I just realized that we haven't actively been promoting the fact that our customers can sign up for a pre-authorized debit (PAD) agreement with us and have it make their lives so much easier.
When we first launched our service, we had required our customers to send in funds for their transactions using bill payment - which is the cheapest method (or it could be free depending on which bank you're with).
In May, we set up our system so that customers could select PAD as a payment option. This means all you need to do is book a transaction online, and PeerFX takes care of the rest. What do we mean by that?
Before: You book a transaction and you need to go to your online bank website to send a bill payment to us. The converted funds show up in your bank account after 4 business days.
AFTER: You book a transaction and see the money show up in your bank account after 4 business days.
Of course there's a reason why I have the before-after scenario, because I know that the AFTER scenario is much easier! Plus, it's not at an additional cost to the customer. Pretty sweet huh?
2 comments:
Who is doing your EFT/ACH transfers? I recently encountered this great company coastalsoftware.com and they do transfers on both Canadian and US banking networks (and in between) with pretty good rates ...
Right now we are with the Bank of Montreal's online system since it gives our customers peace of mind when they see that we are associated with one of the big banks. It is more costly I know, but if we had to go through a separate company to do it that could stretch out our turnaround times to cashout to our customers. That has been the main concern of whether we should opt for a lower cost EFT/ACH service...
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