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Frequently Asked E-Check/EFT Questions.

What is EFT?

EFT stands for Electronic Funds Transfer. The EFT system is a Canadian electronic payment network used to process Electronic checks (E-Checks) and transfer funds between bank accounts. The Electronic Funds Transfer (EFT) network is the same safe, secure, and reliable system used by hundreds of thousands of companies for processing direct deposit payroll, loans, mortgages, and utility bills. EFT has been in use for over 30 years and is an extremely safe private network that is not part of the Internet. Through DebitWay EFT, E-Check payments are available as an alternate method of payment that can also offer convenience, savings, and features that make accepting paper checks seem archaic.
What are benefits of accepting EFT E-checks on my website?

More than 30% of internet merchants already offer E-checks as a payment option at checkout. The reason is simple. The more ways customers have to buy from you, the more sales you make. E-checks gives you a way to capture more sales from buyers who do not have cards, are maxed out on cards or simply want to pay you through a bank account.
What types of companies qualify for EFT merchant accounts?

Both standard risk and high risk merchants in all categories are welcome to apply for an account.
What kind of software or equipment is needed for DebitWay EFT/E-Checks?

As a consumer no specialized hardware is required. All you need is a working computer with an Internet connection. As a merchant offering DebitWay’s EFT payment processing, you only need integrate DebitWay’s payment service gateway to your checkout payment page. Simple, painless and infinitely rewarding!
What types of transactions can be processed through the EFT network?

EFT gives you the ability to accept payments online on a one-time basis.
Can I send and receive ACH payments through First ACH?

Absolutely, contact your sales representative for more information.
How is the EFT system used?

EFT is a payment method that allows merchants to send and receive payments electronically. EFT can be for both debit and credit transactions. A debit transaction deducts payments from a customer’s bank account and automatically transfers the funds to the merchant’s account. EFT credits are used for sending money to bank accounts.
How long would it take for me to receive funding after I debit an account?

Typically the funds will be released 3-5 business days after the effective date of the transaction as is the standard practice with paper checks.
What are the benefits of EFT for recurring billing?

EFT is particularly beneficial for recurring billing. Once established, bank accounts seldom change. Recurring payments continue on a regular basis without the need to update customer information, creating a dependable recurring revenue stream for merchants.
Is using DebitWay EFT a complicated procedure for potential online customers?

Absolutely Not! Most people have paid a bill by check over the phone or online. As such they have effectively used a version of EFT. If an online client can write a paper check, he/she can write an E-Check.

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