Electronic Funds Transfer (EFT) offers a secure and convenient method of payment for companies that manage payments and transactions between multiple bank accounts. In this week’s blog, we highlight how companies can expect to benefit from utilizing EFT payment features in their day to day financial transactions.
Long Term Savings
In Microsoft Dynamics GP, users can post EFT payments by creating a file to upload to the bank. By doing so, companies receive direct deposits and can do away with additional transactional costs such as online processing fees and costs associated with postage and stamps for companies that mail physical cheques.
Companies sending cheques through the mail run the risk of forgery and for the cheque to be lost in the mail. Meanwhile, EFTs provide companies with enhanced security measures when processing their financial transactions. With built in security features, EFT ensures that transactions are done through a secure online network and funds directly deposited into the companies affiliated bank account.
Simple and Convenient
EFT’s functionalities offer a variety of methods that simplify financial transaction processes for companies. Users are able to set automated payment features, which is useful for things such as paying vendors by a particular date as well as for payroll functionalities. EFTs are also accessible, requiring only an internet connection in order to make any payment processes and for transferring funds across bank accounts.
Heimdall Sham, Digital Content Creator, WebSan Solutions Inc.,