EFTS (Electronic Fund Transfer System)
EFTS virtually eliminates the need to create invoices and write checks for reimbursement for interlibrary loans and document delivery between participants. Among the advantages are monthly detailed transaction based reports, the ability to handle variable charges and the ability to handle non-DOCLINE transactions.
"I learned that the cost to process each invoice at my institution was $30-40. We estimated the number of small invoices submitted by the library per year, did the math, and it immediately became a no-brainer to my VP"
"With a small library and small budget I worried about the surcharge (3% to the lender), but we have saved much more than we will ever pay in fees. The streamlined ILL billing permitted us to maintain staffing at the current level instead of increasing it. Electronic fund transfers are well understood by accounting, so talk it over with a director there to get some figures on savings before presenting EFTS to your supervisor. Our library reaped an added benefit: senior management was impressed by our adoption of current technology to save money for the medical center."
From MLGSCA Link, volume 38, issue 4
