Direct Fed: #1 In Check Flow Management
If you process more than 500 checks a month, fill out the online form and we will send you a free scanner to start you up with your Direct Fed service!
Direct Fed is in the Check Flow Management business and it's products were developed for business to take advantage of new check processing laws and technology. Direct Fed's products positively change company's cashflow, reduce onerous bank fees, and significantly impact backoffice savings and administration.
DirectFed takes the Check 21 laws which were implemented in late 2004 and through their process can improve a company's cash position and savings both on bank fees as well as back office expense. Through the patent pending process, checks are electronically scanned and verified in your back office tonight (integrated into your accounting system), settled in the morning at the Fed through your merchant account, and then on to however many banks you chose.
DirectFed's simple desktop system optimizes bank float (improving cash position), reduces bank fees, and offers dramatic back office depository savings. The company products are especially interesting for organizations who use lockbox to process payments. Because the system is so easy to use and images both payment coupons and checks in a single scan, it integrates the data into the core accounting system and processes checks electronically directly to the Federal Reserve Bank.
This changes the landscape as we know it for lockbox processes. Further, for Non-Profits who need to provide benefactors with receipts that meet the new IRS rules for donation receipts, the Direct Fed system can provide, the check processing and donation receipts from a single scan. This is the only system that we know of that is based on a thick client (desktop) architecture that was designed for the needs of a business - not the bank interests.
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