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.

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.

Related Products

• VoPay Verify
• Digital Debit Agreement
• eLinx

Similar Payment Methods

• VoPay Instant