• ACH Transfers
• Wire Transfers
• Instant Payments
• Electronic Checks
• Online Bill Payments
• Direct Deposit Payments
• Debit or Credit Card Transactions
• It has not collapsed but rather accelerated through the COVID-19 phase. It is hope amid uncertainty and means continuity for an otherwise stagnant economy.
• It has retained its core values and emerged as a viable option for even small businesses in the long run.
1. Flexible, Convenient and Efficient
The 2020 crisis calls for a reassessment of basic infrastructure and operational methods for many. As we ponder over risk mitigation, the value of an EFT process stands out as a flexible, time saving, cost-reducing, and inclusive growth-inducing model. In reducing additional costs, simplifying transaction processes, maintaining a reliable transaction repository and in streamlining internal processes, EFT helps improve operational efficiency and maintain commitment with business partners, suppliers, and customers.
2. Higher Security Means Lower Payment Frauds
Credible financial management institutions are committed to providing the highest level of security for their clients, thus partnering with a reliable firm can ensure that EFT payments made for business transactions are sent through highly secure communication channels, thereby limiting the chances of various payment frauds.
3. Be a Green Economy Supporter
Even a simple step can make a big contribution to reducing the hazardous impact on our planet caused by so many of our actions. Less paper means more trees as well as less carbon emission. While debates exist around the pros and cons of going paperless, what we can do is cut out the excess consumption without necessarily jeopardizing our forests, ecosystems or even the livelihoods of people.
2020 has been a game-changer and as we ponder over future prospects and what will the new normal be like, tools like electronic funds transfer (EFT) resonates with the larger necessity of digitalization and the potential it holds during and post the crisis. Digitalization has made a significant impact across a wide range of industries and while a universal change in payment behavior by customers, governments and private businesses is still under discussion, we remain hopeful that a model conducive to our economy as well as our basic rights can be devised and appropriately utilized in due course of time.
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