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An Electronic Fund Transfer is a paperless monetary transaction occurring between two banks.  In the case of online sales, the customer's checking account information is input onto a webpage.  The customer's bank then routes and deposits the funds into your account.  There are, of course, many more intermediary steps that occur.  However, most of these steps happen in a matter of seconds and do not require any action on your part. There are many benefits to both the customer and business owner when using an electronic fund transfer, or EFT.  One of the main reasons to use an EFT is time savings, which are two-fold.  The first being that the funds are deducted much more quickly than when using a traditional check as they do not need to go through the mail.  This means that money is deposited into your bank account that much faster.  The second way that an EFT saves time is by cutting down on the amount of time spent on bookkeeping and keeping up on past-due invoices. The time and energy savings associated with an electronic fund transfer are also passed onto the customer as they have a decreased lag time between writing their check and the withdrawal being deducted from their account.  This keeps their checking accounts up to date and organized.  It is also much simpler for a customer to click a button or two online rather than getting out the checkbook, finding an envelope and stamp, and heading out to the post office.  Cutting down on the customer's effort even more, automatic reminder e-mails and payments can be set-up.  This makes customers more likely to pay on time, allowing the payment to get to you faster and reducing the amount of time you spend chasing down past-due checks. EFTs can streamline payment by enabling automatic payments which can be applied to either fixed or variable amounts.  By setting up an automatic payment, a client is no longer required to remember when they have to pay a bill and risk it being late.  Funds set up to be deducted from the customer's account on a specified date gets payment to you quickly, eliminates virtually any chance for delayed payment.  You then no longer have to waste your time with past-due invoices and phone calls and your clients do not have to worry about incurring any late-charges.  By having the ability to offer your clients the option of an electronic fund transfer, you are simplifying the lives of both you and your customer and getting paid in the process.

Posted in ACH, Checks, EFT on Nov 22, 2009