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Thread: Help Needed with Bulk EFT Payments

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    Help Needed with Bulk EFT Payments

    Hi everyone

    As a developer of payroll software, it's important that my product enables my clients to do EFT payments in bulk when paying their employees. Currently, the software can export payment info to pre-defined, bank-specific export files, e.g. NetBank Business, FNB CAMS / PACS, Standard Bank CATS / EFTS etc. Basically the same as most other payroll or accounting systems.

    The problem is that, as far I can see, some banks require their clients to have special software installed to use these files, rather than just allowing you to upload the file into your normal internet banking. That's why I need another option: I think it's called an EFT bureau. The way I imagine it working is that the client gives this EFT bureau authorisation to run debit orders on its account. Then the payroll system can generate a file according to the bureau's specifications. The client can then either manually hand this file over to the bureau or ask the payroll system to do it for them. The EFT bureau then does a single debit against the client's account and credits each individual employee.

    I thought some survey-like questions would be enlightening to myself as well as the rest of the community when it comes to comparing different banks, so it would be great if a few people could answer these. Feel free to ignore the questions entirely if what you have to say doesn't fit the way I laid them out:

    1. Which bank do you use? Also note type of account if you have that info available.
    2. Does your bank allow you to do bulk EFT payments (i.e. based on export files from your accounting / payroll package) through internet banking?
    3. Do you use special software from your bank to do these bulk EFT payments? Do they charge you extra for this / any other inconvenience?
    4. Do you have any experience with EFT bureaux as described above?


    Thanks for any help, even if it's just a general pointer in the right direction.
    Last edited by Dave U; 08-May-10 at 02:32 PM. Reason: typing error

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    Gold Member daveob's Avatar
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    I think you'll find Netcash offer this sort of service - 1 debit to your account and pay employees.
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    Quote Originally Posted by daveob View Post
    I think you'll find Netcash offer this sort of service - 1 debit to your account and pay employees.
    Thanks, I'm having a look at Netcash. There is a slight problem though: 5 days ago, Softline announced that they've bought Netcash. Here's the press release for anyone that's interested. Don't think I can rely on a company that's owned by the competition, at least not long-term

    FIHRST offers a similar service. Has anyone here used them?

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    Quote Originally Posted by Dave U View Post
    5 days ago, Softline announced that they've bought Netcash.
    Wow - that is interesting news.

    I was thinking - if you're prepared to be an intermediary (kinda like Netcash is), ultimately you only need to hook up with one bank on the IT front. We went onto Standard Bank's BEST system for a while. I dropped it eventually as it isn't particularly user friendly (especially compared to their internet banking platform), but it is powerful and does the sort of things you're looking for.

    Put a user-friendly interface on it and it could be what you're looking for.
    The trouble with opportunity is it normally comes dressed up as work.

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    Quote Originally Posted by Dave U View Post
    Thanks, I'm having a look at Netcash. There is a slight problem though: 5 days ago, Softline announced that they've bought Netcash. Here's the press release for anyone that's interested. Don't think I can rely on a company that's owned by the competition, at least not long-term

    FIHRST offers a similar service. Has anyone here used them?
    Well,I suppose it depends on how you approach the situation Softline would be very stupid to monopolize NetCash. I, and many others will simply move to another provider if that's the cash.

    Just cause they own NetCash doesn't necessarily mean they won't allow integration with other accounting packages.

    Quote Originally Posted by Dave A View Post
    Wow - that is interesting news.

    I was thinking - if you're prepared to be an intermediary (kinda like Netcash is), ultimately you only need to hook up with one bank on the IT front. We went onto Standard Bank's BEST system for a while. I dropped it eventually as it isn't particularly user friendly (especially compared to their internet banking platform), but it is powerful and does the sort of things you're looking for.

    Put a user-friendly interface on it and it could be what you're looking for.
    Dave, is BEST anything like Standard Bank's CATS system? That system is horrible and I wish I could get this across to them, but their sales reps keep telling me how great it is.
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    Dave U (14-May-10)

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    Quote Originally Posted by SoftDux-Rudi View Post
    Well,I suppose it depends on how you approach the situation Softline would be very stupid to monopolize NetCash. I, and many others will simply move to another provider if that's the cash.

    Just cause they own NetCash doesn't necessarily mean they won't allow integration with other accounting packages.
    Thanks for the reply, Rudi. I've been meaning to post an update to this thread, at last I can get around to it. I've been in contact with Netcash since Monday and was quite impressed by their level of customer service and the technology they offer. I'm in the process of finalising things with them and will be doing the technical integration soon.

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    Quote Originally Posted by Dave A View Post
    I was thinking - if you're prepared to be an intermediary (kinda like Netcash is), ultimately you only need to hook up with one bank on the IT front. We went onto Standard Bank's BEST system for a while. I dropped it eventually as it isn't particularly user friendly (especially compared to their internet banking platform), but it is powerful and does the sort of things you're looking for.

    Put a user-friendly interface on it and it could be what you're looking for.
    Hmmm... I wonder if it has good integration capabilities with third party software? Any case, I'm going with Netcash for now, but will still be an intermediary in a sense. If ever outgrow them (i.e. if I'm doing enough volume that I can save serious money by going direct to a bank), I'll investigate this some more.
    Last edited by Dave U; 14-May-10 at 04:24 PM. Reason: clarification

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    Quote Originally Posted by SoftDux-Rudi View Post
    Dave, is BEST anything like Standard Bank's CATS system? That system is horrible...
    It wasn't very user-friendly or intuitive, but as I recall you could import CSV files. I could be wrong, it was quite a while ago and we ended up dropping it because it was so....

    Let's put it this way - their internet banking platform is way more user-friendly.
    The trouble with opportunity is it normally comes dressed up as work.

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