Help
Frequently Asked Questions
What is EFT?
Are EFT payments safe?
How does EFT work?
Do you earn interest on "float?"
When are electronic payments issued?
How long does it take for an EFT to be received?
When is the money for an EFT deducted from my account?
What happens if I don't have enough money in my bank account?
Why can't I issue an EFT payment?
EFT
Electronic Funds Transfer, or EFT, allows us to send payments to your payees electronically, rather than printing and mailing a paper check. EFT payments are especially advantageous because your payee receives payment faster than with a paper check, and there is no risk of a check getting lost in the mail. Back to top
Just like Payroll Direct Deposit and ATM transactions, EFT payments are extremely safe. All payment information is encrypted with 128-bit SSL and sent through a secure communications channel. Information cannot be redirected, read, or tampered with. Back to top
In general, the EFT process can take up to 3 business days. Listed below is an example of how an EFT payment reaches your payee. Monday: Payment is issued and the EFT process initiates. The payment leaves your Pending Payments section and can be viewed as a report. Tuesday: Your account is debited via ACH (Automated Clearing House). ACH is the national standard for debiting a funding account. Wednesday: Payment is sent to your payee via RPPS (Mastercard Remote Payment and Presentation Service). Thursday/Friday: Depending on your payee's "back-end processes," the payment will post to your account. Back to top
EFT transactions are not immediate (like a wire transfer). When an EFT is generated, the funds for your payment are ACH debited from your account within 24 business hours. However, it can take up to 3 business days before your financial institution releases these funds to us. To expedite the EFT process, we issue payment to your payee immediately. Your payee will generally post this payment to your account within 3 business days. Once the funds you authorized are released from your financial institution, they are deposited with us. Since some financial institutions can take up to 3 business days to release your funds to us, there is no "floating" of your funds or interest earned. Essentially, we have made payment on your behalf and your funds are used to "repay" us. Back to top
If you authorize payment in advance, your EFT will be sent at 8:00 PM CT on the day you designated the payment to be sent. To have an EFT issued on the same day you authorize payment, you must authorize the transaction by 8:00 PM CT. Back to top
For payees that can accept EFT, we recommend that you set the payment date at least 3 business days in advance of the due date. Back to top
Funds will be deducted within 1-2 business days of the payment date you specified. Back to top
As with a paper check, your account must be adequately funded to cover all payments. Some EFT transactions may clear your account within 1-2 days after the payment date, so be sure your account is funded in advance to avoid bounced payments. You may be charged an additional fee for each payment returned for insufficient funds. Back to top
Although most large payees accept electronic payments, many smaller payees do not have the technology to accept them at this time. In these cases, you may issue a paper check. However, there may be other reasons why you are unable to issue an EFT payment (such as collections issues). Back to top
