What are EFT Payments?
EFT is the acronym for Electronic Funds Transfer. EFT Payments allow you to move money from one bank account to another electronically. Most of us know them in relation to EFTPOS, but EFT’s also occur at ATM’s, when you use a debit or credit card and with your internet banking.
EFT Payments in Phoenix Financial Products
Many of our customers pay their employees in Phoenix Payroll using EFT payment (as detailed later in this article) because it is much faster than cheques. More of our customers are starting to use EFT payments to pay their suppliers.
Using EFT payment has a couple of key benefits over other payment methods:
- All EFT Payments are recorded by the bank or other financial institutions and it is so much easier to keep track of your cashflow.
- The security aspects cannot be understated. It is safer than cheques because all EFT payments are processed by the bank and will not be misplaced.
- Multiple suppliers can be paid in a single batch.
- Batches can be forward dated for payment on a future date.
- Double entry of transactions is eliminated as they don't have to be created in your bank website and then entered into Phoenix as well.
Check with your bank as you may need to register for EFT payments and the uploading of multiple payments first. Some banks may charge a fee for the EFT payment facility. The next step is to setup Phoenix following the procedure below:
Once you have that in place, you are ready to go with making your first EFT payment:
What would you need to do to troubleshoot EFT Payment?
Internet and Online Banking products available in Phoenix:
- ANZ Internet Banking for Business
- Bank of Queensland
- BankSA Business Banking Online
- Bankwest Business Banking
- Bendigo Bank e-banking
- Heritage Bank Online
- Landmark Finance Online Plus
- Macquarie Bank
- NAB Connect
- NAB Internet Banking
- Rabobank Internet Banking
- Rural Bank Internet Banking
- Rural Finance Internet Banking
- St George Business Banking
- Suncorp Internet Banking
- Westpac Business Online
- Westpac Corporate Online
- Westpac Online
If your bank is not listed above there is a facility to add other banks via the Generic Bank Entry product at the bottom of the list.
EFT Payment Video Tutorials and Webinar Recordings
We have video tutorials and webinar recordings to help you with EFT Payments. These are all available from within your data in the Phoenix software when you click on the Help menu and then select Video Tutorials.
EFT Payments in Phoenix Payroll
In Phoenix Payroll, you will need to setup the Business Bank Account details as well as your employees. Payment files consists of ABA files and BPAY files. These files are generated once a pay run has been finalised and then imported via internet banking.
Information on both file types can be found here: