To those who have never owned a business, the process probably seems quite simple: you come up with a good idea, choose a location out of which to operate, and simply welcome the customers in to buy your product or service. However, those that have been managing businesses for years know that there is much more to it than that. Not only do you have to make decisions about who your suppliers will be and how much you’ll pay your employers, you have to think about ways to make your processes cheaper and more efficient. EFT is a great way to streamline your finances and make your business more profitable.
Are you wondering what exactly EFT is? Don’t worry, many business owners are only now starting to realize what an advantage this form of payment processing can be for their companies. Basically these letters stand for Electronic Fund Transfer, which is a method for moving money from one bank account to another without ever having to write a check or handle any cash. This eliminates long trips to the bank, and the delay between your customers writing a check and you receiving the money.
One of the most popular forms of EFT is the direct deposit program that many employers, from restaurants to international corporations, are now using to pay their workers. Instead of having to print, sign, place into envelopes and mail or hand deliver paychecks, the sums are simply deposited at the beginning of the designated day, preventing the use of costly resources. This method of electronically paying employees is also helpful in preventing paychecks from becoming lost, damaged, or stolen in the mail. Credit card terminals, automatic teller machines and point of sale purchases are also other forms of transferring funds electronically.
If you’re unsure about whether using EFT will really benefit your business, you should know that hundreds of working hours are wasted every year conducting the outdated processes that were discussed above. Wouldn’t you like it much better if all your accounting and payment systems worked together in harmony? This way you will have the pleasure of seeing payments for your services come in much faster, and your employees will have the confidence that they’re pay will be in their accounts securely, and on time, every time. If you’re looking for a way to gain an advantage over competitors, and take your business to the next level of profitability, electronic payment processing is a good first step.