How does the EFT process work?
Your customers sign a simple authorization form that authorizes you to deduct the amount of their payments on a certain date. (Telephone verbal authorizations must be taped. There are third-party companies that you can contract to do this function.) Your customers provide you with a voided check to verify account information. Your charges are then automatically deducted from their bank accounts each week or month on the day they are due and deposited into your account . Unlike most of our competitors, your funds are not held for 3 to 5 days. Since you have direct, password protected access to the Federal Reserve system with our software, You receive your funds within 24 hours. EFT is a very simple way to receive payments from your customers electronically. A one-time authorization enables YOU to debit the specified amount from your customer’s account and deposit payment to YOUR account on a one time or recurring schedule. We do not have access to your money nor do we handle or control
