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"...everything is working great. Gym Assistant definitely helps keep the memberships current - no one likes to hear the loud beep when they are denied! They come in and hand us their payment before they can in. Thank you." -Jeff & Kristy Bussiere Women's Total Fitness

 

Electronic Funds Transfers (EFTs) Explained

A check is merely a one-time written authorization for the payer's bank to pay the payee.   An EFT Authorization is also a written authorization to pay but it is good for multiple transactions. It authorizes a depositors' bank to move funds from his/her bank account to the bank account of the authorized merchant. This movement of funds is done between banks electronically, and so the term Electronic Funds Transfer (EFT). The electronic movement of funds between banks is more convenient, efficient, secure, faster and far less costly to than the handling of paper checks. The banking system moves trillions of dollars electronically every year.

How do ACH/EFTs work in Gym Assistant?

  1. Authorization:   Your member provides you with written authorization to allow you to electronically debit his/her account, along with a voided check.
  2. Enter Data: You enter the customer's checking or savings account data into Gym Assistant.
  3. Generate Member Transaction Data:   Three days before your processing day (or "debit date"), you use Gym Assistant to generate a data file listing each of the transactions that should occur on the debit date.   This file is saved in a secure encrypted format.
  4. Transmit:   You send the secure data file to the EFT Processor through the intenet.
  5. Record Member Payments:   In Gym Assistant, you record all payments that were transferred successfully.   The due date for each member is moved forward by one month.
  6. Processing:   After the EFT Processor receives your data, the processor reformats and submits the data to the Federal Reserve's secure Automated Clearing House (ACH) electronic banking system.
  7. Payment: The money is deducted from your member's account by his/her bank on the debit date, and then immediately deposited into your business bank account. 
  8. Reporting:  A few days after the debit date the EFT Processor sends you a record of any unpaid items and the reason for each non-payment.  In Gym Assistant, you then reverse the previously-recorded payments for any members with unpaid items. Those members will automatically be denied entry until their payment has been made.