Versatile Electronic Transfer Account
An electronic transfer account is an integral part of a merchant account setup, not a separate entity. It is the final step in the automated process of authorizing credit card use and transferring the payment funds into the merchant's bank account. All this is accomplished by the credit card payment system that accompanies a low cost merchant account.
An electronic transfer account is one of the many valuable features of all merchant accounts, regardless of the size or type of the business. It does not matter if the business is Internet, mail order, retail, or a restaurant, for the account itself consists of all necessary equipment and services to authorize and process check and credit card payments, and transfer funds to the merchant. The end result of electronic processing of customer payments is the equally efficient transfer of those funds to the merchant within a short time.
Faster Payment
One of the big advantages of an electronic transfer account is the speed with which it operates to get payment funds into the merchant's bank account. If the merchant were to manually process check and credit card payments, actual funds would not be deposited for days, or possibly weeks. With merchant accounts, the system batches out daily, and funds are deposited to the merchant within 48 hours. All this is completed automatically because it is inherent in the system.
The advantages of fast payment are many for the business owner. Anytime the merchant has more money available, the easier it is to pay bills--rent, utilities, payroll. When payments are fast and on time, the merchant can rely on them and schedule such ongoing expenses as maintenance work and buying replacement equipment.
