Webformix uses a batch credit card and electronic check processor called Automated Payment Systems, which operates out of Sandy, UT. This is what will show up on your bank or credit card statements. We also only process electronic payments on Fridays in one big batch, which is prepared and sent to the processor on Thursday afternoon. As such, if you turn in a payment anytime before Thursday afternoon, it will process this Friday. Anytime after, and it will process next Friday.
The advantages of electronic checks (or disadvantages of credit and debit cards) include:
- Credit and debit card processing fees are expensive. (There is typically a swipe fee of .30 cents, plus anywhere from 2%-5% of the transaction depending on the type of card. This is money we would otherwise spend making our network better!). The cost to process an electronic check is .12 cents.
- Checking accounts and routing numbers don’t have expiration dates that have to be updated.
The advantages of credit and debit cards (or disadvantages of electronic checks) include:
- An electronic check is processed just as though it were a paper check – i.e. if there is not enough money in the account to cover it, the bank will charge you an overdraft fee. With credit and debit cards the transaction is typically just declined and there is no fee.
Posted in: Billing FAQ