EFT is a method for transferring money automatically by using the facilities of the Automated Clearing House (ACH), an entity associated with the Federal Reserve Banks. EFT is the only system by which a merchant can initiate a transaction to collect money from the bank account of a customer located anywhere in the USA. In addition, it can be used to transfer money outwardly to pay bills.
One of its most important functions in collecting money from customers is the money is automatically transferred on the DUE DATE as CASH, not uncollected funds. The cost of collection via EFT is less than the cost of conventional methods of bill collecting, using statements, mail, postage, employee costs, etc. EFT costs are based on the #'s of transactions, regardless of the dollar size, and this cost with very large volume is negotiable. In conjunction with lower per transaction costs, there are lower charges for a bounced check, $4.00 per item.
Who does EFT? Only banks or financial corporations with bank guarantees may transmit directly into the EFT network. At Citycard International Services we believe a new way of doing business is on the horizon, one where we give the Client much more control over their own money in their Corporate Accounts.
There is no hardware to buy. Upon obtaining customer authorization, you may enter it into a blank file disk, or transmit to us by ASCI-11 Data files electronically. EFT is an excellent choice for companies with web sites, future service and membership based companies, such as health clubs, leasing and loan companies, subscriptions, and insurance companies, etc.