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Electronic Funds Transfer (EFT)

Electronic Funds Transfer (EFT) is a term that has been employed a great deal recently, however it is entirely within the realm of possibility that many online merchants and internet consumers may still be a little unclear on the on the history, nature and advantages of paying or receiving payment via EFT.

While the most common definition of Electronic Funds Transfer reads as follows:

Electronic funds transfer (EFT) is the electronic exchange, transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

That definition is ambiguous at best.  It does not explain in detail the methods in which said transactions are processed and the method with which these transactions are process is in fact the information both consumers and merchants want to know.  There a numerous forms of EFT according to mainstream definitions, below are lists of payment methods that are classified as Electronic Funds Transfer:

  • Transactions initiated by a cardholder via Credit or Debit cards
  • Direct Deposits, for example: the automatic deposit of a person’s paycheck into their account
  • Electronic Checks, for which merchants receive payment directly from the consumer’s bank account

What we will be looking at is the definition for EFT in Canada and the practical application of this alternative payment method (See green text above).  While all 3 of the payment methods listed can indeed be classified as electronic funds transfer due to their common omission of tangible money being exchanged, we will be looking at eChecks specifically in order to best explain the DebitWay Electronic Funds Transfer payment processing option.

DebitWay EFT

Firstly, we must understand the obvious differences between the 3 methods listed above.  Credit and Debit cards entail the need of said “card” and the assurance that the financial institution in question conforms to the necessary protocols required for the transaction to be processed.  Direct Deposits necessitate an agreement between the payee and the payer as well as the signing of a contract.

DebitWay Electronic Funds Transfer is not predicated by any of those stipulations.  The EFT method employed by the Canadian based, owned and operated alternative payment processor absolves both the merchant and the consumer of the need to enter into a binding contract or rely on their financial institutions compliance.  DebitWay EFT is the medium with which merchants can receive payments and consumers can make payments through the issuing of a check, in this particular context, an eCheck.

The same principles that govern the issuing and receiving of conventional paper checks still apply:

  • The consumer must have a checking account
  • Funds equal to or greater than the amount listed on the check must be present in the consumers account
  • If a check is written and the funds are not available to honor the amount, the check will indeed “bounce”
  • The merchant must allow time for the check to “clear” before receiving the funds

However in the following regards, eChecks do differ from their conventional counterparts:

  • eChecks do not required the physical possession of a check book (and thus eliminated the need to repeatedly order them from banks, credit unions or caisses populaires
  • No physical signature is required is required.  Entering the account information located on the check is enough
  • Online merchants who accept eChecks need make commute daily/weekly or bi-weekly in order to deposit their eChecks (the issuing of the electronic check is done almost immediately)

DebitWay EFT

DebitWay Electronic Funds Transfer payment processing service allows Canadian consumers to make purchases online without relying on their credit rating (or lack thereof) and without outwardly hoping that their financial institution has enabled the accessibility of an online payment.  eMerchants who have signed up for DebitWay Electronic Funds Transfer can  sleep soundly in knowing that they are able to receive payment from every Canadian consumers, coast to coast.


The Canadian Online Merchant & EFT

It isn’t everyday that a Canadian internet merchant is afforded a payment gateway as all encompassing as DebitWay Electronic Funds Transfer (EFT).  The ability to accept payment from anyone, New Brunswick to Vancouver and all provinces in-between, not only makes sense, it is mandatory for any eCommerce website that is looking to maximize its efficiency and profit.

In this first installment of our look at DebitWay Electronic Funds Transfer and Canadian online merchants, we will join Gilbert (a Canadian online merchant) as he seeks out a way to accrue more clients and expand the reach of his eCommerce website.

Gilbert has always fancied himself a savvy entrepreneur that has dedicated his heart and soul into making his online business succeed.  A state of the art website, a solid presence on social media entities and an intuitive loyalty rewards program are all mainstays in his site’s portfolio.

Gilbert Has the Basics Covered  Alternative Payment WebsiteDebitWay Loyalty Programweb social


Gilbert set up the infrastructure for a successful online business, there only remained one final (and infinitely important) detail to establish; how would he get his clients to pay for his product?  Gilbert ran through of list of potential options:

  • No GoodCredit Cards

o   While Credit Cards initially appeared appealing and logical, upon deeper research Gilbert came across some troubling findings.

