Process Vendor/Customer/Employee payments and receipts via Electronic Funds Transfer
Streamline direct debits and customer refunds
Reduce processing costs and increase accuracy

Why use it?

Do you need to send payments electronically to vendors or employees, collect receipts from your customers via direct debit, or send positive pay files to your bank?

  • How confident are you that all your cash movements are secure, and would stand up to an audit?
     
  • Would you like to cut costs and improve efficiency through increased automation, enhance auditability, and reduce exposure to fraud by moving away from paper cheques or streamlining positive pay file processing?

What is it?

EFT Processing streamlines payment and collection processes by transferring Sage 300 (Accpac) receipts and payments, including those from US and Canadian Payroll, through to the electronic funds transfer (EFT) functionality of your banking software.

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 supports formats for hundreds of banks around the world, and additional formats can be created by Orchid Systems upon request.

Benefits
  • A quick return on investment from substantial savings, including:
    • Lower bank transaction fees and reduced postage costs
    • No more expensive cheque stationery
    • No more manual printing, folding and mailing of cheques or remittance advices
  • Save time and avoid errors by eliminating duplicate data entry
  • Enhanced security, including reduced opportunity for cheque fraud, theft or loss
  • Streamlined processing means happier customers, vendors and employees
Features

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.

AR 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.
  • Optional protection of emailed Remittance Advices using a formula-driven password
  • 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.

ADDITIONAL PAYROLL FEATURES

As well as processing payments from Sage 300 US & Canadian Payroll, EFT Processing now also supports:

  • Emailing of Pay Stubs/Slips, T4 or Releve 1 PDF documents
  • Password protection of those documents (when enabled for EFT Remittance Advices) 
Minimum requirements

EFT Processing 2018 requires one or more of Sage 300 2018 Accounts Receivable, Accounts Payable, Canadian Payroll or US Payroll.

Screenshots

Click any image below for a larger view.

What do our clients think?

"Orchid EFT Processing is much better than what we had in the past with more flexibility, a better user experience, and integration is a bonus..." 

ALEX ANGUS, SYSTEMLINK AFRICA (PTY) LTD, EDENVALE, SOUTH AFRICA

"I would feel very comfortable supporting and promoting Orchid's EFT Processing. We have found the product fulfilled the requirements, and was easy to implement and use."

KIMBERLY KYLE, TRAFFIC TECH, MONTREAL, CANADA

"Orchid's EFT is a great product. It reduces costs, while also removing the risk of check/cheque fraud."

PAUL FIELD, NET@WORK, WINDSOR, ONTARIO, CANADA

"We are very happy with Orchid EFT Processing...it is so simple to automate auto-receipt of large volumes of AR invoices. The ability to amend AR invoice Due Dates and maintain exclusion lists makes it good to use.”  

KERRY JONES, RURAL FUEL LIMITED, PALMERSTON NORTH, NEW ZEALAND

“We LOVE your EFT Processing product. The reduction in checks has made our lives so much easier. I am so grateful!”

KAREN ROBERTS (CPA), CONTROLLER, 14 WEST, USA

"Integration with the banks is one of Orchid's main strengths. They do an excellent job of customizing."

JIM BROMILOW, CORPORATE CONTROLLER, GRANT THORNTON LLP, CANADA

"The support we receive from Orchid is top notch, and the Return on Investment was pretty much immediate."

JIM BROMILOW, CORPORATE CONTROLLER, GRANT THORNTON LLP, CANADA