EFT (Electronic Funds Transfer)

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Many companies want to eliminate the requirement to cut and send cheques to their counter parties. To facilitate this they will use Electronic Funds Transfer (EFT) functionality. EFT allows businesses to transfer money directly to a vendor's bank account. This is done by generating an export file which instructs a bank to move funds from one account to another.

Standard functionality in Macola limits EFT processing to US banks and currency. Harvest Ventures' EFT utility provides Macola users with the functionality to create EFT export files for any bank or currency. It can also be configured for Automatic Clearing House (ACH) payments.

  • This tool offers a simple to use interface with the flexibility to set up the mapping layout specific to your banking requirements
  • Transfers to vendor accounts are seamless and easy including options for emailing directly from the EFT utility with customizable messages
  • The utility can be launched from any Macola or Progression screen that suits your business process
  • The EFT utility by Harvest Ventures enhancesMacola functionality by extending the EFT ability to all bank and currencies. As a result, businesses have better traceability and visibility into the payment process.