What is Electronic Funds Transfer (EFT)?

June 23, 2022

Electronic Funds Transfer (EFT)

Business owners can make many payments daily, including payments sent to employees, vendors, product suppliers, etc. Gone are those days when we used paper for making payments.

Electronic funds transfer (EFT) is a type of payment that lets you move money from one account to another in a quick and worry-free way.

To start using EFTs, both parties should have bank accounts. You can make an EFT payment with a computer, card reader, or over the phone.

An EFT will debit one account and credit the other. The whole money exchange process is fully digitalized.

There are several types of EFT payments that you might use for your business:

  • Direct deposit to issue direct payments to your employees;
  • Wire transfers to send large sums of money;
  • The Electronic Federal Tax Payment System (EFTPS) to make tax payments to the IRS;
  • ATM transactions to withdraw cash, make deposits or transfer funds between your accounts;
  • Debit cards to move money from your business bank account;
  • Mobile wallets to pay bills, transfer money between accounts, or receive payments on your smartphone;
  • Personal computer banking to make electronic banking transactions with your computer or mobile device.


Whichever type of EFT you will use for your business, the US Processing Payments team is always happy to help you implement the preferred payment method into your business.

For expert advice and world-class customer service, contact us by phone from 9 a.m. to 4 p.m. Central Time at 1-888-312-1203, Monday throughout Friday.

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