In today’s digital age, there are a lot of convenient methods for transferring funds. There are a number of options to send money online from international money transfers to paying a bill. This article will go over some of the several popular ways to send money so that you can pick the one that works best for you. To meet the needs of any business, Zil offers a high-quality business checking account and a top-notch online banking experience for a reasonable price.
What Is an Electronic Funds Transfer?
Electronic funds transfers allow you to move money digitally across an online network, either between banks or between individuals. There is no need for paper documents because the transfers are digital. This significantly speeds up the process and makes EFTs more accessible than other methods of sending money.
EFTs make it easy to move any amount of money from one bank account to another, whether the accounts are at the same financial institution or not.
Working Principle
An EFT requires two parties to complete the transaction: one must send funds and another must receive them. To complete the transfer, the sender must also provide a few critical details, such as the name of the recipient’s bank, the recipient’s routing and account numbers, and the type of account they have.
Once initiated, the transfer proceeds through a series of digital networks from the internet or a payment terminal to the sender’s bank and then to the receiver’s bank. EFTs on the ACH network are processed in batches; the network waits for a collection of pending transfers to accumulate before processing them. The majority of these payments are cleared within a few days.
Send Money Online Using EFTs
ACH Transfer
The Automated Clearing House (ACH) network enables electronic funds transfers between bank accounts in the United States. If you ever receive a direct deposit payment, you will receive it in this manner.
You must provide your account number, routing number and any other banking information required for ACH transfers of the receiver.
Due to the need for the appropriate resources and accounts, it is frequently up to the payer to set up an ACH payment. Zil makes ACH and direct deposit transfers simple.
Mobile Payments
Mobile payments refer to any payment processing services performed from or through a mobile device. They are subject to financial regulations.
Zil is available on your phone, and it includes all of the features available on the web version. Our platform provides the most robust cross-platform experience.
Wire Transfer
Wire transfers are used to electronically send money to another person. This is made possible by a global network operated by banks and other transfer services. A wire transfer requires the recipient’s information, including their name and account number.
Online wire transfers do not necessitate the physical transfer of money, but they are paid electronically. Wire transfers can be done both domestically and internationally. Zil allow you to Send money online by wire easily.
Physical and Virtual Card Transfer:
People use bank-issued plastic cards to track their personal or business spending. These cards are also known as credit cards or debit cards. Physical credit or debit has a virtual equivalent, such as virtual debit or credit cards. Each card bears the cardholder’s name, a 16-digit card number, a PIN, and a CVC. A magnetic strip is located on a card that you can hold in your hand.
A virtual card, on the other hand, can be used anywhere, including on any smartphone or smart watch, as well as for online purchases. Customers can pay their bills with one of these cards. For immediate payment, credit and debit cards are accepted. You can send and receive money online using debit and credit cards.
Zil provides with both a physical and virtual debit card, making money transfers easier.
eCheck
eCheck is a type of electronic funds transfer that processes customer payments to the payee’s account via the ACH network. The eCheck transaction technology was created to cover traditional paper check processing and transactions, such as bill payments, direct deposit, and other person-to-person transactions.
An eCheck is a paper check that has been digitized. An electronic check, digital check, internet check, or direct debit transfer are other names for it.
To sum up, Zil gives you the best business banking account possible, one that meets all your requirements without exception. You can open an account right away with no minimum balance, no ongoing fees, and no surprises. Send money online and deposit a check using Zil. Transfer money from the comfort of your home faster and easily.
