An electronic fund transfer can make your transactions secure and cost-effective. Carrying cash around in the modernized era can be outdated and inconvenient.
Trying new technologies and strategies for business is a good way to start the development journey. Finance is the fundamental part of every business, and bringing advancement in this sector can gain you more customers and more value. These 4 electronic fund transfers can help you achieve effective financial management and stay on top of the competitive market:
- ACH
- Wire Transfer
- eCheck
- Credit Card Payments
First, let’s get an idea of what an electronic fund transfer is.
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Electronic Fund Transfer
An EFT, or electronic fund transfer, is the transfer between businesses via a financial institution where the transfer is completely digital. These transfers take place independently from financial institutions. As a digital transaction, there is no need for manual handling and paper documents. Zil Money allows you to make vendor payments and manage payroll and bills using electronic fund transfers. EFT has become the most prevalent method of money transfer since it is a simple, accessible, and direct payment or transfer of funds.
Traditional payment methods are challenging due to the following:
Time-Consuming: Traditional transactions come with the disadvantage of physical handling and lead to slow payment and reconciliation processes.
Costly: There are hidden fees to manage and move cash, such as security and accounting costs.
Risk of Theft: The use of physical money is very risky since it is easily stolen or lost, making it a less secure method.
Lack of Transparency: It will be difficult to monitor and track cash transactions, and this will lead to inefficiencies in accounting.
Inconvenient for Modern Business: Physical cash handling doesn’t support automation or give the speed required in today’s digital economy, slowing down business operations.
ACH Transfers
ACH payments are a reliable and secure U.S.-based electronic payment system that facilitates easy money transfers between checking accounts. With strong security, ACH ensures automatic payments and deposits, making it an environmentally friendly choice that reduces paper use.
Managed by NACHA, Zil Money’s ACH operations maintain consistent, smooth processing, with transfers completed in 1-2 business days. For greater efficiency, the platform provides same-day ACH transactions and quick payment options that enhance cash flow management. The software’s ACH transfer simplifies transactions, reduces costs, and offers the best financial management.
The platform offers a recurring ACH feature with added security for fund transactions. For example, landlords can use a reliable way to collect rent via an automated monthly ACH payment from tenants. The recurring process is a win-win for both the lessor and lessee.
Wire Transfer
Wire transfers are a way to electronically move money from one financial institution to another. That means there’s no need to handle cash or a check manually. With Zil Money, you do not need to be there in person to set up a payment. The platform offers affordable and secure international and domestic wire transfers.
How to Make Wire Transfers?
- Log in to the Zil Money account
- Select the method you need to make the payment from
- Select ‘wire’ from ‘Pay As’
- Enter the amount, payee email ID, and memo
- Select the account and payee
- Click on ‘wire now.’
You will need to add payee information before making the transactions. Details given below are needed:
- Account number of the recipient
- Name of the recipient
- Address and zip code of the recipient
- Routing number
- SWIFT code for international transfers
Electronic Check Transfer
Zil Money offers eChecks, also known as electronic checks, which are the digital form of physical or paper checks. Users can easily pay and receive instant eChecks through email and text. The all-in-one platform supports eCheck payments and provides the feature at an affordable and secure price. Without manual intervention, both payers and receivers can benefit from the convenience of eChecks. Compared to traditional check payments, electronic checks are cost-effective and clear. They can be sent as printable PDFs, and the payee can print checks if they need them.
Credit Card Transactions
Credit cards are another method of electronic fund transfers. With credit cards, you can enhance the cash flow of your business. But unsure about how to pay with a credit card? The platform is here to save you.
Zil Money allows you to send credit card payments to support your business’s cash flow. You can pay payroll, vendors, and suppliers even if you do not have sufficient funds. With a credit card, you can make payments and earn points, rewards, or discounts.
In certain circumstances, your payee may not accept credit card transactions due to additional fees. The software eliminates payee fees on credit card transactions. Without any extra fees, the payee and payer can make the transactions efficiently. The all-in-one platform also allows businesses to send credit card payments via ACH, wire transfer, virtual cards, and check mail. With its flexible options, Zil Money is best for all your business transactions.
Conclusion
For a better digital economy, adopting electronic fund transfer (EFT) methods can greatly enhance business efficiency, security, and cost-effectiveness. Zil Money makes these transactions unified, automated, and secure, reducing the dependency on traditional payment methods and enabling better cash flow management. By integrating these digital payment solutions, businesses can stay competitive and optimize financial operations. They can also ensure a reliable, modern approach to transactions, positioning themselves well for long-term growth.
