Types of EFT payments.

A direct deposit refers to transferring funds electronically from one bank account to another. 

ACH transfers are a type of online payment that enables the transfer of funds between two domestic bank accounts for free or at a nominal cost. They’re slightly slower (up to 4 business days) than wire transfers

Wire transfers are secure, real-time EFTs that move money between financial institutions. They are instant and generally carry a transfer fee. Wire transfers generally involve large transactions or international payments. 

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Here are the benefits of EFT payments:

• Speed: EFT payments are faster, in some cases, even instant. Hence, they enable quick transactions, unlike their paper counterparts. 
• Convenience: EFT transactions are significantly more convenient than paper transactions for both individuals and businesses. You can initiate and complete them digitally anytime and anywhere. 
• Reduced costs: EFT payments eliminate the need for paper and manual processing, making them less money and resource-consuming than paper transactions. 
• Security: EFT payments are backed by robust encryption and authentication measures, making them highly secure and trustworthy. 
• Accuracy: Electronic payments reduce the risk of human error, such as typing in the wrong amount on checks or inaccurately counting paper bills.
• Global transactions: EFT payments enable you to send and receive money across the globe.
• 24x7 accessibility: EFT systems like ACH and Wire operate around the clock.

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