High-technology and finance combine to offer many improved methods of banking over the internet which truly revolutionize rental-purchase operations.
Dan Jobrack, Executive Vice President of Sales, DATATrue's

Gene Sacco, President, DATATrue - See video interview

With over 3000 users, DATATrue has become well-known in the RTO Industry for its customer verification services. But what many RTO dealers don't know is that the company also offers a full line of electronic banking services including ACH Processing, Electronic Funds Transfer, Return Check Processing and low-rate Debit/Credit Card Processing.

"In today's cyber-world, high-technology and finance combine to offer many improved methods of banking over the internet which truly revolutionize rental-purchase operations in favor of the store owner," says Dan Jobrack, DATATrue's Executive Vice President of Sales.

He offers some practical applications for RTO Online readers:

ACH (Automatic Clearing House) – Automatically debit recurring or 1-time payments from customers' bank accounts;
"If you're tired of making constant collection calls, or have certain customers that are repeatedly late because they're too busy to come in and make a payment, ACH eliminates those problems. With the customer's advance written permission, simply log onto DATATrue's secure banking server, enter your customers' bank account information, the payment amount, choose a weekly, monthly, bi-weekly or other payment cycle… and forget about it. The recurring rental payment will automatically be transferred from your customer's account to yours on the appropriate date.

What if a customer calls & can't come in to make a payment? No problem, take a one-time ACH payment over the phone and convert it to an ACH, or modify the terms as you choose.

No long-term contract binding your company to a specific length of service, special software or equipment (in most cases) is needed."

Electronic Funds Transfer & Return Check Processing – Convert paper checks and electronically submit
"With the increase in debit cards use, many dealers have simply stopped accepting checks altogether in an effort to avoid expensive bank fees and NSF hassles. Unfortunately, in doing so, they limit their customers' payment options.

Electronic Funds Transfer allows dealers to accept paper checks, but easily convert and inexpensively submit them to the bank electronically…without ever leaving the store. Funds are drafted from the customer's bank account and posted to the dealer's account and are usually funded within 24 hours.

With all checks, paper or electronic, NSF's (non-sufficient funds return) are unavoidable and banks typically charge dealers a returned check fee between $7 and $15. The return fee on checks processed through DATATrue's banking server is only $1.85 for an NSF.

RTO Dealers typically charge customers $30 or more for an NSF… if now they can get it. When re-submitting the electronic check the second or third time, it's legal for dealers to add the NSF fee to the total and re-submit the request for payment.

No software or equipment is needed for Electronic Funds Transfer.'

Credit Card/Debit Card Processing
"Credit card and debit card processing is always very expensive, but many processors are much more so than others. And typically, less expensive processors will lock store owners into long multi-year commitments through enticing discounts on equipment.

Percentage rates vary dramatically by the type of card (Debit/Credit; M/V, Discover, AMEX, Rewards) and processing method (card in hand & swiped; telephone, internet), with a bank Visa card swiped manually at the location being the cheapest and an AMEX over the telephone being the most expensive. Most processors charge a flat transaction fee, plus a percentage of the actual transaction between 1.25% and 7%.

DATATrue offers significant savings by charging only a flat transaction fee on all debit card transactions – no additional percentage amount. They percentage rates on credit card processing typically 15-30% below other processors.

Prospective DATATrue customers may submit 2 months of recent bank statements, and DATATrue will do a no-charge comparison analysis between what the store owner is currently paying in credit card fees and what they would be paying through DATATrue."

For more information on these electronic banking services available to RTO dealers or DATATrue's customer verification data services, contact Steve Lenhart, DATATrue's RTO Executive Account Manager at: 662-253-5014.