Dealernet EFT Credits
Dealernet EFT credit exchange is provided as a free service for members to safely and efficiently transfer funds on the Dealernet marketplace and to pay for any membership/transaction fees incurred. Instead of waiting for checks to arrive or the costs of PayPal/credit card processing, Dealernet credits can be used to complete all transactions instantly. There is no need to provide credit or banking information to other individuals when utilizing Dealernet credits. Members can transfer any available balance (see My Account Summary Tab) to another member.
All transfers are considered irrevocable once initiated - the same as a bank wire transfer. Only the recipient can refund Dealernet EFT credits, and any such requests are between the two parties involved.
Dealernet EFT credit program is modeled as a mobile wallet transfer system to let members pay membership fees, transaction fees, and to send/receive payments from other members. Dealernet EFT credits exist solely for the use and benefit of Dealernet members in good standing, and there is no implied valuation of Dealernet credits outside of the Dealernet marketplace.
Sufficient funds to cover the overall member EFT credit balances are kept in a secured FDIC sweep account through Meridian Bank.
Funding Dealernet EFT Account
- All active members can send and receive unlimited credits without any extra steps required from the My Account Summary tab with other members.
- To add more credits into your account, you must provide your bank routing and account number using the ACH Form found under the My Account Summary page.
- Additional credits can be purchased using the Buy Credit link upon request, or withdrawn using the Redeem Credit link ($3000 monthly limit).
- Members are provided a summary of all activity including fees incurred using the EFT Totals link for any date range requested.
Withdrawing Dealernet EFT Credits
- Members can redeem/cash out up to $5000 in credits per month.
- Credits are transferred via Paypal (account ID must be set up first).
- The only fees incurred will be those charged by PayPal.
NEW Membership Dues Discount Program
For members that choose to enroll in auto EFT billing for membership fees, maintain a positive EFT balance, accept EFT credits for all transactions and agree not to make any WD requests directly via Dealernet (Paypal GS). Eligible members can request a 10% discount off their monthly vendor rates ($35/65/249) directly from Help Desk. If any member is currently enrolled at any other vendor membership plan, the available discount will be 5%.
If you have any questions about Dealernet EFT after reading this FAQ, please contact our Help Desk.