franchiseIQ is a great fit for many businesses.Â Find out if it's the right choice for you!Â Are you looking for a franchiseIQ demo, technical support, product or pricing information or to simply to compare franchiseIQ with competitive options? Quickly get answers and the information you need.
Electronic Banking is now well established with almost all banks offering customers access via the Internet in one form or another.
Indeed banks have been encouraging its adoption to move people off labour intensive processes by charging significantly lower fees for electronic transactions.
Yet many SME’s have been slow to adopt it fully, making individual payments or collected bank Statements online, but few have fully automated the process to take full advantage.
franchiseIQ has embraced what eBanking has to offer by integrating with the standard offerings of many banks. The main eBanking functions facilitated by franchiseIQ are:
There are substantial savings for an SME in both actual transaction costs and productivity gains from moving to process all payments electronically.
Check Payments - The cost via traditional means includes stamp duty, bank charges, check printing, envelopes, postal charges etc totalling €170 or €1.70 per payment. When the labor cost of selecting and deciding what vendors to pay, authorization, enveloping/posting, manually reconciling to Bank statements etc (estimated at 6 hours) is added this conservatively increases to about €350 or €3.50 per payment.
Electronic Payment – involves considerably less processing and cost. franchiseIQ suggests what is due for payment, which can be modified and authorised online (including viewing original invoices online), an electronic payments file is generated and uploaded to your Bank via the Internet, remittances are emailed and statement auto reconciled via franchiseIQ. 100 payment can be processed at a cost of about €6, adding the labor cost (estimated at 1 hour) the cost would be about €35 or 35 cents per payment – roughly 10% of the cost of a check.
An SME making approximately 100 payments per month would save around €4,000 per annum by moving to electronic payments alone!
franchiseIQ has fully integrated these processes for many banks, particularly those that follow EMTS, BACS, ABA or AFI standards. However we are happy to integrate to any bank’s eBanking solution which is in a different format – so if your bank isn’t covered just ask!
"eBanking Integration" is part of the franchiseIQ line of products, developed by FranchiseIQ.
franchiseIQ is a horizontal product. It offers functionality designed for usage across a wide variety of industries and business types.