Electronic Funds Transfer (EFT)
What is Direct Deposit?
Direct Deposit is a convenient service that electronically reimburses you for claim payments. Reimbursement payments are available on the day the direct deposit is electronically transferred to your bank account.
What are the benefits of Direct Deposit?
Direct Deposit bypasses the mail and deposits payments directly into your checking or savings account. For savings account deposits, you must first verify with your bank to see if they support this feature. Each deposit is followed by a Direct Deposit Activity Report that references the deposit transactions and details the claims processed and the payments included in the funds transfer. Direct Deposit can also help you to:
- Speed up your claim reimbursement payments
- Increase efficiency and improve cash flow for your office
- Provide immediate access to provider reimbursement payments