RefTown, in combination with InterceptEFT, now offers an optional direct deposit service that is integrated with our financial invoicing features. Once an invoice is created, it is only a couple additional steps to make the payments directly to your officials accounts.
Officials can enter their checking account information into RefTown under their account profile. The complete account numbers will not be displayed back to the official or an administrator of the organization...only partial account numbers. The entered routing number will be validated against legal routing numbers. Due to the pattern rules of valid routing numbers, single digit typos can be detected and rejected. Account numbers have no specific pattern that can be checked. Officials will be asked to enter their account number twice to greatly reduce the risk of an error. If the two numbers don't match, it will be rejected.
Once officials have entered their direct deposit info, you can make direct deposits.
The steps to make direct deposits are...
i. Pay -> Officials Invoices
iii. Select the invoices you wish to pay
You will now have a list of invoices that have a balance needing to be paid. This will list all invoices whether the official has entered their direct deposit information or not. Each line item (one per invoice) will indicate whether account information exists for that official.
This listing will also provide a total for the cost of the batch (not including any fees for transactions to bad account numbers).
At this point the deposits will be submitted to our Banking partner and will be processed.
At no time will your organizationâ€™s money ever be in an account operated by RefTownâ€¦.all funds will be transferred directly from your bank account to InterceptEFT, a long established electronic funds processing operation, and then to your officialâ€™s bank accounts.
These transactions will be started through a draw-down wire from your bank to InterceptEFT. A draw-down wire guarantees the funds to InterceptEFT and allows the payments to be made more quicklyâ€¦.next business day if the batch is submitted before the cutoff time. This method does require a per-batch fee of but it allows us to offer a much lower per-deposit fee.
All fees incurred as a result of submitting a batch will automatically be charged to the organization through one of two methods...
The overall cost per transaction can be cheaper than printing and mailing checks and is far more efficient. Depending on the size of your organization and the number of payments to be made, the cost per transaction can be as low as $0.50-$0.60 per deposit. For actual costs, see our price sheet listed below.
This function requires that your organization enter a 3-way contract with InterceptEFT and RefTown allowing RefTown to facilitate electronic transactions initiated by you to be processed by InterceptEFT. This can take a bit of time to complete.
RefTown Knowledge Base