EFT
Overview
EFT, or Electronic Funds Transfer, is a secure and efficient way to move money electronically between bank accounts. It's ideal for recurring or one-time payments directly from a customer's bank account to your business. EFT eliminates the need for physical checks or cash, streamlining your payment collection process and improving cash flow.
- EFT Debit: Collect funds from bank accounts in Canada.
- EFT Credit: Send funds to bank accounts in Canada.
EFT In Action
Check out our payables and receivables recipes to see an example of how you can use EFT payments.
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Accounts Payables
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Accounts Receivables
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Use Cases
- Recurring Billing: Ideal for subscription services, memberships, or any service with regular, predictable payments. EFT automates the collection process, reducing late payments and administrative overhead.
- Large or One-time Payments: Perfect for high-value transactions or invoices where credit card fees might be prohibitive. EFT provides a cost-effective way to handle such payments securely.
- Payroll Direct Deposit: Streamline your payroll process by directly depositing employee salaries into their bank accounts, eliminating the need for paper checks.
- B2B Payments: Simplify transactions between businesses by facilitating direct payments from one company's bank account to another.
- Bill Payments: Enable customers to conveniently pay bills directly from their bank accounts through your application.
- Donation Collection: Offer a secure and convenient way for supporters to make recurring or one-time donations to your organization.
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Updated 2 months ago
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