  • Firstly, a large portion of internet consumers are apprehensive of using their credit cars online for fear of identity theft and account hijacking.
  • Secondly, not everyone has a credit card readily available for purchases online, like those who have had trouble with the credit and were denied a card or teenagers who are not yet of age to acquire one.
  • Thirdly, and perhaps most important for online merchants like Gilbert, credit cards charge a high fee for every transaction and always run the risk of falling suspect to charge backs.
  • No GoodeWallets 

o   A fellow online merchant told Gilbert to look into the eWallet option.  Gilbert did his due diligence as any responsible entrepreneur should.  But once again he came across a few issues that soured him on the eWallet option.

  • Firstly, eWallets require a long and exhausting application process to set up.
  • Secondly, consumers can only pay Gilbert if they have eWallet accounts themselves (which not many have).
  • Thirdly, Gilbert realized that the fees he would be subject to were way too high.
  • Direct DebitDebit

o   In conducting his research Gilbert came across the Direct Debit option and was immediately taken in by this payment methodINTERAC® Online Payments seemed like everything he could have hoped for.  Real-time transactions, no charge backs and a brand name that was trusted by all Canadians.  There was only one minor problem, not all Canadian banks had signed up with this online service and neither had Credit Unions or caisses populaires.  IOP would be the perfect alternative payment method for his site, but he wanted to expand his reach, to find something that works perfectly with IOP and that could give his consumers even more options!

EFT-Brochure-Footer-1A Ha Yes

Gilbert was beginning to lose hope in finding an all encompassing payment method for his eCommerce site.  Gilbert couldn’t believe that it would be so difficult to find a payment program that would allow every Canadian the ability to transact online, anywhere and anytime.

Then Gilbert had an epiphany as he was writing a check to pay for his electric bill; “hmmm” he thought “all Canadians write checks…”  As the wheels began to turn Gilbert immediately sprung up and rushed over to his computer in order to search for online check processors!  “BINGO!” his mind screamed out.  Gilbert has come across DebitWay Electronic Funds Transfer (EFT) , as he looked over the features and advantages he smiled outwardly.

With DebitWay EFT he could reach every Canadian online consumer provided they possessed a checking account (and who doesn’t? thought Gilbert to himself).  DebitWay EFT even covers Canadians who conduct their financial transactions via credit unions and caisses populaires.  Suddenly Gilbert felt an oncoming rush of excitement and renewed hope.  He had finally found a way to allow his clients to pay for his products online without making them jump through any hoops!  Write an eCheck he thought, so simple and so obvious! Why hadn’t he thought of it before?

As an online merchant Gilbert can’t control his clients’ credit or lack thereof, he can’t control Bank policies and he can’t force eShoppers to set up eWallets in order to pay him either.  With DebitWay Electronic Funds Transfer he doesn’t have to!  Consumers are not forced to do anything they haven’t done countless times before, just write a check and the transaction is complete.

Gilbert couldn’t believe the sheer simplicity and genius behind DebitWay’s Electronic Funds Transfer payment solution.  As he reached out to DebitWay for information and to sign up, Gilbert was pleased to see that in partnering with this 100% Canadian based and owned alternative payment solution provider he would also have access to INTERAC® Online Payments (IOP), giving his consumers yet another payment option!

As he signed up for the DebitWay Bundle he found even more reasons to become enamored with DebitWay.  Opening a DebitWay EFT account immediately creates a Master Merchant account profile, if Gilbert opts to add IOP to his site, it would only be a click away.  Looking deeper at the DebitWay Bundle, Gilbert saw the future possibility of adding the DebitWay Automated Clearing House (ACH) payment solution should his Canadian eCommerce website grow in popularity and reach American consumers.  And the icing on the cake… if Gilbert’s site should become a global phenomenon and eShoppers from around world wish to make purchases, DebitWay could provide the Direct Debit Transfer (DDT) payment.

DebitWay quickly became the answer to all of Gilbert’s prayers.  A one-stop shop for alternative payment solution processing and it all started by adding DebitWay Electronic Funds Transfer to his website, a win-win solution for both himself as an online merchant and for his consumers.

Exchanging Money: Then and Now

The world has come a long way in a short period of time.  Transferring money from one person to another, making payments for purchases or services and collecting funds has never been easier.

