EFT Process

To facilitate smooth and timely connections, please use the following steps for successful Electronic Funds Transfers (EFT):

A brief explanation of EFT

1. The preference is for our suppliers to implement the Electronic Data Interchange 810 invoicing transaction first and then add the EFT transaction.

2. Please complete one of the Authorization for Electronic Funds Transfer forms that are available below, fax the form to (845) 491-3399, Attention: EFT Team and include the following information on the form: Remit to address, Bank account number, Bank ABA number, Option number and Signature. Please be sure to fill out the form completely.

3. An EFT form takes 7 to 10 days to set up once a complete form is sent.

A/P EFT setup process

1. A. If your Bank Account Location is in the United States and you are doing business with IBM U.S., please use the form below:

2. EDI trading partner agreement (TPA) must be completed by the supplier and sent to accounts payable (A/P).

3. Consolidate remit work to supplier number

4. A/P sends supplier profile to Harris Bank (IBM Home Bank)

5. A/P verifies banking information with the supplier's bank and/or the supplier

6. A/P updates the supplier's master file with EFT verification date

7. Supplier receives next payment to bank account via EFT

Benefits of EFT

Supplier Benefits

  • Provides funds in hand on billing rather than dealing with delays
  • Lower chance for errors due to less manual intervention
  • Remittance (paper or electronic) sent to suppliers upon payment
  • Reduces second notices and collection work

IBM Benefits

  • Eliminates cost of processing checks, postage, and late charges
  • Lower bank fees for EFT than for WIRE transmissions
  • Provide greater customer satisfaction/fewer delinquencies