- Quick access to funds: Payment is settled into the receiving bank account within 24 hours.
- A debit or credit card is not required: Eliminates waiting for cheques to clear.
- It’s safe and secure: The payment information is encrypted and sent through a secure channel.
Electronic Funds Transfer: Move money from bank account to bank account quickly for vendor or client payments.
Electronic Funds Transfer (EFT) is a form of electronic payment for debiting or depositing payments from one bank account directly into another. This is a useful tool for both vendor and supplier payments, or for ease in payment collection from your clients. EFT can be set up for a one-time transfer or for a recurring payment.
PayHQ EFT is an effective solution for businesses that wish to make or receive payments from another organization quickly. If you have a lot of recurring bills or often deal with the same vendors and clients on a regular basis, we can help by streamlining the process!