In today’s digital age, there are many ways to transfer money quickly and easily. Whether you’re sending money overseas or paying bills, several options are available. This blog post will discuss some of the most common money transfer methods so you can choose the best one. Zil provides one of the best online banking experiences and provides one of the best quality business checking accounts for all your business needs.
What is an Electronic Fund Transfer (EFT)?
Electronic fund transfers enable you to send money from one bank to another online. There is no need for paper documents, so the procedure is much quicker. This makes electronic bank transactions more accessible than other payment methods.
Electronic fund transfers, or EFTS are done entirely without the assistance of bank employees. There’s no need for paper records since they are digital transactions.
Transfer Money Online by Different Ways
ACH Transfer
The Automated Clearing House (ACH) network allows funds to be transferred electronically between bank accounts in the United States. If you ever receive a direct deposit payment, this is how you will receive it.
For ACH transfers, you must provide your customers with your account number, routing number, and any other banking information required for ACH transfers.
It is frequently up to the payer to set up an ACH payment due to the requirement for the proper resources and accounts. Zil makes it simple to transfer ACH or direct deposit.
Mobile Pyments
Any payment processing services performed from or through a mobile device are referred to as mobile payments. They are governed by financial rules.
Zil is available on your phone, and all of the features available on the web version are also available on your phone. Our platform offers the most comprehensive cross-platform experience.
Wire Transfer
Wire transfers are when you send money to someone else electronically. This is accomplished through a global network run by banks and other transfer services. A wire transfer requires information from the person to whom the money is being sent, such as their name and account information.
Online wire transfers do not require physical money transmission, but they are paid electronically. Wire transfers can be done both domestic and international. Money transfer by wire is simple in Zil.
Physical and Virtual Card Transfer:
People use plastic cards issued by their banks to track their personal or business spending. These cards are frequently referred to as credit cards or plastic payments. There is a virtual equivalent of physical credit, such as debit cards, credit cards, and other payment methods. Each card has the name of the cardholder, a 16-digit card number, a PIN, and a CVC. A magnetic strip can be found on a card that can be held in your hand.
A virtual card, on the other hand, can be used anywhere, on any smartphone or smart watch, or for online purchases. Customers can use one of these cards to pay their bills. Credit and debit cards are accepted for immediate payment. With debit and credit cards, you can send and receive money online.
Zil provides their customers with both a physical and virtual debit card, money transfers are simpler using both debit cards.
eCheck
eCheck is a type of electronic funds transfer that uses the ACH network to process customer payments to the payee’s account. The technology for eCheck transactions was developed to cover traditional paper check processing and transactions, including bill payments, direct deposit, and other person-to-person transactions.
An eCheck is a paper check that has been digitized. It’s also known as an electronic check, digital check, internet check, or direct debit transfer. An eCheck can be used in two ways in Zil Money: first, it can be used in the form of an ACH transaction, or you could send an eCheck through email, which will allow the payer to print and deposit the check.
In short, Zil provides you with the best business banking account for all your business needs without compromising on anything. Open an account instantly without any minimum balance requirement, zero maintenance, or hidden fees. Zil makes money transfers and check deposits easy from the comfort of your home without wasting your valuable time.
