Electronic Funds Transfer

The Ernex Electronic Funds Transfer (EFT) solution provides inter-bank clearing of funds for merchants that require funds transfer for their stored-value gift card program.

EFT enables a group of participating merchant locations (including franchisees) to transfer funds to and from a centralized pool account that is held either by the group of merchants or franchisees, or by a Corporate Head Office or franchisor.

Customize your EFT Program around:

• Settlement frequency - Choose from several different settlement frequencies.
• Multiple Franchises - For companies that have multiple franchisee groups with separate gift card programs.
• Merchant Account Financial Institution - Participating merchant locations can hold an account at any Financial Institution.
• Pool Account Financial Institution - Ernex supports merchant pool accounts at several leading Financial Institutions, with development of further support on an as-required basis.

Electronic Funds Transfer helps you:

Increase Settlement Speed
Electronic funds transfer provides speed and efficiency by processing the settlement of payables and receivables automatically from the pool account for participating gift-card merchants. Funds are available in the pool or merchant account 24-72 hours after transmission of the settlement file.

Reduce Administrative Costs
EFT helps reduce the administrative overhead for your stored-value program. No more collection and payment hassles for Corporate Head offices in a franchise environment!

Track Fund Transfers
Reporting is available through Ernex Insight on-line reporting. Reports that are available include:

• EFT File Transmission Report
• EFT Transaction Details Report
• EFT Reject/Return Report

Improve Security
The storage of Merchant Direct Deposit Account information and the file transmission adheres to National Automated Clearing House Association, Canadian Payments Association, Moneris and participating Financial Institutions' standards.