Money Transfer

There was a time, not too long ago, when any monetary transaction had to be made hand to hand.



Thankfully the world has changed and making financial transactions are quicker and easier in today’s day and age.  Alternative Payment Processor Has been leading this forward movement for years and continues to embrace the latest technology and security to make tasks for online merchants and online consumers as easy and as secure as possible.

DebitWay Money Transaction

Now transactions can be made between two people anywhere in the world, safely and bereft of any travelling requirements.

Re-Introducing eChecks; Electronic Funds Transfer (EFT)

The concept and use of electronic checks is far from a new one.  Writing an eCheck is the oldest of online payment methods, in large part due to the fact that anyone with a valid checking account can use it, regardless or what type of financial institution they conduct their money matters with.
While this alternative payment method may have been overtaken in recent years by flashier online means of transaction, the truth remains that eChecks remain the single most widely acceptable of all internet payment services.
Allow me to explain for those of you who may be unfamiliar with DebitWay EFT.  For those residing in Canada and for online merchants to want to maximize their reach in Canada, DebitWay EFT is the obvious way to go.  While other forms of online payment methods are available and, to paraphrase my earlier statement, can be “flashier”, the undeniable truth is that no other means of payment can provide what DebitWay EFT can.
DebitWay EFT
Not all Canadians conduct their financial business via a Bank.  In fact a large percentage of the Canadian populace deal with Credit Unions or Caisses Populaires.  What does this mean to YOU (the online merchant)?  Simply put, each bank has its own rules, guidelines and stipulations for other online payment methods.  Often times what you can offer your customers may not be practical or even possible for them.  DebitWay EFT eliminates the risk of losing clients because they can’t find a way to pay.
As long as a consumer is the beneficiary of a valid checking account, with any financial institution, anywhere in Canada, he or she can pay you online.  They do not have to worry about dreadful interest rates or filling up some e-wallet, they simply need to have money in their checking account, or in one of their checking accounts, because it is well known that oft times a single person can possess more than one such account.  DebitWay EFT will give an online merchant access to all of them.

The operative question here is this; if you could open your virtual doors to a slew of online customers… Why wouldn’t you?

Check GoodWould access to a greater client base help your business?


Check GoodHave people been writing checks for decades?


Check GoodDo people prefer avoiding high interest costs derived from purchases?


Check GoodDoes offering DebitWay EFT as an alternative payment option make sense?



I challenge any online merchant to provide me with a valid reason NOT to offer DebitWay EFT to Canadian internet consumers.  There simply isn’t one.  Affording Canadian eCommerce patrons a method of payment that is all encompassing and all accepting can only help maximize both a merchant’s transaction totals and profits.

DebitWay has provided turnkey solutions and continues to instill cutting edge technology and programs to help their Merchant Partners maximize both their time and their efforts.  In so doing DebitWay maintains its dedication to  nurturing the symbiotic relationships with its eCommerce partners to magnify a prosperous synergy.

For more information on DebitWay’s EFT payment processing service or to request a brochure just follow the link below or leave your contact information in the comment field:

eChecks Alternative paymentDebitWay EFT Info

Bitcoin Part III; Digital Currency Here to Stay

In Parts I & II of my foray in the world of Bitcoin and digital currency I took you all on a journey of discovery with me.  While initially the notion of this new age digital currency seemed foreign, alien and almost taboo in my mind, I have since softened my stance. Not unlike the way in which global payment processing giant,Alternative Payment Processor, has de-mystified the integration and implementation of alternative payment methods designed for Bitcoin entrepreneurs like QuadrigaCX amongst others.

Online Payment ProcessingAs with all things, what is strange is feared.  And as with all things that which is novel is approached with a cautious and wary eye.  I am no different than all of you, I did indeed succumb to my fears and prejudices in regards to digital currency.  However as with all ignorance of this nature, with education, proper learning and an open mind the fears and mistrusts slowly dissipate.

With all of that being said, in this, the final installment of my Bitcoin Trilogy, I will attempt to convey the reasons I have softened my stance and express to everyone that we cannot stop the future or the progress that paves its way.  This has been true throughout of world’s history and will continue to be true until the end of time.  Mankind is generally apprehensive of change, so it should come as no surprise that this “new money” has been met with fear and mistrust.

