Today’s harried business owners can save time and money by taking advantage of an EFT (Electronic Funds Transfer)process, which is available at financial institutions.
Using EFT for banking can reduce the time and money spent paying expenses or receiving income. Within hours instead of days, a much-needed payment can be made to meet bill payment deadlines. Convenient for both buyer and seller, an electronic money transfer is secure and convenient for busy professionals who are striving to pay bills on time and manage receivables.
Here are a few more ways EFTs can help your business:
- With an electronic transmittal system in place, business owners can manage transfers on an as-needed basis, or set up a routine process.
- Business owners don’t have to worry about running out of postage or forgetting to pay an invoice.
- Business owners can use EFTs to pay recurring expenses such as office equipment rentals, payroll, and inventory payments, without spending time to write and mail checks, or paying a staff person to handle them.
- Privacy is guaranteed by most or all financial institutions. The federal Electric Fund Transfer Act protects consumer rights with respect to unauthorized or inaccurate electronic fund transfers.
One caveat: Business owners using electronic funds transfer must ensure adequate funds are in the account to cover all scheduled automated payments. If an electronic fund transfer is attempted from an account with an inadequate balance, the account holder may be fined or have to pay a service charge.