Bank Payments

Introduction to bank payments

Overview

Zum Rails offers bank account payment methods designed for ease and efficiency. These include:

EFT: Electronic Funds Transfer (EFT) enables electronic money transfers between bank accounts in Canada, eliminating paper checks.
ACH: The Automated Clearing House (ACH) network in the US streamlines electronic bank transactions, providing a secure, low-cost alternative to checks and wire transfers.

These methods are tailored to cater to a wide range of business needs, ensuring seamless financial transactions.

Loan Disbursements: Financial institutions utilize EFT/ACH to directly deposit loan amounts into borrowers' bank accounts, streamlining the disbursement process.
Mortgage Payments: Real estate companies and property managers can automate monthly mortgage or rent payments through EFT/ACH, ensuring timely transactions without manual intervention.
Direct Debits for Loan Repayments: Lenders can collect loan repayments via ACH, reducing operational costs and minimizing the risk of late payments by automating the collection process.
Payroll Services: Many companies use EFT/ACH to streamline payroll processes, allowing employees to receive direct deposits of their salaries into their bank accounts efficiently.
Vendor Payments: Businesses in retail and manufacturing often use EFT/ACH to pay vendors, ensuring timely and documented transactions.
Real Estate Closing Payments: EFT/ACH is used for transferring large sums securely during closing processes, ensuring funds are transmitted safely between parties, including buyers, sellers, and escrow accounts.
Utility Bill Payments: Utility companies frequently use EFT/ACH for collecting monthly payments, offering customers an automated and convenient bill payment option.

Last updated 28 days ago

Introduction to bank payments

Zum Rails offers bank account payment methods designed for ease and efficiency. These include:

EFT: Electronic Funds Transfer (EFT) enables electronic money transfers between bank accounts in Canada, eliminating paper checks.
ACH: The Automated Clearing House (ACH) network in the US streamlines electronic bank transactions, providing a secure, low-cost alternative to checks and wire transfers.

These methods are tailored to cater to a wide range of business needs, ensuring seamless financial transactions.

Loan Disbursements: Financial institutions utilize EFT/ACH to directly deposit loan amounts into borrowers' bank accounts, streamlining the disbursement process.
Mortgage Payments: Real estate companies and property managers can automate monthly mortgage or rent payments through EFT/ACH, ensuring timely transactions without manual intervention.
Direct Debits for Loan Repayments: Lenders can collect loan repayments via ACH, reducing operational costs and minimizing the risk of late payments by automating the collection process.
Payroll Services: Many companies use EFT/ACH to streamline payroll processes, allowing employees to receive direct deposits of their salaries into their bank accounts efficiently.
Vendor Payments: Businesses in retail and manufacturing often use EFT/ACH to pay vendors, ensuring timely and documented transactions.
Real Estate Closing Payments: EFT/ACH is used for transferring large sums securely during closing processes, ensuring funds are transmitted safely between parties, including buyers, sellers, and escrow accounts.
Utility Bill Payments: Utility companies frequently use EFT/ACH for collecting monthly payments, offering customers an automated and convenient bill payment option.

Last updated 28 days ago