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，所以没有需要现金或纸质检查。
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类型。因此，所有ACH交易都是电子资金转移的类型，但并非所有电子基金转移都是ACA交易。
电子资金转移包括所有类型的电子付款。另一方面，一个ACH payment是在自动化结算室网络（例如，工资单和直接存款）内进行的。
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，刷上直接存款法。
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.
电子联邦纳税系统（EFTPS.)is a tax payment service you can use to make tax payments to the IRS.
ATMs让你银行没有进入银行并与出纳员交谈。您可以在您的账户之间提取现金，拨款或转帐资金。
借记卡允许您制作EFT事务。您可以使用借记卡从您的业务银行账户中搬运。使用借记卡在线，亲自或通过电话在线购物或支付账单。并且，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允许您使用计算机或移动设备进行银行交易。您可以使用您的计算机或移动设备在帐户之间汇款。
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账户信息。如果您正在进行EFT付款，则必须授权资金转移。然后，从您的帐户中获取资金并存入收件人的帐户。
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支付所需的时间量取决于：
- 付款类型
- 您的EFT提供商
- When you submit the payment
您的EFT付款可能需要在任何地方一到四天。某些电子资金转移在同一天发送并收到（例如，电线转印）。
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在下一次预定的转移之前。
遵循金融机构停止预定转移的政策。否则，您的停止可能会无效。您的州可能还有其他规定，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。