EMTS software costs

" I read a previous question about the need for Internet Banking & EMTS for processing direct debits.  Can you give me any idea of the cost of the EMTS software (we are with AIB) and the minimum system requirements to run it."

EMTS is a very specific file format for ordering direct debits, which is used by AIB ( and presumably other Irish Banks).

Two companies which provide software to create EMTS files include:

Mercury Software: http://www.mercurysoftware.ie/autopay.htm

and Lir Software: http://www.lirsoftware.com/ordering/prices.htm

Both of these companies (at time of writing) charge €295 per year + VAT.  There are other companies who do this type of software, but their prices are not so readily available.

It would be wise to contact AIB directly and ask them for a list of recommended (or even suggested) software vendors who supply products to produce EMTS files (although they may be reluctant to suggest some).  They don't require you to use any specific software package, once the file that is generated is as per their specification. 

 

Hidden benefits

When looking at the costs of setting up your direct debits, do make sure to take into account the potentially huge benefits down the road,

 e.g. if someone has a direct debit for their membership fee, you don't need to chase them for it.  Because money/time spent chasing money owed is effectively money down the drain.  But if it comes in automatically, then there's huge savings to be made.

When looking at the costs of setting up your direct debits, do make sure to take into account the potentially huge benefits down the road

Higher retention rates

Also, in theory you can expect higher member retention rate through direct debits.  If you send a letter saying:" please renew your membership and send us money", then that may act as a barrier to renewal as their easiest course of action is to do nothing and let membership lapse, so no-one wins and you have to chase them again!  If, however, you send a letter saying "It's time for renewal.  We'll take care of everything, so don't worry.  Just tell us if you want us to cancel your membership.", then their easiest course of action is to remain a member: obviously, a win for you.

This is to illustrate that the very real benefits of implementing such a project, like any IT project, can sometimes be intangible or not immediately apparent.