We have recently expanded our payment methods by adding electronic funds transfer (EFT). With this new payment method, you are able to transfer money directly from your bank to your vendor’s account at a fraction of the cost. Since it is immediate you don’t have to wait several days for the money to reach your vendor.

Our current merchants can use this service with little or no change to their existing website and integration. We provide standardized interface for merchants to access all of the payment methods; merchants can focus on building their business by reaching the global market through a simple and easy to use platform.

How does EFT work?

EFT has been around for over 40 years. There are many forms of EFT and one of the forms, eChecks, is a payment method that we have been offering for almost 10 years. The difference in this new offering is that, unlike eChecks, you or your customers don’t need to have the check printed, mailed, or otherwise processed. eChecks are a good way to pay bills but can sometimes result in non-payment due to issues such as insufficient funds, account closed, wrong account number or routing number, or other reasons. This may cause up to a week before learning whether or not the payment was successful.

EFT avoids these problems by immediately confirming the payment upon completion of the transaction. There is never any mistake in the account name, number, routing number, or funds available as the sender logs directly into their bank account to make the transfer. The only remaining factor is if the sender has enough funds in their account.

Are EFT payments safe?

Accepting EFT payments is probably the safest and most reliable way to have your customers send you payments. EFT payments are safer than credit cards, which face issues such as fraud, chargebacks, and fines and fees as a result of chargebacks. eChecks reduce fraudulent payments but are still prone to customers cancelling or recalling their payments which result in additional costs for returned and cancelled checks.

EFT payments cannot be recalled or cancelled. This is because the customer must log into their bank account and pass the banks’ security requirements in order to make the payment. In other words, the customer cannot claim they didn’t make the payment and the payment cannot possibly be made if they don’t have sufficient funds. Merchants can now safely and confidently fulfill their product or service delivery without fear of having the funds recalled and receiving fines and additional fees.

How to get started with EFT payments

The EZPayNow payment platform is designed to accept credit card transactions, electronic checks (eChecks), and EFT payments all through the same and easy to use API. Existing merchants will simply add the new payment method to their account upon receiving the API credentials. To make things even simpler, we can provide you with a virtual terminal payment page so that you can get started fast and without any technical hassle.

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