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Electronic Fund Transfer

Written by Patricia Tunstall
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Electronic Fund Transfer for Quick Payment

Electronic fund transfer brings fast payment to merchants for customer check and credit card transactions. Processing paper checks and credit card payments manually is tedious and time-consuming, and a busy business owner would rather be attending to increasing sales. In fact, as any small business owner knows, paperwork can be overwhelming, but when there is not yet enough profit to warrant hiring employees or an accountant, the burden falls entirely on the owner.

Electronic fund transfer reduces paperwork associated with customer transactions, especially depositing checks. Check deposits take considerable time to complete, from stamping the business name on the back of each check, to making up the deposit slips. Any procedure that can replace this menial activity is surely welcomed by merchants.

ACH Processing

ACH services perform several invaluable functions for business owners, but one of the most valued is the reduction of paperwork. Paperless checks make a merchant's life so much easier by eliminating the necessity of handling and processing paper checks. ACH streamlines this whole process by enabling Internet merchants to accept checks without the hassle of manual processing.

Through check conversion, ACH lets merchants convert paper checks into electronic deposits within 48 hours. Yet another function lets merchants convert paper checks into electronic transactions on the spot without having to deposit the check itself. All these important features use electronic fund transfer to actually deliver the payments to the merchant's bank account.


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