Alternative Payment Methods

Once upon a time the thought, sight and presence of ATM’s shocked and appalled the population

The one thing I have come to realize in researching up on Bitcoin and other digital currencies is that, make no mistake, this is the future of money.  If not today, if not tomorrow, then at some point, the world will be transacting using a form of digital currency.  The truth and validity of this is undeniable.  Governments and banks may perhaps not agree, as they are the driving powers behind FIAT (money which derives its value from government regulation or law), once these entities develop a way to profit from digital currency, the obstacles will quickly dissipate.
For arguments sake and to help assuage some doubters, I would like to invite everyone to think back to when ATMs (Automated Teller Machines) first appeared on the map.  Now try to remember, if you are of that age, how the idea was met with many initial reservations.  Today, ATMs are primordial in urban society.

Digital Currency ATMNow Bitcoin, the trailblazer of the digital currency movement, is met with similar reactions.  But it is evident, with advent of Bitcoin ATMs, that the future is now. Allow me ask you this; how long before the image below becomes a fixture in day to day life?

Payment Processing
Well, I will save you the trouble of answering that question.  I will do it for you.  The answer is sooner than you think.
Yes, ATMs and BTM (Bitcoin Teller Machines) are already lining up side by side in various places around the Globe. Currently there are less than 100 Bitcoin ATM’s in the world and 9 BTM Manufacturers (although there will likely be more by the time this blog goes live, such is the nature of progress); LocalBitcoins, Numoni, BitAccess, BitXAtm, General Bytes, Genesis1, Tembusu, Lamassu and Robocoin.  Of which Robocoin is credited with being the “world’s first Bitcoin ATM” following its appearance in a Vancouver, Canada coffee shop called “Waves”.  Of course the number of BTMs and manufacturers continue to grow, yet another tell-tale sign that this “new money” is here to stay.

Future  Payment Processing

I will be the first to admit that I have come a long way in my perception of Bitcoin and Cryptocurrency as a whole.  In fact I have come to the conclusion that it makes perfect sense, given the way our society has transitioned into the “tech age”.  What remains to be seen is how governments and banking institutions will react to “Peer-to-Peer” Digital currencies as time goes by.

It remains true (as I mentioned in Part I of this series of blog posts) that currently, only 1/5 of the world have the tools required to trade in digital currencies.  We are indeed moving, fast and furiously, into a future wherein everyone will be “plugged-in” but for the time being it is not the case.  The advent of BTMs will make Bitcoins more accessible to those who do not have the means by which to acquire it on their own.  It is a great step forward, but of course there is still a ways to go.

Let’s not forget that banks (like everyone else) are here to make money and turn a profit, the same holds true for national governments.  If the “Peer-to-Peer” movement is widely adopted, then banks suddenly get cut out of some serious profit, after all they are the ones who issue credit cards, instill regulatory fees on transactions made with their cards and in turn produce maximum profits.  Governments also have something to ponder; do they treat digital currency as legitimate “money”?  If so then they run the risk of devaluing their own fiat money.  If they do not choose to legitimize it, will they then consider it a taxable commodity?  Like say; precious metals, or stocks?

The idea and movement that Bitcoin has started is indeed a great one, but it poses serious conundrums to “the powers that be”, only time will tell how this will all play out.  That being said, the more people who flood the Bitcoin/Digital Currency market, the more space it will take up and the more presence it will have.

As the old adage goes “you cannot halt progress”, it is clear that Bitcoin and other Digital Currencies are here to stay, in fact in makes perfect sense.  There is no better way for an individual to control his or her money than through Digital currency, as much I tried to view it in a negative light, the more I learned of this “Star Trek” money, the more sense it made.

I would like to invite you all to chime on this new age currency and voice your opinions, I’d like nothing more than to hear what you all have to say and to partake in some your personal experience and expertise.
Moreover, if you are a Bitcoin Merchant and are actively seeing a reputable, experienced and secure alternative payment processing service provider, I invite you to visit It is clear that Digital currencies are here to stay, but if you don’t have the right payment processing partner in place, you may be missing the boat, so to speak.
Bitcoin Part I
Bitcoin Part II
Payment Processing TwitterAnd while you are at it…
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