In today's digital world, cannabis businesses are constantly looking for ways to improve efficiency and cut costs. One way that businesses are doing this is by changing the way they make and receive payments. In the past, businesses would write and mail paper checks to vendors and suppliers. However, this process is not only outdated, but also time-consuming and expensive. So today, more and more businesses are using electronic funds transfer (EFT) for payments.
EFT payments are a convenient way to pay vendors and suppliers, and receive payments from clients. Unlike traditional methods such as checks and money orders, EFT payments are processed electronically between banks, which means they can be completed quickly and securely.
This blog post will explore some of the benefits of EFT and how it can help your business in 2022.
What Are The Benefits of EFT Payments For Businesses?
Here are the benefits of using EFT payments for your business:
1. EFT Payments Provide Quick Access To Funds
One of the most appealing features of EFT payments is the speed with which they can be processed. Because EFTs deposit funds directly from one account to another, payments can be made almost instantaneously, meaning funds can be settled into the receiving bank account in as little as 24 hours.
EFT payments are particularly useful for businesses that need to make regular payments to vendors or suppliers or for businesses that want to streamline their payment collection from clients. This is a significant advantage over traditional methods like checks or money orders, which need to be manually delivered and can often take days or weeks to clear.
2. EFT Payments Are Safe and Secure
EFT Payments are an excellent payment method if you are concerned about fraudulent activities. EFT payments are encrypted and transmitted securely to the recipient’s bank. The payment is then processed through the bank's security measures. EFT payments are also backed by the bank's fraud protection, so you can feel confident that your payment is protected.
Unlike with EFTs, a paper check could be lost or stolen in transit and could be easily altered. With an EFT payment, there is no physical document that can be lost or stolen – only a digital record of the transaction. For these reasons, EFT payments are generally safer than paper checks.
3. EFT Payments Leave a Digital Trace of Each Transaction
In today's business world, speed and accuracy are essential. That's why more and more businesses are turning to digital payment methods like EFTs. EFT payments offer several advantages over traditional manual methods of tracking.
First, it helps to automate the process, freeing up time that can be spent on other tasks. Second, it reduces the potential for human error, as all records are stored electronically. Finally, it requires no manual tracking, which can be time-consuming and prone to errors. Overall, having a digital trace of your payment records is an efficient and effective way to manage your business.
4. EFT Payments Can Be Used for Both One-Time and Recurring Payments
Setting up EFT payments is a great way to streamline your vendor payments. With EFT, you can directly deposit funds into your vendors' accounts, whether it's a one-time payment or part of a recurring payment schedule. This can save you time and money by eliminating administrative efforts required with other traditional methods. Plus, it can help improve your relationships with vendors by ensuring they always receive their payments on time.
Why You Should Utilize EFT Payments For Your Business
There are many reasons to consider utilizing Electronic Funds Transfer (EFT) payments as a tool for your business. Perhaps the most important reason is that EFT payments are highly efficient - they can be processed quickly and easily without needing paper checks or manual data entry.
In addition, EFT payments are very secure. All relevant information is transmitted electronically, so there is no risk of lost or stolen checks. And because EFT payments are made directly from bank account to bank account, there is very little risk of fraud or bounced checks.
It's no secret that the business world is constantly changing. What worked last year might not work this year, and what works today might not work tomorrow. That's why it's so essential for businesses to stay flexible and adaptable. While there are many optimizations your business may need in 2022 and going into 2023, EFTs should be at the top of your list.
EFT payments are fast, efficient, and secure, making them an ideal option for businesses of all types. In addition, EFT payments are typically less expensive than traditional methods such as credit cards or wire transfers. As a result, switching to EFT payments can help businesses save money and become more efficient.
How Can Merrco Help?
Merrco offers payment processing solutions to cannabis, CBD and other regulated businesses in Canada and the US. Contact us at email@example.com or call us at 1-800-957-0534 to learn more about how we can help your business process payments quickly and securely.