By adopting e-mail and electronic transfers of funds
instead of relying solely on traditional methods of communication with the borrower (such as "snail mail"), servicers can realize significant savings.
Construction agencies would benefit from a centralized payment procedure instead of being forced to go through seven different agencies, each with a different payment plan, Schwartz said, adding that the creation of the agency also could lead to such innovations as electronic transfers of funds
and a two-week payment schedule for contractors.
With the electronic transfers of funds
, the money is available immediately on payday -- which makes the employee happy.
As more locations are opened by Biofarm, electronic transfers of funds
will replace the mailing of checks and money orders.