RSMUS.comSociety is embracing the move to electronic payments
While payment by check remains common in the U.S., the momentum towards fully digital payments is unstoppable. This trend is particularly evident in the business-to-business (B2B) sector but also applies to consumer payments.
Interestingly, many countries that once relied heavily on checks have fully decommissioned their check-processing infrastructure in recent years, and more are planning to do so.
What are the barriers to making the move?
The compelling question is not why so many businesses are adopting digital payments like EFT (Electronic Funds Transfer), but why so many are yet to fully commit, given the significant benefits in terms of cost, convenience, security, and efficiency. Here are some of the reservations we’ve encountered:
- Systems Issues: Many popular accounting systems were originally designed and developed when checks were the primary payment method for business, leading to these assumptions being “hard-wired” into the software and associated processes.
- Double-keying: System limitations, plus the disruption involved in changing accounting systems, lead many businesses to choose the path of least resistance. This frequently results in processing payments in the accounting system and then re-keying them into standalone banking software, introducing obvious inefficiencies and risks.
- Bank Integration: While accounting software does include EFT capability, it often only supports a limited number of transaction types and bank file formats. This can pose a significant issue if unsupported payment methods or formats are needed.
- Cost & Inconvenience: The cost and disruption associated with transitioning to a new accounting system makes businesses hesitant to proceed. Commissioning bespoke customizations to an existing system, while that is an option, can also be expensive and carry additional risks.
Introducing EFT Processing for Sage Intacct
Sage Intacct users now have access to an EFT solution that overcomes the barriers above, and more.
EFT Processing for Sage Intacct, developed by Orchid Systems and available through RSM, generates EFT files that are ready for transmission to your bank. It offers features beyond those provided by the native electronic payment capability included with Sage Intacct.
- An Embedded Module: Instead of integrating through an API, EFT Processing, once installed, is fully embedded into Sage Intacct. This means it shares the same look and feel as the core modules, is accessed through the standard menus, and all data remains within Sage Intacct.
- No more Double-Keying: Orchid’s EFT Processing is integrated into the standard Sage Intacct payment and receipt processing routines, eliminating the need for ‘swivel-chairing’ and double-keying.
- Payments and Receipts: EFT Processing supports payments to Vendors through Sage Intacct Accounts Payable, as well as Direct Debits through Accounts Receivable, and Employee Expenses Reimbursements.
- Bank Integration: EFT Processing currently supports over 800 bank file formats, including many for Prenotes ($0 authorizations), Positive Pay, plus Domestic and International Wire Payments. If your bank requires a format that is not currently supported, it can be created at no extra charge, often within days.
- Affordability: EFT Processing has a competitive subscription-based pricing model. You pay a base price and then only pay for the features you need (any combination of AP, AR, and Employee Expenses).
About Orchid
Orchid Systems, a Sage Tech Partner and part of the Sage community for over 30 years develops innovative add-on modules that enhance the functionality of Sage software. They have built a strong reputation for the quality of their products and support.
In the words of one satisfied Sage Intacct consultant, “There is no excuse for a business not to utilize EFT when we have Orchid providing the solutions.”
