Scheduled Electronic Transmission Service SETS
Printech Global Secure Payment Solution offers a new feature called SETS, which stands for Scheduled Electronic Transmission Service. The companies now can control communication with the financial institutions to settle payments in bulk and avoid unnecessary bank settlement fees.
To better understand the system we can compare the processes before implementing the scheduled electronic transmission service and after.
Our clients have come to us with an issue related to communication with their respective banks. Each time CheckPlus created an encrypted file using bank’s encryption requirements, the software automatically delivered it to the bank. The problem was that that the banking institution would charge our clients a fee every time CheckPlus would hit their port to deliver the encrypted files.
In order to avoid these fees, our clients opted for CheckPlus to place all the files, typically encrypted, into a folder of their preference. At the end of the day an individual from their organization would need to go into the folder and manually deliver the files into the banks’ port. This was less than optimal and Printech created a better solution to manage delivery process.
Printech developed an extension to CheckPlus secure payment software that provides a scheduled electronic transmission service (SETS). Once a file is generated, CheckPlus sends it to the folder where the “CheckPlus Service” is watching for incoming files and then sends them to the banks’ port at the set time, in bulk. The service can manage electronic ACH files and positive pay files for checks.
The SETS system is automated and does not require a manual intervention. It removes the human error from transmitting the files and is seamlessly integrated on the client’s side.
We would like to explain the SETS solution and assist you with automation of delivery of the electronic ACH files and positive pay files to your bank.
Contact us to learn more about SETS and enhance your CheckPlus software.