- What kinds of companies will PreAuthorized Checking work for?
- Can this program work for me if the amount billed to the customer is different each month?
- How do you collect from me?
- How is my customer informed that the check has been submitted and cleared their account?
- Do you have access to my customer's or my account?
- Visual overview of the PreAuthorized Checking process.
1. What kinds of companies will PreAuthorized Checking work for?
The answer is simple - PreAuthorized Checking (PAC) will work for any business that accepts customer payments. Whether it is automating their recurring monthly payments, helping to collect slow pay accounts, or offering an in-house payment plan to potential customers, PreAuthorized Checking (PAC) is the unique low cost tool that any business can use to help simplify collecting accounts receivable and optimize the payment process.
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2. Can this program work for me if the amount billed to the customer is different each month?
Yes. Our PreAuthorized Checking (PAC) system works well for situations in which the amount owed by customers varies from month to month. The only difference between a varying monthly payment and a consistent monthly payment is that your customer needs to be notified as to what the different payments being drafted are. We can even help you with invoicing. Our Invoicing Management Program details can be read here.
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3. How do you collect from me?
Payment Helpdesk simply creates a bank draft from your business bank account for the service fees for a given month. The combined service fees are determined by the following formula: (the number of drafts in a given month) x (the price per draft). To see our pricing click here.
Here is an example:
Say that a business has 50 customers on the PreAuthorized Checking service. The monthly invoice to each of these customers is $100 each. 50 customers at $100 each would be a total of $5,000 collected each month using PreAuthorized Checking. The corresponding service fee for each of these drafts is $4.00 (please refer to our pricing chart). The service fees would total $200 each month: (50 customers) x ($4). In this scenario, Payment Helpdesk would hand the business a stack of 50 checks that total $5,000 each month (or direct deposit the money into the business' bank account). The next day, we would produce a draft, pre-authorized by the business, for the amount of the service fees totaling $200. The business' net money received would be $4,800 each month.
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4. How is my customer informed that the check has been submitted and cleared their account?
A customer's check is noted in their monthly bank statement. The check will be numbered as "000" or will not be numbered at all. This prevents a conflict with their checkbook numbering system. The on-line bank account statement will refer to this transaction as a "Pre-Authorized Check." The customer can then balance their checkbook as usual.
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5. Do you have access to my customer's or my bank account?
Our system does not have the ability to electronically access any bank account information. It is proprietary software that was developed to process information, perform bank drafts, and print checks only.
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6. PreAuthorized Checking process visual overview.
To see a step-by-step visual flowchart of the PreAuthorized Checking process click here.
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