Electronic Funds Transfer, or EFT, is a payment method that permits users to send funds from one bank account to another through the web. Many businesses still use traditional methods of payment,so here are 5 reasons why you should make the switch to EFT.
Accountants and controllers know the struggle of managing payments. Utilities bills to keep the lights on, vendors so you can produce your products, and other services are payed monthly to keep your business running and growing. It can be a long and arduous process writing cheques, paying credit card bills, and waiting for signatures and approvals. EFT is much faster, allowing with a click of a button to complete all your transactions on one single page.
2. It’s More Secure
You probably hear the word, ”security” everyday and there’s a reason for it. According to the 2019 AFP Payments Fraud & Control Survey and J.P. Morgan, 70% of businesses reported being exposed to cheque fraud. 43% of these organizations reported financial losses related directly to financial fraud.
EFT’s use a direct deposit method— money moves directly between bank institutions. The bank releases money to the recipients you have listed on your EFT file. Communication is limited to computer systems of the bank institutions belonging to the sender and recipient of money. This greatly reduces the risk of fraud as there are less opportunities for criminals to interfere.
3. Drastically Cut Costs
Using cheques and traditional wire transfers can become costly, especially when used at higher volumes. Canadian EFT for Acumatica has no transaction limit or minimum, and it costs nothing to complete each transaction. Once you have a subscription, you can complete as many or as little transactions as you need at no additional cost.
4. Go Green
We know a lot of organizations are starting to think about their impact on our planet. Outside of energy consumption, paper usage is likely your biggest negative against your footprint. Cheques and mailings require an excess of these. Not to mention the fuel used to get to your nearest Canada Post. EFT is a functioning and viable option. Why not use it?
5. It’s Finally In Canada
Yes, our Canadian Acumatica users did not had access to the EFT payment method our neighbours to the south have. Now a subscription is available to use this feature in Canada! Usability of course is outstanding, because it lives within your Acumatica platform—it’s not a separate application! For our other ERP users, stay tuned because there maybe something special for you soon too.