What is Electronic Fund Transfer (EFT)

What is EFT

 Electronic Funds Transfer (or EFT) allows you to send money to your payees electronically rather than printing and mailing a paper check. EFT payments are faster and more secure than a paper check, there’s no chance of the check getting lost in the mail and you don’t have to wait for the regular mail system.

Are EFT payments safe?


EFT payments are as safe as Payroll Direct Deposits and ATM transactions. The payment information gets encrypted with 128-bit SSL and is sent through a secure communications channel, and this information cannot be redirected, read or tampered with. Just like a credit card you can dispute a charge and your bank will reverse it immediately pending investigation.


How does EFT work?


Generally the EFT process takes up to 3 business days and follows the process below:


Monday: Payment is issued and the EFT process begins.  Your order will ship at this point, no waiting

Tuesday: Your account is debited via ACH (Automatic Clearing House). ACH is the national standard for debiting a funding account.

Wednesday: Your payee receives the payment.

Thursday/Friday: The payment may post to your account depending on the payee’s back-end processes.

Most of the time EFT transactions take 3 business days, however it’s important to note that occasionally transactions can clear your bank account the same day they are issued. Ensure your account is funded in advance to avoid the payment bouncing.  


What happens if I don’t have enough money in my bank account?


Your account must be adequately funded to cover all payments just like a paper check. Some EFT transactions may clear your bank account the same day they are issued so make sure your account is adequately funded to avoid bounced payments.