His options were not limited.
As a good business owner, he wanted to keep expenses low and here is why: His bank will charge him $25 for each outgoing wire, the receiving bank would charge the sales person $15 or $25 for receiving the wire. If you multiply $25 times 30 sales people that would be $750.00! Mr. X would have to pay that amount each time he would wire the funds! then the sales person receiving the commission wire would pay $30 or $50 dollars each month.
The Payroll company would be able to process his request. The only problem was the cost, although it was cheaper than wiring the funds, it was still a few hundred dollars a months that would come from his bottom line.
I asked him if his bank offered business online banking, he replied "yes, it does." Then I recommended him to sign up for business online banking, the business online banking has an option called ACH TRANSFERS (ACH stands for Automatic Clearing House). This option enables the company to transfer funds from bank to bank at a minimal cost. Depending to which bank the money is send to, the funds will post within 24 to 48 hours. The ACH system allows you to create templates for each sales person and their respective banking information (this template can be saved for future transfers). Once you have created the templates you can send them in a batch. If one of your sales people gave you the wrong information, you will be notified via email of any problems. Now, what is the cost? $1.50 per batch (A batch can be from 1 item to 10,000 items). The monthly cost of the Business Online Banking is $60.00 per month. However, I recommended that his business checking account should be upgraded to a Business Analyzed Checking because then his monthly charges would be offset by his monthly balances, therefore making his business checking, business online banking FREE of monthly fees.
He was excited, he thanked me and we ended the conversation. The next day he came to my office and said... Let's do it!. I asked him what happened to the other banker, he said... "well, you gave me the information and you knew what you were talking about, so let's open the account."
I said THANK YOU!
Trans World Assurance has been in business for over 40 years, taking care of our courageous men and women in the military and their families. The company was founded by a decorated WW II veteran, the company is well run and managed.
If you like more information about the company go to their site.