Electronic Fund Transfers

eft1.gifElectronic Funds Transfer (EFT) offers a host of benefits to both your business and your customers. Accepting payments electronically allows your customers to avoid using credit cards by having the funds directly debited from their bank accounts. In addition to the convenience this provides your customers, electronic funds transfer also saves your company money by eliminating the high fees associated with credit card transactions and replacing them with a much lower per-transaction fee.

Electronic funds transfer also has several advantages over accepting paper checks. You’ll receive the funds much more quickly and save time and money over processing paper checks.

Electronic billing is also a great tool for recurring payments. If you charge your customers on a regular basis, electronic funds transfer deducts the funds from their accounts automatically. This will save your business the time and costs associated with sending and processing bills.

You can set your business up with easy-to-use software and services for electronic transfers. You can accept electronic payments online, by phone, or by fax. You simply need to get the customer’s bank routing number, account number, and authorization for each transaction. You then submit this information each day through the network, and the funds appear in your account within 48 hours.

Banks can provide your company with a customized package that allows you to integrate electronic payment services into your existing payment processes. In addition to accepting electronic payments from customers, electronic funds transfer also allows you to pay employees and suppliers electronically with direct deposit.

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4 Responses

  1. electronic funds transfer is a great way to “automate” your business, meaning less work on your side and faster payments, no need to go to the bank and change the checks, or write checks. Paypal is one great way of accepting and sending payments, i use it quite often, i also use epassporte.com quite a bit 😉
    Really, time savers!

    Great post mate!

  2. Robin Bal says:

    Hey Jon,

    Sure this ETF is a big time and hassle saver, I don’t know about epassporte.com, need to check that out. Thanks.

    Cheers mate and take care.

  3. Angela says:

    If not for EFT, I don’t think any of my bills would get paid. I’m a big fan. My bank offers free online banking and they make it so simple.

  4. Robin Bal says:

    Hi Angela,

    Thank you so much for your visit and comment. I am a fan of EFT too, all my bills get paid on time and I don’t attract penalities.

    Take care and cheers.

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