Speed up your payroll, payment and collection processes
with Sage EFT Processing
Streamline payment processing, improve security and reduce payment costs with Orchid EFT Processing for Sage 300
Use EFT (Electronic Funds Transfer) processing to speed up your payroll, payment and collection processes. Instead of spending hours printing, folding and posting cheques and remittance advices, an EFT batch can be created and imported, and remittance advices emailed, in a matter of minutes. EFT Processing by Orchid Systems supports formats for hundreds of banks in Canada and around the world.
Sage 300 users love using EFT Processing to:
- Send payments electronically to vendors
- Collect money from customer accounts via direct debit
- Manage A/R refunds electronically
- Create positive pay files to verify cheques sent to vendors.
Save money, boost security, and increase accuracy:
- See a quick return on your investment due to substantial savings, including:
- Lower bank transaction fees
- Reduced postage costs
- No more expensive preprinted cheque stock.
- No more manual printing, folding and snail-mailing of cheques or remittance advices.
- Save time and avoid errors by eliminating duplicate data entry.
- Enhance security by reducing the opportunity for cheque fraud and identity theft.
- Boost customer, vendor and employee relations by streamlining processing.
- Safeguard your accounting with EFT Processing’s iron clad audit trail.
Watch: EFT Processing Overview
duration: 7 minutes
EFT Processing Product Specifications
EFT File Creation
- Automatically creates EFT files in the format required by many major banks, for both payments and receipts.
- Creates EFT Payment files based on the standard Sage 300 payments processing routines: A/P payments, Payroll Cheques and A/R Customer Refunds.
- Creates EFT Direct Debit files based on the standard Sage 300 receipt processing routine: A/R receipts.
- Provides a warning if duplicate EFT bank branch codes or accounts are entered for Vendors or Customers.
- Employee payments can be split into multiple accounts, based on flexible rules.
- User definable bank formats and screen labels can reflect bank terminology.
- When generating bank files, optionally elect to skip or error on Vendors/Customers/Employees who are not defined in EFT Processing.
Processing
- Can be configured to work with posted or unposted batches or payroll cheques.
- Configure to select from a range of batches, pay period end dates, or selected entries.
- Summary transaction logs are created.
- Option to define an EFT Clearing bank account, to enable bank reconciliations by EFT transfer total.
- Remittance advices can be emailed, using standard Sage 300 functionality, to EFT-specific Customer/Vendor/Employee email addresses.
- Outbound emails can be throttled or capped to cater for email platform restrictions.
A/R Receipt Generation
- Automatically create customer receipts and associated bank files from AR invoices.
- Option to change Invoice Due Dates on posted AR Invoices.
- Automatically create AR Receipt Batches from transaction balances using highly flexible selection criteria, including option to cater for National Accounts.
Security & Other Features
- Holds banking details for Vendors/Customers/Employees.
- Changes to Vendor/Customer/Employee bank account details require a 2-step approval process, and an audit log is created.
- Bank Branch Code and Account Numbers stored in your database can be encrypted. Users will only see a masked version of the numbers.
- A periodic processing task will delete inactive records.
- EFT details are cleaned out when the associated Vendor or Customer is deleted.
- Supports Customer Number Change and Vendor Number Change.
- Optionally stores Vendor bank account details by remit-to code.
- Developed in the Sage 300 SDK, with standard Sage 300 look and feel, security, customization capabilities, data integrity checking and more.
About Caron Business Solutions
We focus on helping companies achieve the next level of performance through deployment of the right-fit solutions from Sage. Our services include needs assessment, solution design, user training, go-live assistance and support. We have offices in Vancouver and the Lower Mainland and Lima, Peru.