First Federal gives you a simple and centralized way to manage all of your Automated Clearing House (ACH) payments from your computer.
- Payables—pay all your vendors electronically and automatically based on your schedule to maximize your cash position.
- Receivables—get paid faster by automatically collecting payments from your customers and trading partners.
- Payroll—use Direct Deposit to eliminate the time and costs of paying your employees with checks.
Scan and submit your checks electronically from the convenience of your place of business. Remote deposit from First Federal lets you deposit paper checks of all types electronically via a certified scanner attached to your Windows-based PCs giving you access to funds sooner and improving your working capital.
- Any type of check accepted without duplicate deposit items
- Single or multiple check scanning
- Single point of integration to efficiently process all checks
- Automatic CAR (Character Amount Recognition) / LAR (Legal Amount Recognition) in lieu of key entry
- MICR repair by ProfitStars personnel
- Intelligent decision engine to determine least cost routing (Check 21 or ACH)
- Ability to establish rules-based parameters to accept, reject or balance the deposit within a set dollar amount
- Online reporting with multiple export types including QuickBooks
- On-demand access to merchant activity
- E-mail alerts
- Type II / SAS 70 certification process
- Late night processing
checXchange™ is a value-added, no-cost strategic check recovery service offered to our commercial customers to provide automatic collection of all deposited returned checks. checXchange provides real-time, internet accessible, on-line reporting of all checks being processed.
- checXchange is free to First Federal business customers
- Keeps customer out of the collection business
- 80-85% recovery rate
- Recovers 100% face value of check
- Improves cash management by recovering funds faster
- Reduces internal staff time and expense of collection
- All returned checks are strategically represented using a proprietary model optimizing potential for collection
- Provides 24/7 on-line real time access to all checks being processed by checXchange
- Offers optional secondary collection service