Electronic Funds Transfer
EFT stands for Electronic Funds Transfer, and they are an electronic payment type that allows you to debit from or deposit payments straight into another bank account. EFT Payments let you send payments directly to your vendors and suppliers or collect payments directly from your clients and customers without sending anything through the mail. You can set up EFT payments for single-entry or recurring payments.
01. Send/Receive payments
To initiate an EFT Payment, you need to get permission and bank account information from the vendor or customer from whom you would like to send or receive payment.
02. API or Batch filing
Some business workflows don’t require instantaneous data validations. There are some cases where weekly, monthly. or quarterly data validations fit the bill. If you’ve integrated with our API, your validations can happen in-house. However, if an API integration isn’t right for you, our batch processing system will likely meet your needs.
03. 24 hour settlement
Transactions are processed on the same day that they are received providing you with a 24 hour settlement on any transactions that are sent or received.