Online Payments vs EFT Service

“Why use an EFT (electronic funds transfer) service provider when I have an already existing online payment feature for customers, members or donors?” This question is surprisingly common among business owners and managers who use an online form to accept payment through a merchant service account or a third party processor such as Paypal™. While these options are likely the best solution to processing transactions for an online store, POS or other unique purchase where the consumer’s credit card is being charged onetime only for the specified amount, this may not be the best option for recurring payments. Is the task of processing individual transactions month after month overwhelming you or your staff and thus preventing them from doing the activities necessary to grow your business or organization? Do you have a secure way to store this sensitive information for future transactions? If any of these questions cause you to doubt your method for processing recurring payments, you may benefit from partnering with an EFT service provider.

The significant difference between using an EFT service provider versus an online payment form is the ability to process recurring transactions with ease and accuracy. Similar to an online payment form, you are required to capture basic contact information, transaction amount, method of payment and any other item that is unique to your business. However, you do not need to be concerned with storing this sensitive information or remembering to process the transaction in the future. Your EFT service provider accepts responsibility for the security (including PCI Compliance) of this information, payment transfers and follow up for returned transactions, giving you the peace of mind necessary to redirect your focus from this tedious business process. If you think there has to be a better way to process your recurring payments than through an online payment form, you are correct! Contact NAC at (800) 992-6024 and ask for a business analysis to find out if there are ways you can increase your revenue with less work.