Electronic Funds Transfer (EFT) is a broad term used to describe any digital movement of money between financial institutions. This includes direct deposits, wire transfers, ACH payments, and PIN-based debit card transactions. EFT eliminates the need for paper checks or cash and enables fast, secure payment processing between accounts. It is widely used for payroll, vendor payments, and recurring billing. EFT transactions are typically processed through national clearing systems.

If you rely on regular payouts or pay vendors through digital methods, understanding EFT timelines and processing windows is important. AltoPay supports EFT-based merchant settlement, helping ensure your funds are delivered to your bank on time. You should confirm that your account and routing details are accurate and monitor settlement schedules if cash flow is time-sensitive.