Transfer / Automatic Clearing House (EFT/ACH) service. This provides secure money transfers from one bank account directly to another without any manual processing. The settlement service allows debits and credits to be reconciled across all franchise locations based on LoyalMark gift and loyalty card transactions.
The direct benefit of our Electronic Funds Transfer the expedient, accurate and secure transfer of funds with the elimination of administrative costs and manual reconciliations. This efficient system will also minimize any fund transfer disputes. It will directly improve fiscal relations between franchisors and franchisees because the system provides complete record of all settlement transactions and their status.
Settlement occurs at pre-determined intervals and funds are either withdrawn or deposited directly into the franchise or corporate bank account.
The franchisor retains full management control of all transactions processed to and from all locations via comprehensive LoyalMark reports with the franchisor retains complete control of any floats. Franchisees receive only specific reports.
LoyalMark Electronic Funds Transfer fees are exclusive of all other fees that may be levied by the merchant bank upon receipt of any transfer. Fees are paid electronically to LoyalMark when the transfer is processed.
We would be pleased to answer any questions you have. Simply Contact Us or Call today!