The Electronic Funds Transfer Act (EFTA) and its implementation of Regulation E affects a large number of businesses on a daily basis. According to the regulation, authorization is required in order to process recurring electronic fund transfers (EFT). There are still several uncertainties when it comes to Regulation E, and many companies are questioning whether their processes will hold up during an audit or in court. For companies that conduct most of its business over the phone, obtaining authorization can be a difficult task.

EFT Agree is a patent-pending electronic signature process that can be used to authorize recurring payments while your customer is on the phone.

Additionally, EFT Agree requires little effort from the customer, resulting in fewer fall-outs and increased recovery rates. Because your company’s agent remains on the line with the consumer throughout the entire process, there is no lag time between the payment plan negotiation and capturing authorization.