Payment Gateway Solutions
In businesses today, physical cash is being counted and handled in micro payment businesses and financial institutions anywhere from 5-9 times before the physical money actually reaches its final destination. The cost of cash handling in some industry sometimes is more than the value of the cash itself. Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically.
The term is used for a number of different concepts: cardholder-initiated transactions, where a cardholder makes use of a payment card electronic payments by businesses, including salary payments electronic check (or cheque) clearing Transaction types. A number of transaction types may be performed, including the following: