All about Electronic Funds Transfer (EFT)
Paying people, paying bills, and collecting payments is easier than ever with ATB's Electronic Funds Transfer.
What is an EFT?
"With EFT, there is no need for cheques, envelopes, stamps, and the time related to process paper. It's a huge cost saving for our organization." ATB Customer Kathy, Kenway Mack
Slusarchuk Stewart LLP
An EFT allows ATB Online Business banking customers to electronically accept and send payments or transfer money from one account to many accounts. Use this service to make or collect regular and recurring payments like payroll, rents, or recurring fees.
Why use EFTs?
"Besides benefiting from possible time savings in processing, some businesses have experienced other advantages of going electronic such as being able to receive immediate payment from customers—enabling businesses to manage cash flows more effectively." Canadian Federation of
ATB's EFT service is a fast, safe, and cost-effective way to collect receivables and make payments. When compared to cheques, EFT offers numerous advantages for small and mid-sized business owners:
- Increase efficiency and productivity. Free yourself and staff from preparing and mailing cheques, reconciling bank statements, waiting for mailed payments, and making deposits.
- Manage your cash flow. Know exactly when funds will be processed and if money has been successfully sent or collected.
- Improve safety and control. Minimize fraudulent transactions and lost payments with electronic copies, and set up approval workflow and limits for employees who process your payments and receivables.
- Save money. EFTs don't require ordering, mailing, lengthy processing, or manual depositing at the bank—saving you time and money.
How do EFTs work?
To send an EFT, you first have to prepare an electronic file that contains names, payment amounts, currency, time of payment, and bank account information for transactions you want to make. You can do this using your existing accounting software. Then, you simply have to submit this electronic file to ATB through ATB Online Business banking, and we will process the payments automatically for you.
For EFT pricing customized for your business
Contact an EFT Expert
What is cash flow, and why should I care?
How to design a cash-flow forecast for your business
3 ways to tighten cash flow gaps
1 This online calculator is for illustrative purposes only and uses standard fees for ATB Business & Agriculture customers in its tabulations. This is intended for use by ATB Business and/or ATB Agriculture customers only. Not applicable to ATB Corporate Financial Services Customer products and services. TM trademarks of Alberta Treasury Branches.