Chances are, you’ve used electronic funds transfer (EFTs) even if you don’t know it.
Whether it’s been in your personal life or your business, EFTs are a way of life. But if you have a small business, there are many benefits to electronic funds transfer.
So, what do you need to know?
What is electronic funds transfer?
In a nutshell, EFT is when payments happen over a computer network – meaning, no actual bills or coins changes hands. People and companies use EFT to pay bills, buy goods and services, gift money to friends and family and pay employees.
Think of this: You’ve sent a Venmo to a friend after dinner to cover your share. Or, you transferred money from your savings account to your checking account to cover a large expense. That’s EFT!
Are EFTs safe?
If you haven’t really thought about electronic funds transfer for your business, you might be wondering if they are safe. After all, for many small businesses, cash is king. But they are as safe and secure as cash because they are protected by federal law.
What are the benefits for small businesses?
There are many benefits to EFT for small businesses, but the biggest one is probably speed. You can move money faster than accepting other forms of payment – think sending a check to pay your mortgage or phone bill. It is near instantaneous with EFT and a lot more foolproof.
You can also get to your money faster, and there are generally fewer fees (unlike credit cards!).
It’s also more flexible. Your customers can purchase your product or service from where they are without having to worry about carrying cash or whipping out a credit card. That means they’ll find you convenient – which could mean better sales!
If you have questions about how electronic funds transfer (EFTs) can work for your small business, we can help. Contact us today!