As the name implies, an electronic funds transfer (EFT) describes the process by which parties send and receive money (i.e., “funds”) through electronic channels. Although the term is often used interchangeably with Automated Clearing House (ACH) payments, EFTs encompass a much broader range of payment options, including wire transfers, e-checks and even PayPal.
As a bank or credit union, it is much easier to maintain existing customers than it is to attract new ones. In fact, many financial institutions quickly discover that going after cold leads is both expensive and ineffective.
Whether you're a small business, an enterprise corporation, a financial institution, or a software partner, we have created a series of blog posts to help you and your customers, learn more about the complex nature of payments. Take a look to learn how payments can help to simplify your business operation, and may even help to grow your revenue.
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