6 Common EFT Myths – And the Truth Behind Them

Electronic Funds Transfers (EFTs) have become a core payment method for modern enterprises, yet misconceptions still prevent some organizations from fully adopting them. For CFOs and operations leaders, understanding the real capabilities of EFTs is essential to improving payment efficiency, reducing costs, and strengthening cash flow management.

Despite widespread adoption in Canada, many executives still hear objections from stakeholders or legacy-minded teams: EFTs are too slow, they are insecure, they are difficult to implement, or they do not provide adequate records. These myths often stem from outdated experiences or confusion with older payment systems.

Accept/Pay Global works with large organizations to modernize their payment processes, and in doing so, we encounter the same six myths repeatedly. Here, we address each one with the facts.

Myth 1: EFTs Are Slower Than Paper Cheques

The Truth: Modern EFTs are faster, more predictable, and more secure than physical cheques. While traditional EFTs may have taken multiple days to clear, today’s systems — particularly when paired with platforms like Accept/Pay Global — can process payments in one to two business days, and in some cases, the same day. The elimination of postal delays and manual cheque handling dramatically reduces payment cycles.

Myth 2: EFTs Are More Vulnerable to Fraud

The Truth: EFTs, when implemented with robust authentication and encryption protocols, are significantly less vulnerable to fraud than paper-based payments. Accept/Pay Global incorporates multi-factor authentication, role-based permissions, and transaction monitoring to detect anomalies before funds are released. Unlike cheques, EFTs leave no physical document that can be intercepted or altered.

Myth 3: EFT Implementation Is Complex and Disruptive

The Truth: Modern EFT platforms are designed for seamless integration with existing ERP, accounting, and treasury systems. Accept/Pay Global’s onboarding process includes technical support, compliance checks, and staff training to minimize disruption. Many organizations can transition from cheque-heavy workflows to EFTs without interrupting day-to-day operations.

Myth 4: EFTs Are Only for Large Payments

The Truth: EFTs can handle payments of all sizes — from small vendor disbursements to large B2B transactions. For enterprises with multiple payment tiers, EFTs offer flexibility, allowing finance teams to automate routine payments and prioritize high-value transactions without using separate systems.

Myth 5: EFTs Lack Transparency and Tracking

The Truth: EFTs offer detailed payment records, often with better traceability than manual methods. Accept/Pay Global provides comprehensive reporting dashboards that give finance teams real-time visibility into payment status, approval workflows, and historical transaction data. This level of transparency is particularly valuable for audit readiness and compliance reporting.

Myth 6: EFTs Are Not Cost-Effective Compared to Cheques

The Truth: The cost of printing, mailing, and reconciling paper cheques often far exceeds the per-transaction cost of EFTs. When you factor in the efficiency gains from automation, reduced administrative labor, and fewer payment errors, EFTs deliver measurable cost savings. Accept/Pay Global clients often see a positive ROI within months of migration.

Strategic Takeaway

For finance executives, dismantling EFT myths is more than a technical exercise — it is a leadership opportunity. By clarifying misconceptions, you can accelerate the shift to more efficient, secure, and scalable payment methods.

With the right partner, such as Accept/Pay Global, EFT adoption becomes not just a payment upgrade but a competitive advantage. You gain:

• Faster payment cycles for improved cash flow

• Reduced fraud risk through advanced security measures

• Lower operational costs through automation

• Complete visibility for compliance and audit readiness

EFTs are the present standard and the future of payments at the same time. The organizations that understand and act on this reality will be positioned to operate with greater agility and resilience in a competitive market.