wrote the following post on 3/28/2008 12:26:07 PM
I'm starting a new venture and need a software solution.
I'll have a database of potentially thousands to hundred thousand plus of individual clients. However, the revenue per client is nominal so we can't run our business if we have to manually cut checks individually or key stroke in each electronic transaction. Nor could we incur mailing costs per client/transaction. The service is a flat fee basis and not a percent of distributed funds.
We need a system that will be able to read the input from the client with respect to the amount to be disbursed and the account to which it should be deposited, make that distribution electronically and notify the client of the distribution electronically. Obviously it needs to maintain it's own audit record etc.
I don't know how much of our solution is really a banking one where we contract that service with the institution we use to transact funds or whether we would have the software ourselves and use a thrid party like Paypal to send the transactions. Advice needed.