Are you looking for a simple and secure way to make payments? Then Zil Money is the place to be! Use our platform and experience all the benefits from the comfort of your home or office without wasting any of your time or money, you can easily create, write, and print checks or send eChecks and other methods, including EFT payment methods like ACH, wire, and so on, to your recipients using our simple and user-friendly platform. Keep reading to know more about different payment methods and more about our platform.
Electronic Fund Transfer (EFT) Overview
When you use a computer to transfer money from one bank account to another, this process is known as an electronic fund transfer, or EFTS. They are entirely completed without the assistance of bank personnel. There is no need for paper records because these are digital transactions.
EFT payments require two parties to function: a sender and a receiver. When the sender agrees to send funds to the receiver, the funds are transferred from the sender’s account to the receiver’s account via the appropriate payment network. Make payments with different EFT payment methods.
Make payments with Different EFT Methods
Direct Deposit
In contrast to the use of a paper check, “direct deposit” refers to the electronic deposit of funds into a bank account. Direct deposit necessitates the use of an electronic network that allows for interbank deposits. This is known as a “automated clearing house” (ACH). The recipient’s account is automatically credited because the funds are transferred electronically; there is no need to wait for the funds to clear. Zil Money, our platform, offers direct deposit for payroll and other purposes.
Debit and Credit Card Transactions
Cards with 16-digit serial numbers are credit and debit cards. They can be used to make purchases both online and in-store. The card also includes an expiration date. In addition, the card bears the cardholder’s name. The funds in your bank account are used to fund debit card transactions. Purchases made with a credit card are made with borrowed funds. Card readers accept both credit and debit cards.
ATM Transactions
ATMs are machines that let people take money out of their bank accounts. People use debit cards and credit cards to pay bills, make payments, and move money. Even though you can sometimes use ATMs for free, you may have to pay a fee if you use one that is run by the bank where you have an account.
Electronic Check (eCheck)
An electronic check is a type of electronic funds transfer that uses the ACH network to move money from a customer’s account to the account of the payee. The technology for electronic check transactions was made so that traditional paper checks could be processed and used for things like paying bills, getting direct deposits, and other transactions between people. Zil Money lets you send an eCheck through the ACH network or a digital check through email. The person who gets the check could cash it.
ACH
The Automated Clearing House network is what you use to move money from one bank account to another. ACH transfers are a type of payment that can be made online. They are often used to automatically pay bills or make direct deposits. The Automated Clearing House Network takes care of transactions three times a day in groups. This means that it takes less time to send money and get it back than with other ways.
Wire Transfers
A “wire transfer” is an electronic way to send money to someone else. This is done with the help of a worldwide network that is run by banks and other financial institutions. For a wire transfer, the person receiving the money must give their name and account number. Wire transfers are settled electronically, while cash transfers are done in person.
Check
A check is a written, dated, and signed instrument that instructs a bank to pay the bearer a specific sum of money. The payer, or drawer, is the person or entity who writes the check, while the payee is the person or entity to whom the check is written. Checks are convenient because they can be quickly and easily cashed or deposited into a checking account. Furthermore, they provide a record of the transaction, which can be useful to both the payer and the payee. However, keep in mind that a check is a legal document, and as such, it should be used with caution. Design, write, and print checks from the comfort of your home without any additional cost.
If you’re looking for a secure, simple, and user-friendly platform for managing your business finances, we’ve got you covered. Using our online platform, you can send a check digitally or by mail or make other EFT payment methods with a single click, and all your personal information is secure and safe with us at all times. Overall, use Zil Money to make payments with a variety of options. So why wait? Sign up today and start sending payments with ease.
