Electronic Funds Transfer at Point of Sale ( EFT POS )

EFT POS is the transmission of funds, debits and credits, and charges and payments electronically between banks and their customers. EFT is secure, accurate, and convenient. It is the fast mean of cashless payment, allowing your customer to pay for their purchases with credit cards. Payments from your commercial customers are deposited directly into your bank.

EFT assures your commercial customers that their receivable payments will be processed accurately and on time, every time.

EFT is safer and more secure than writing a check. EFT data is transmitted in an encrypted format whereas a check passes through several people who have access to all bank account and personal information.

Advantages of EFT POS

• Low transaction fee.
• Payments received precisely on time.
• Dramatically enhances cash flow.
• Money is collected on a set date and electronically deposited.
• Complete reporting shows what was paid and unpaid and the reason for nonpayment.
• No envelopes to open and no checks to deposit.
• No deposit slips and bank runs to make.
• Reduces lost or missing check problems.
• Excellent for CUSTOMER RETENTION .