How It Works

1. File Electronically

Two business days before the billing date, an electronic file is sent by you to Palm Beach Financial Exchange, Inc. (PBFE). This file contains all the necessary information needed to process EFT. Payments are collected on the billing date (or on the next business day after in the case of a non-business day), and credited, less our fees, to your bank account within two business days.

2. Retrieve Returns

Charge Backs are debits that were unable to be processed through a checking or savings account, resulting in uncollected funds. The reasons for Charge Backs can include: Invalid Account Number, Invalid Bank Number, Insufficient Funds, Account Closed, etc.

A large percentage of Charge Backs will be the result of improper key punching. The reason for the Charge Back is clearly stated on a Charge Back list provided by PBFE. If a debit charges back, the funds were not collected. Arrangements should be made with the account holder to satisfy their obligation.

Charge Backs resulting from insufficient funds can be resubmitted automatically by PBFE. One or two additional attempts can be made to collect sufficient funds.

3. Reserve Account


Reserve Accounts are designed to offset Charge Backs. The Reserve Account eliminates the need for PBFE to have to debit your bank account for EFT services. Bank reconciliation is simplified by showing only credits to your account. Everyone using PBFE for EFT processing must maintain a Reserve Account.

A percentage of the debit amount is held back for Charge Backs. This percentage is equal to the average total dollars of Charge Backs based upon your Charge Back history. For example, if your Charge Back history indicates an average of 5%, then 5% of the debit would be retained in the EFT Reserve Account. Should a particular debit have Charge Backs in excess of the retained percentage, the EFT Reserve would compensate for the difference. If the percentage retained was in excess of the actual Charge Backs, the overage is applied to the Reserve account and less money would be retained on the very next debit.

The EFT Reserve Account minimum is $500*. This account minimum is established with funds collected from your first EFT processing with PBFE. All per item and transaction fees are satisfied with funds collected and a net dollar amount is then sent to you.