EFT – Electronic Fund Transfer

What Is EFT?
EFT (Electronic Funds Transfer) lets you send money to your payees electronically instead of printing and mailing a paper check. EFT payments are safer and faster than mailing a check. With EFT there’s no chance of the check getting lost in the mail, and you don’t have to wait for the postal service.

How Does EFT Work?
The EFT process usually takes up to 3 business days, we’ve outlined the process below:

Monday: payment is issued and the process for EFT commences. Your order will ship at this point so you’re not waiting.
Tuesday: Your account gets debited via Automatic Clearing House (ACH). ACH is the national standard when debiting a funding account.
Wednesday: Your payee gets the electronic payment.
Thursday/Friday: The payment may be posted to your account. This depends on the payee’s back-end process.

EFT transactions usually take 3 business days, however they can occasionally clear your bank account the same day they’re issued. Ensure your account has the proper funding to avoid the payment bouncing.

What Happens If I Don’t Have Enough Money In My Bank Account?
Your account must be adequately funded to cover all payments just like a paper check. Some EFT transactions may clear your bank account the same day they are issued so make sure your account is adequately funded to avoid bounced payments.