Electronic fund transfer, also known as EFT, is the best way to make transactions affordably in this digital age.
Do you fall under the ‘broke people’ category, like the financial guru Dave Ramsey says? According to him, a broke person is someone whose bills are more than their income. Have you ever thought about why your bills are always more than your earnings? One of the reasons for this is the hidden fees that are failing American small businesses financially.
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How To Overcome Hidden Fee Issues In 2025?
Hidden fees are a serious issue that every business owner should find a way to get out of that loop. Imagine making 25 transactions in a month, each one quietly slipping a few dollars out of your pocket. By the end of the year, those “small” fees could add up to a new piece of equipment, a month’s rent, or an entire marketing campaign.
Zil Money offers electronic fund transfer methods for businesses and individuals without hidden fees. Users can make transactions securely and affordably without limitations and restrictions. The platform is the best because users can make transactions without:
- Maintenance fee
- Hidden fee
- Initial fee
- Minimum balance requirements
What Is Electronic Fund Transfer?
An electronic funds transfer (EFT) is the digital money movement from one checking account to another. As a digital transaction, there is no need for outdated paper documents. EFT has become a prevailing method of money transfer because it is a simple, accessible, and direct payment or transfer of funds. Zil Money offers:
ACH
ACH payments are transfers of funds using the ACH Network to move money from an account at one financial institution to another. Zil Money offers affordable same-day ACH transfers without paperwork. ACH transfers are processed via a secured network called NACHA. The network processed 8.4 billion payments, totaling $21.5 trillion in the Q3 of 2024.
Wire Transfer
Wire transfers are sent by one institution and received by another. They require information from the party initiating the transfer, such as the recipient’s name and account number. The platform offers international and domestic wire transfers electronically. Users can make a wire transfer anytime from anywhere via the software. To make a wire transaction, you need to provide:
- Account number of the payer and payee
- Routing number of the payer and payee
- Account holder name
- Receiving financial institution’s name and address
- SWIFT/IBAN code (for international transfer)
Wire transfers are used for guaranteed payments because they cannot bounce. Once the money is sent, it will reach the payee’s account.
Virtual Card
Zil Money provides virtual cards for online purchases, with funds available in one business day. Users can instantly create virtual cards with just one click. The platform offers virtual card customization options for your business, where you can set limits to the cards. Virtual cards are more secure because there is no physical thing to steal. Your business can create multiple virtual cards with just one single account. The platform allows you to integrate the virtual card API with the payment system easily.
Electronic Checks
The all-in-one platform offers eChecks, also known as electronic checks. They are the digital form of physical or paper checks. Users can easily pay and receive instant eChecks through email and text. Payers and receivers can benefit from the convenience of eChecks without manual handling. For example, businesses can eliminate writing and posting checks and instead create multiple checks via Zil Money. 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 when needed.
Credit Card Transactions
The platform offers a credit card bill payment feature to maintain the business’s temporary cash flow. With Zil Money, you can pay your bills electronically using a credit card without the payee/merchant fees. Users can earn rewards and discounts with credit card transactions. The reconciliation service helps you keep your account in top shape by simplifying the process of matching payments and maintaining records.
How Safe Is Electronic Fund Transfer?
Zil Money is designed to pay your bills electronically in a safe and effective manner. It is built with security features to safeguard every transaction. Sensitive information such as accounts and routing numbers is protected on the software. The platform’s servers are constantly monitored to provide constant protection at all times. Users can make domestic or international transfers without the concern of fraud or theft. The payer can ensure that funds are deposited accurately into the right payee accounts.
Conclusion
In 2025, staying ahead financially means choosing smarter ways to move your money, and electronic fund transfers offered by Zil Money provide an option. Users can protect businesses from unnecessary costs and hidden fees via the platform. By embracing secure and affordable digital payment methods, you can keep up with the times and build a future where every dollar counts.
