Hi Dan and List,
One way to save on bank fees is to deposit all collected EDI ACH'es as one
ACH batch file.
Banks usually charge a fee ($0.16 to $0.25) per item deposited.
A batch ACH file appears to the bank as one deposited item the same as a
check or other EFT. (total charge from the bank: $0.25)
One ACH batch file could contain literally millions of individual payments
from millions of partners.
This would instantly save the depositing partner millions of individual
deposited item charges.
Few, if any banks have the ability to pass the information contained in a
batch file to the depositing partner in an efficient manner.
We at Qdebit.com provide that data real-time via EDI, csv, html, etc.
As far as negotiation.
Ask how long before returns are reported and who handles the return.
We know before the bank does.
Sincerely,
John McPherson
Director of E-Commerce Development
Qdebit.com
[EMAIL PROTECTED]
615 385 3221
615 485 8515
-----Original Message-----
From: Electronic Data Interchange Issues [mailto:[EMAIL PROTECTED]]
On Behalf Of Dan Mehlhorn
Sent: Tuesday, May 22, 2001 1:54 PM
To: [EMAIL PROTECTED]
Subject: Re: EDI with Banks
After witnessing the excellent debate on 997s, I was wondering what
wisdom the list participants can impart on the entire subject of doing EDI
with and through banks. Any downloadable documents, books or dissertations
would be most welcome.
We do what I call rudimentary Financial EDI here. That means some
customers and some vendors pass us 820s, with a few involving transactions
with our bank account using the ACH method. To me, this is one small step
above "Rip and Run" EDI.
What I'm interested in, and possibly other newbies to Financial EDI,
what functionality is available from banks, a good checklist for setting up
Financial EDI with trading partners, and especially ideas that could save
the company money (bank fees) in dealing with banks via EDI. I know that is
a lot information to ask for, and a broad subject that should elicit many
tangents.
Our late CEO always gave a complete lecture on "float" each time the
subject of Financial EDI came up. I know that float can be negotiated and
entered into Financial EDI partnership agreements. What other points are
usually the subject of negotiation?
Is "Split Streaming" Financial EDI a very popular method, or are we
unique in this respect?
I'll be greatly interested in the answers and debate this could
generate.
Dan Mehlhorn
System Programmer/EDI Administrator
Crescent Electric Supply Co
www.cesco.com
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