What is Electronic Funds Transfer
Electronic Funds Transfer, or EFT, is a means to transfer money electronically from one banking institution to another. This is accomplished without having paper money or checks exchanging hands. One of the most commonly known application of EFT is direct deposit. However, the term applies broadly to any system that transfer funds electronically.
Why Leverage EFT for Your Business Using Bill.com
If you are using paper checks in your business, you understand how time consuming it can be. Using Bill.com, you can get paid electronically or pay your invoices with a click of a button.
When you choose to use Bill.com to get paid electronically, you will be receiving payments significantly faster than paper checks. It eliminates the need to make runs to the bank to deposit checks as well. The direct deposit will arrive in your bank account automatically in a few days. In addition, Bill.com allows your customer a choice in their electronic payment: ePayment (or ACH, which will be a direct debit into your bank account), credit card, or PayPal. Find out how Bill.com can help you rake in your receivables 2 to 3 times faster with our accounts receivable automation solution.
Paying bills with Bill.com is a cinch as well. You can schedule bills to be paid with a single click. In addition, our accounts payable product simplifies the complicated and time consuming bill approval process by automatically routing bills to approvers. They can approve invoices to be paid remotely, anytime, anywhere. Most importantly, electronic payments made through Bill.com are designed with your security and privacy in mind. Data in transit is encrypted with Transport Layer Security (TLS). Learn about our accounts payable workflow solution now.
Bill.com Syncs With Leading Accounting Software
Bill.com eliminates a critical step in any business, updating your accounting software when you pay a bill or receive a payment. With integration with Quickbooks Online, Quickbooks Desktop, Xero, NetSuite, Intacct, and import / export support with software like Dynamics and Sage, you can be sure Bill.com will save you valuable time and avoid errors from double entry.