What gives Bank Drafts the advantage over EFTs (Electronic Funds Transfers)?
1) There is no qualifying or application required to use Bank Drafts, like there is for EFTs. You can be turned down or denied using EFTs (Electronic Funds Transfers) or ACH (Automatic Clearing House) services, based on a variety of financial reasons.. 2) With Bank Drafts, one simple procedure fits all, no matter who banks where. 3) With Bank Drafts there is nothing for you to do if you ever decided to change your own bank. With EFTs, it means setting up all over again. 4) Bank Drafts do not require uploading or downloading with the bank or a service provider’s web site.. 5) With bank drafts, if by chance you submitted any changes (in your customer’s info, like address, amount, name, etc.) late for that month, you simply don’t deposit the bank draft that arrived with the old information. If you’re late with updates on an EFT, you can’t stop the process as quickly and confidently as with a bank draft (a 2-3 week notice is required in most cases). 6) Customers feel more comfortable and w
Related Questions
- What is the difference between receiving payments with Bank Drafts, and receiving payments with automatic withdrawals (electronic funds transfer - EFT) like my insurance company receives?
- Will Blackbaud Merchant Services process direct debits/electronic funds transfers (EFTs)?
- What gives Bank Drafts the advantage over EFTs (Electronic Funds Transfers)?
