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…
Read moreFinance managers know that cash flow efficiency is the backbone of a healthy business. Yet, many companies still rely on paper checks—a payment method that is slow, expensive, and prone to errors.
What are the real costs of using paper checks? More importantly, how can businesses eliminate inefficiencies and cut costs with Electronic Funds Transfer (EFT) solutions? Let’s break it down.
The True Cost of Paper Checks
While checks may seem like a standard business practice, they come with hidden expenses that eat into your bottom line.
🔹 Processing Costs – It costs up to $10 per check when you factor in printing, envelopes, postage, and bank processing fees.
🔹 Manual Labor & Admin Burden – Writing, mailing, tracking, and reconciling checks takes valuable employee time, reducing productivity.
🔹 Delayed Payments – Checks can take days or even weeks to clear, disrupting cash flow and supplier relationships.
🔹 Fraud Risks – Paper checks are among the most vulnerable payment methods to fraud, including forgery and check-washing schemes.
🔹 Lost & Misplaced Checks – Mail delays, lost envelopes, and reissued checks create additional costs and frustrations.
It’s clear that paper checks are an outdated, high-cost payment method. The solution? EFT payments.
Why EFT is the Smarter Choice for Businesses
Electronic Funds Transfer (EFT) is a modern, cost-effective payment solution that eliminates the inefficiencies of paper checks. Here’s how:
1. Lower Payment Processing Costs
EFT payments are significantly cheaper than checks, reducing overhead and administrative expenses.
2. Faster Payment Processing
Unlike checks that take days to clear, EFT payments settle quickly, improving cash flow and vendor relationships.
3. Automated, Error-Free Transactions
EFT payments integrate with accounting systems, reducing manual data entry, reconciliation errors, and administrative workload.
4. Enhanced Security & Fraud Protection
EFT transactions use bank-level encryption and secure authentication, minimizing fraud risks.
5. Better Cash Flow Control
With real-time tracking and automated payment scheduling, businesses can predict cash flow more accurately.
6. Scalability for Growing Businesses
EFT can handle high transaction volumes effortlessly, making it ideal for businesses looking to scale without payment bottlenecks.
Why Accept/Pay Global is the Right EFT Partner
At Accept/Pay Global (APG), we specialize in helping businesses transition from costly paper checks to efficient EFT solutions.
APG’s EFT Payment Solutions Offer:
✔ Lower costs than checks & credit cards – Keep more of your revenue
✔ Automated, real-time payments – Improve cash flow & efficiency
✔ Secure, compliant transactions – Minimize fraud risks
✔ Seamless integration – Connects with your accounting software
✔ Scalable for all business sizes – Built for growth
Make the Switch – Save Time & Money with EFT
Paper checks are costing your business more than you think. Are you ready to cut costs, improve efficiency, and secure your payments?
Contact Us today to see how Accept/Pay Global can help you transition to a faster, more secure EFT payment system. Let’s optimize your payment processes together.
