Collections and Receivables (Pre Authorized Debits)

MoneyPennyEFT software has many features to make collecting debits from someone's bank account using Pre-Authorized Debits easy. There are so many new features to make managing Collections easier, we have listed a few key features... but go to the Download Tab and get a FREE 30 day trial copy today!!

Some of these features include: (See Screenshots below)

1. Create Customized Folders - keep your payments organized in separate groups
2. Manage more than one company
3. Manage Canadian dollar and U.S. dollar debits in Canada.
4. Review Payment Lifecycles - see when the payments are collected, returned or unpaid.
5. Calculate Multiple tax amounts (i.e. PST, GST) automatically
6. Create Rates - assign a rate to each payment (i.e. Gold Membership Fee = $49.95), if you want to increase all members with the Gold Rate, change the Rate from $49.95 to $59.95 and all members will change automatically, no need to change them one at a time!
7. Due Date management - we have created a new due date system that automatically collect your payments on the right due dates, you have maximum control in setting up payment contracts for daily, weekly, bi-weekly, fixed day of the month, last day of the month, 15th and last day of the month, quarterly and anual payment dates. Set the payment frequency and going forward select the upcoming due and the payments are automatically extracted to send to the bank, no more assigning due dates to each frequency date!! This new feature will save you time!
8. New reporting capabilities including copying the payment contract to an email to send to your customer. New management reports with SAVE As "PDF" or HTML to send to your management team.

Advanced Features include:

1. Debit Limit Monitoring - some banks will assign a daily dollar amount that you can submit to their EFT Service, the reason for this is that debits can be returned up to 90 days after the due date as unauthorized, so they create debit limits to reduce their risk. Your file can reject if you exceed this daily debit limit. MoneyPennyEFT allows you to store this bank assigned Debit Limit dollar amount in the software. Our Schedule payments feature will forecast the future debits you are about to collect and provide a warning message when you reach 85% or greater of this limit. You can contact your bank to raise the limit before you have a problem!!
2. Cash Flow Forecasting - the Scheduled payment services on the MoneyPennyEFT system can also be used to forecast the total dollar amounts of your debit up to 30 weeks in the future. You receive a daily dollar amount collect and if you scroll to the bottom of the grid, the Total amount over the next 30 weeks is provided. You can change the forecast from 2 to 30 weeks.
3. Exception Management - managing returned debit payments can be a chore! You always need to remember to collect these payments from you customers. MoneyPennyEFT has an Exception Management system that makes tracking these items easy. The Exception Management system will also you to track the payments and reschedule them to be collected again at a future date, the system will flag these exceptions and allow you to "fix" them before you submit your file.
4. Review Payment Lifecycles - see when the payments are collected, returned or unpaid.
5. Import dollar amounts - if you are using Excel or some other software to calculate variable dollar amounts, no problem!! MoneyPennyEFT will automatically create an import template for your Payment Folder. You can assign the dollar amount to charge the customer and import them into the system at one time.

Example: MoneyPennyEFT Home Page

Example Folder View:

Example Debit Payment Details:

Click on the Payments Button to Review Future Payments - this allows you to check the contract due dates:

Collect. Pay. Manage.

MoneyPenny Software methodology focuses on connecting you and your partners through managing your collections, securely and simply. We prepare you for long-term success - to build and manage your entire Payment System over time. Regular recurring cash flow is an important component in managing any business, MoneyPenny products provide you with the tools to save time and to manage simple to complex recurring payments makes using our software an extraordinary experience.