PayMed offers an easy to use, comprehensive Recurring Debit service that provides automated collection capabilities and an efficient alternative to time-consuming, paper-intensive processes for many routine account receivable functions. We provide the healthcare community with a reliable source for their company's life-blood, their receivable revenues. Our web-based interface provides a full range of processing and reporting options to meet the needs of both small and large healthcare based businesses.  The provider has complete control of the timing and frequency of payment by the patient.

Facts

The number of recurring payments originated by financial institutions increased to 8.05 billion in 2002, up 13.6 percent from 2001. These payments were valued at $21.7 trillion. Including payments originated by the Federal government; there were a total of 8.94 billion recurring payments in 2002 worth more than $24.4 trillion.

How Does It Work?

1. Patient provides a written authorization to have their checking account automatically debited for a predetermined amount and term. 
2. The transaction is then entered using PayMed’s web interface.
3. The transaction is transmitted via the Internet through PayMed to Global eTelecom’s database.
4. The check information is then stored and the transaction deposits are routed to the merchant’s account within 5 business days.
5. When the next payment anniversary date arrives, the transaction is automatically processed again.

Benefits

The provider can now accept and process periodic debits, without having to worry about who pays what and when. The provider/representative simply records the check data, obtains the EFT authorization and enters the check data - the check conversion process does the rest!

      Recurring Debit offers a wide range of advantages that include:

• Improved Cash flow
• Reduced postage, billing and processing cost
• Ease of Use - debit data is directly transmitted in standard format
• Collection of remittances is accelerated due to reduced mail float, processing float and check collection float.
• Internal processes are streamlined due to the elimination of administrative tasks associated with the collection of remittances during peak billing periods or distribution of checks for payroll.
• Employee and client relationships are enhanced.
• Administrative costs associated with making stop payments and replacing lost or stolen checks are reduced.

Extensive Reporting Capability

No transaction system is complete without quality reporting. This is where PayMed excels. We provide unlimited reporting capability.

• The day's current entries and previously entered items
• Batch Reports  
• Settlement Report

PayMed maintains experienced staff dedicated solely to Recurring Debit services and client support.  Our clients are provided with multiple solution possibilities, all-operating on secure, redundant and scalable systems to manage company transactions with ease.

In addition to recurring debit software and processing, PayMed provides a common payment gateway, offering clients a single source for all their electronic transactions, whether they are by credit card, debit card or check conversion with guarantee.