Most forms of consumer monetary transactions involve a collaboration of entities representing the consumer, business, banking/financial, and government sectors. The instrument form, payment application, and delivery technology have all evolved from the simple check or draft where an account holder issues a written order that authorizes the recipient to submit the instrument for payment. Thanks to the World Wide Web, we have seen credit and debit cards rise in monetary transaction importance, but check-based instruments still exist and are, in fact, making a comeback. This is due to two relatively new ways of handling check-style payments electronically: · Electronic Funds Transfer (EFT) is a non-check method for electronic payments and collections. EFT is considered safe, yet is less expensive than paper checks. The government, a large user of EFT, estimates a cost of $0.86 to issue each check payment, whereas, it costs only $0.09 to issue an EFT payment. Moreover, checks normally take time to cash plus time for various functions in the check-clearing system. EFT technology makes it more efficient and convenient by significantly reducing paperwork. · Direct ACH uses the government-industry clearinghouse function to enact monetary transfers electronically without paper checks. Direct ACH transactions may include paychecks, payments to contractors or vendors. They also include consumer payments for things such as products, liabilities, mortgage loans, and all sorts of bills. Of course, businesses also use ACH to collect from customers online, rather than accepting credit or debit cards. When shopping for systems, software, and products to help your business to compete as an online e commerce merchant, don’t forget to include EFT and ACH Direct payment options in your planning. The professionals at SecureGlobalPay are well prepared to advise you and supply you with your entire Internet merchant account needs.