CHAPTER 8 ACH ELECTRONIC FUNDS TRANSFER 8.0 OVERVIEW 8.1 REQUIREMENTS AND INSTALLATION Special Requirements

Transcription

1 EXTENDED SERVICE OPTIONS ACH ELECTRONIC FUNDS TRANSFER MODULE 8.0 OVERVIEW CHAPTER 8 ACH ELECTRONIC FUNDS TRANSFER MODULE The ACH Funds Transfer Module allows a collection agency to receive electronic payments from debtors, including pre-authorized electronic payments in place of postdated checks. It also allows an agency to redeposit a returned (bounced) check assigned by a client. The time and costs associated with collecting are reduced due to the reduction in bank processing time and minimized direct debtor contact reduces the time and cost associated with collecting. The ACH Funds Transfer Module is designed to create export files in formats that interface with the ACH Network (where Electronic Funds Transfer (EFT) transactions are processed). Receipt and processing of electronic payments requires minimal changes to the way transactions are processed by Debt$Net. Payments received electronically must be posted to Debt$Net through normal transaction posting processes. Once electronic payments process, the ACH Electronic Funds Transfer Module creates an interface file to export either to the interface software (if applicable) or to an ACH vendor. 8.1 REQUIREMENTS AND INSTALLATION Special Requirements The ACH Electronic Funds Transfer Module is designed to run on any computer currently running Debt$Net. Actual processing of EFT transactions requires a modem for transfer of files to the ACH Network. The modem must be installed on the same computer that the ACH Electronic Funds Transfer Module is installed. If you choose to use interface software (such as Win-Collect ) it must be installed prior to installing the ACH Electronic Funds Transfer Module. Install the software application in accordance with the Copyright 2002 The Computer Manager, Inc. 8-1

2 ACH ELECTRONIC FUNDS TRANSFER MODULE EXTENDED SERVICE OPTIONS Installation manufacturer s directions. The ACH Electronic Funds Transfer Module and the interface software must be installed on the same computer. To install the ACH Electronic Funds Transfer Module, insert the ACH Interface Extended Service Option disk into your disk drive and select Install ESO s from the Agency Management Submenu under the Administrative Menu ( Admin ) (Figure 8-1). Figure 8-1. Install Eso s Menu Option. The Select Directory Form displays prompting you to select the drive where the ESO disk is located (Figure 8-2). If the displayed location is incorrect, specify a new location using the Drive drop down list at the bottom of the form. After selecting the correct drive, click the Select button to begin installation. 8-2 Copyright 2002 The Computer Manager, Inc.

3 EXTENDED SERVICE OPTIONS ACH ELECTRONIC FUNDS TRANSFER MODULE Figure 8-2. Select Directory Form. After installation Debt$Net prompts you to select the file interface format you wish to use (Figure 8-3). Debt$Net interfaces with several ACH vendors. Choose between Win-Collect, Electronic Banking Systems (Ebs), EFT Network Inc. (EFT), or National Payment Services (NPS). Type the bracketed letter to make your selection (for example, to select Win-Collect type W ) and then exit and reenter Debt$Net to complete the installation process. Figure 8-3. ACH File Interface Selection. Installation of the ACH Electronic Funds Transfer Module adds menu options and opens additional fields to capture the required data for EFT transactions. NOTE: Installation must occur only after the interface software is installed (if applicable), and you must ensure that you are using the same computer on which the interface software resides. Copyright 2002 The Computer Manager, Inc. 8-3

4 ACH ELECTRONIC FUNDS TRANSFER MODULE EXTENDED SERVICE OPTIONS 8.2 POSTING ELECTRONIC PAYMENTS To post an electronic payment, follow the normal process for entering and posting a transaction by selecting Add Debtor Transactions from the Transactions Menu (Figure 8-4). Figure 8-4. Add Debtor Transactions. Select the debtor and the account to which the payment applies. On the Transaction Type Selection Form, select Debtor Payment from the Transaction Type drop down list to display the Payment Transaction Add Form (Figure 8-5). Figure 8-5. Payment Transaction Add Form. Enter the amount of the payment in the Transaction Amount field. Select ACH from the Method of Payment drop down list. Enter information into the remaining fields as needed and select the Save button to save the transaction and exit the form. Another window 8-4 Copyright 2002 The Computer Manager, Inc.

5 EXTENDED SERVICE OPTIONS ACH ELECTRONIC FUNDS TRANSFER MODULE displays with additional prompts for bank and electronic funds data (Figure 8-6). Table 8-1 explains these fields. NOTE: Also select ACH as the transaction type if this transaction is the redeposit of an NSF check assigned to the agency. Figure 8-6. ACH Information Fields. TABLE 8-1. ACH INFORMATION FIELDS FIELD Enter or Verify Account No: Routing No: Name on Check if not Debtor: Check No for Redeposit: DESCRIPTION Enter the bank account number from which the payment will be made. For NSF checks, use the account number on the check. Enter the bank routing number (also known as the ABA number). For NSF checks, enter the name on the check if it is different than the debtor name. Enter the number of the NSF check you are attempting to redeposit. NOTE: The last two fields are enabled only when the account category specified on the Account Maintenance Screen begins with NSF. After entering the ACH information, select Save to return to the Transaction Debtor Selection Form to enter another payment. NOTE: For more information on entering debtor transactions, see Section 5.2, Adding Debtor Transactions, in the Debt$Net 6.0 Users Guide. Copyright 2002 The Computer Manager, Inc. 8-5

6 ACH ELECTRONIC FUNDS TRANSFER MODULE EXTENDED SERVICE OPTIONS 8.3 CREATING PRE-AUTHORIZED ELECTRONIC PAYMENTS The ACH Electronic Funds Transfer Module may also be used to set up advance electronic payments agreed upon by the debtor, much like postdated checks. To set up electronic payments, select Maintain Postdated Check File from the Postdated Checks Submenu under the Transactions Menu (Figure 8-7). The Postdated Check Selection Form displays (Figure 8-10). Figure 8-7. Postdated Checks Submenu. Select the Add button to add a new pre-authorized electronic payment sequence. The Postdated Check Maintenance Form appears (Figure 8-8). Figure 8-8. Postdated Check Maintenance Form. Select the debtor and the account for which the payments apply by either entering the debtor and account numbers in the Debtor # and Account fields, or right clicking on the fields to select from a selection list. 8-6 Copyright 2002 The Computer Manager, Inc.

7 EXTENDED SERVICE OPTIONS ACH ELECTRONIC FUNDS TRANSFER MODULE Enter the date of the first electronic transfer in the Check Date field. Enter ACH in the Check Number field instead of the check number and enter the amount of the payment to be transferred electronically. Click the Save button to display another screen prompting you for additional ACH information (Figure 8-9). Figure 8-9. ACH Information for Pre-Authorized Electronic Payments. Enter the debtor s bank account number in the Enter or Verify Account No field. Enter the bank routing number in the Routing No field. Default values display if available from previous transactions for this debtor. If default values display, verify accuracy. Enter the frequency of the transactions in the Frequency of Transactions field. The frequency is the number of days between electronic payments (for example, entering 30 in this field specifies monthly payments). Enter the number of transactions in the Number of Transactions field. This is the number of electronic payments agreed to by the debtor. Ideally, the payment amount times the number of payments will pay the account in full. After entering the necessary information, select Save. The Postdated Check Selection Form re-displays listing the electronic payments entered (Figure 8-10). Copyright 2002 The Computer Manager, Inc. 8-7

8 ACH ELECTRONIC FUNDS TRANSFER MODULE EXTENDED SERVICE OPTIONS Figure Postdated Check Selection Form. Electronic payments entered through the Post Dated Checks Maintenance Form may be updated or deleted like postdated checks. When you select the Process Post Dated Check File option from the Postdated Checks Submenu, Debt$Net processes the electronic transactions due for the processing period specified. NOTE: For more information on the postdated check process, see Section 5.7, Postdated Checks Submenu, in the Debt$Net 6.0 Users Guide. 8.4 PRINTING A TRANSACTION DEPOSIT LIST Select Print Deposit List from the Transactions menu to display the Print Deposit List Form. Specify the date of the deposit and select Finish to print the list. Debt$Net print two lists, one for transactions deposited to the bank, and one for transactions deposited through the ACH Electronic Funds Transfer Module to the ACH Network. 8-8 Copyright 2002 The Computer Manager, Inc.

9 EXTENDED SERVICE OPTIONS ACH ELECTRONIC FUNDS TRANSFER MODULE 8.5 CREATING AN ACH ELECTRONIC FUNDS TRANSFER FILE Once you post all electronic payment transactions in Debt$Net, you need to create a file to export the data to your interface software (if necessary), or to your ACH vendor. From the Transactions menu option, select Post Transactions. The ACH Electronic Funds Transfer Module adds a new submenu option, Process ACH Transactions (Figure 8-11). Choosing this option allows you to process current transactions, combine debtor transactions, or re-process the last group of transactions (Figure 8-12). Figure Process ACH Transactions Submenu Option. Flag Process Current Transactions to create a file of all ACH transactions scheduled for today s date or earlier. When processing current transactions, you may also flag Combine Debtor Transactions. This consolidates multiple transactions for the same debtor into a single ACH transfer. If an error occurred while attempting to process the file, you may reprocess the file by flagging Re-process Last File. After processing Debt$Net displays a message stating the number of transactions processed. Copyright 2002 The Computer Manager, Inc. 8-9

10 ACH ELECTRONIC FUNDS TRANSFER MODULE EXTENDED SERVICE OPTIONS Figure Process ACH Transactions Form. 8.6 IMPORTING THE TRANSFER FILE After creating the ACH file in Debt$Net, you must import the file to your interface software (if applicable) or your ACH vendor. Follow the documentation provided with the software or by the vendor for importing files. Then follow the directions to transfer the data to the ACH Network Copyright 2002 The Computer Manager, Inc.