Payment Processing Methods

Payment Processing Methods

Payment Types & Methods

Automatic Electronic Funds Transfer (EFT) is the most cost effective method to process a payment.  However, you should allow your members options.  This is especially true when it comes to payment methods.  Don’t lose a member over limited payment options. 

EFT from checking account                      Web based payments

EFT from saving account                          Payment by telephone

EFT from Credit Cards                             Payment at your location

Payment Coupon Booklets                                   

Payment Cycles

Payment cycles are just as important as how you process your payments.  Monthly is the most common payment cycle used.  However, you have the ability to offer your members the following:

Weekly                            Monthly                                  Semi-yearly

Bi-weekly                        Quarterly                                Yearly

Electronic Debit Dates

When paying electronically, offering your member a choice of draft or debit dates is necessary.   Members know there personal cash flow.  We offer the following dates to process EFT:

1^st of month                 10^th of month                        20^th of month

5^th of month                 15^th of month                        25^th of month