You constantly make payments to contractors, suppliers, vendors, and employees (if you have ‘em). It’s what you do as a business owner. Wouldn’t it be nice to skip cash and checks? Instead of using paper to pay people, you can make EFT payments.
EFT stands for electronic funds transfer. In business, you can send—and receive—EFT payments to streamline the payment process. Read on to learn more about what is EFT payment and how you can use it in your business.
What is electronic funds transfer (EFT meaning)?
An electronic funds transfer moves money from one account to another electronically over a computerized network. EFTs require both the sender and recipient to have bank accounts. The accounts do not have to be at the same financial institution to transfer funds. Both individuals and businesses can make EFT payments over the computer, using card readers, or over phones.
EFTs debit (increase) one person’s account and credit (decrease) the other person’s account.
EFT交易也称为电子银行。一切都是无纸化的，因此不需要现金或纸质支票。
The电子基金转移法(EFTA) regulates electronic funds transfers. The EFTA is a federal law that protects individuals who make EFT payments. For example, the EFTA requires financial institutions to provide consumers with a summary of rights and notifications of unauthorized transactions.
EFT与Ach
You might be wondering what the difference between an EFT and ACH (Automated Clearing House) payment is.
ACH是一种EFT。因此，所有ACH交易都是电子基金转移的类型，但并非所有电子基金转移都是ACH交易。
电子资金转移包括所有类型的电子付款。另一方面，ACH payment在自动化的清算房屋网络（例如工资单和直接存款）中进行。
例如，电线传输是不是空调采暖的事务。相反,一个wire transfer is a type of EFT transaction.
Types of EFT
There are a number of ways to transfer money electronically. Here are just some common EFT payments you might use for your business.
直接存款lets you electronically pay employees. After you run payroll, notify your direct deposit service provider of the amount to deposit in each employee’s bank account. Then, the direct deposit provider transfers that money to employee accounts on payday. Not all employers can makedirect deposit mandatory，因此要制定直接存款法。
Wire transfersare a fast way to send money. They are typically used for large, infrequent payments (because there’s a fee). You might use wire transfers to pay vendors or make a large down payment on a building or equipment.
电子联邦税款制度（EFTP)is a tax payment service you can use to make tax payments to the IRS.
ATMs让您不走进银行并与出纳员交谈。您可以在帐户之间提取现金，存款或转让资金。
借记卡允许您进行EFT交易。您可以使用借记卡从您的业务银行帐户中移动资金。使用您的借记卡进行购买或亲自或通过电话支付账单。而且，您可以接受客户的借记卡付款。
电子检查are similar to paper checks, but they are used electronically. You enter your bank account number and routing number to make a payment.
Mobile walletslet you pay bills, transfer money between accounts, or receive payments over the phone.
Personal computer banking让您使用计算机或移动设备进行银行交易。您可以使用计算机或移动设备在帐户之间移动资金。
How does an EFT payment work?
You might want to send an EFT payment to someone. Or, you may give customers the option to pay you via an electronic funds transfer.
要进行EFT付款，发件人必须知道收件人的银行帐户信息。如果您要进行EFT付款，则必须授权资金转帐。然后，这笔钱是从您的帐户中获取的，并存入了收件人的帐户。
There might be a fee for some EFT transactions. For example, you might have to pay for certain ATM transactions. However, other transactions might be free.
EFT payment processing time
处理EFT付款所需的时间取决于：
- 付款类型
- 您的EFT提供商
- When you submit the payment
您的EFT付款可能需要一到四天。一些电子资金转移是在同一天发送和接收的（例如，电线传输）。
EFT payments typically only process on business days. And, there might be certain cut off times. For example, you might need to make an electronic money transfer before 9 p.m. If you place the transaction after that time, the transaction won’t begin until the next business day.
Can you stop an EFT payment?
Normally, you cannot stop an EFT payment after you initiate it. The EFTA does not give you the right to do so. If you need to stop a payment or have your money refunded, that is between you and the person you paid.
However, you might be able to stop scheduled, recurring EFT payments (e.g., scheduled utility EFTs). You can stop an upcoming scheduled payment by notifying your financial institution atleast three business days在下一次预定转移之前。
遵循您的金融机构的政策，以制止预定的转让。否则，您的停止可能是无效的。您的州也可能有其他规定，因此请务必检查您的州法律。
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This article was updated from its original publication date of 9/11/2012.
This is not intended as legal advice; for more information, please点击这里。