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What is an EFT payment?

Editorial Team

2 min read

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An electronic funds transfer moves money from one account to another. The accounts can be at the same financial institution or at two different financial institutions. The transaction occurs electronically over a network. EFT transactions, often referred to as electronic banking, are done paper free, so there isn’t a need for cash or paper checks. EFT payments are processed through the Automated Clearing House (ACH) network.

Complete, secure EFT payment services

Today, no organization’s capabilities are complete without accepting EFT payment. The right provider will help ensure:

  • Your data is secure, conforming to standards that minimize the risk of EFT and electronic payment fraud
  • Your system is reliable —enabling you to process a high volume of transactions day in and day out
  • You have flexibility in selecting a financial institution to originate or process your EFT

Electronic Funds Transfer payments: Capture the potential

For consumers, business customers, and merchants, an electronic funds transfer payment system is quickly becoming a necessity rather than an option. Consumers and businesses want to avoid the time and trouble of handling paper checks, and they know EFT services are available in the online and offline marketplaces. Purchasers will naturally gravitate to merchants that offer the greatest convenience, and EFT is moving to the top of the convenience list.

If yours is like most businesses, you can’t afford to overlook the growing demand for an EFT payment option. Look for an EFT solution that is efficient and secure, and can be integrated with your accounting, ERP, and CRM software.

To learn more, contact our merchant services team today.

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