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21.6.08

Electronic Fund Tranfers with echecks & small merchant account

Electronic Funds Transfer (EFT) provides for electronic payments and collections. EFT may be initiated by a card holder when a payment card such as a credit card or debit card is used. This may take place at an automated teller machine (ATM) or point of sale (POS), or when the card is not present, which covers cards used for mail order, telephone order and internet purchases.

Another option to do electronic fund transfer is via echecks. You can deposit paper checks as if they were electronic funds and accept echecks over the phone. The new systems today automatically convert paper checks into echeck. But now a days merchant account processors create rate schedules that are very complex and it makes it very difficult to know that how much you need to pay for a given transaction.

Also when there are no spokesman or big people in your company you must have solid information on small business merchant account to expand your business across various niches.

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