Tech accessory stores sell gadgets and tools like phone chargers, headphones, and smartwatches that help enhance technological experiences. These stores cater to diverse people, ranging from tech enthusiasts to commoners. However, running a tech accessory store successfully involves keeping your shelves stocked with the latest gadgets and products. For this, you have to deal with many suppliers and make timely payments to them. One of the quickest and easiest methods you may consider for making timely payments is electronic fund transfer.
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What is Electronic Fund Transfer?
Electronic fund transfer, EFT, is a secure and convenient way of transferring money from one financial account to another. These accounts can be within a single financial institution or across multiple financial institutions. Once you initiate an electronic fund transfer, it authorizes the financial institution to debit your account for a specific amount of money. The money you transferred will automatically show up on payday without your payee cashing a check or visiting a bank branch.
Using OnlineCheckWriter.com – Powered by Zil Money, you can easily make an electronic fund transfer with a few clicks. You may get different methods of EFT on the platform. Choose the one you need and make your payments hassle-free.
Now, let us see the different types of electronic fund transfers available on the cloud-based platform.
Make Supplier Payments Easy with ACH
ACH transfers are a type of electronic fund transfer that is made through the Automated Clearing House network. When you make an ACH transfer, your money will be sent directly between the financial accounts of the same financial institution or different ones. Most of the businesses in America rely on ACH for making their vendor payments.
With OnlineCheckWriter.com – Powered by Zil Money, you may easily make ACH transfers and pay your suppliers on time. For this, the platform offers a one-time and recurring ACH payment feature. By setting up recurring payments, you do not have to go through the hassle of remembering payments each month. For completing your last-minute transaction quickly and affordably, the platform also offers the same-day ACH feature.
To start an ACH payment, first, you need to complete the one-time account setup with the platform. After that, verify your bank account and start paying your suppliers using the ACH transfer at an affordable cost. NACHA is the regulating body that oversees the ACH transactions. As the platform is an official member of it, you can make ACH transfers easily and securely.
Make Supplier Payments by Sending eChecks Instantly
Electronic checks or eChecks are digital alternatives to regular paper checks, which make fund transfers faster and easier. You may use eChecks for any transaction that paper checks cover. With OnlineCheckWriter.com – Powered by Zil Money, you can easily make eCheck payments. For this, first you have to create or import checks.
You can easily create and customize eCheck with the easy drag-and-drop feature. This feature helps you to add your store’s business logo, font styles, background image, and other design elements. The platform also provides predesigned check templates for quick and easy customization. Once everything is completed, save the template for future use. Other than creating checks, you may import them from your accounting software to the platform. This can be easily done by integrating the platform with your accounting software.
After you create or import eChecks, send them via email or SMS. You may send your eCheck in a one-time printable PDF format to your supplier. So, your supplier may print and deposit them like a regular paper check.
Make Supplier Payments Quickly and Securely with Wire Transfers
As a tech accessory store, sometimes you may have to import gadgets and tools from another country. Or else you may have to purchase tech accessories for a large amount. In both cases, you may have to settle payments quickly and on time. When depending on the traditional method, it may take significant time to complete. So, you may utilize wire transfer for quick and easy money transfer.
Wire transfers are a type of electronic fund transfer sent across a network of financial institutions or transfer agencies worldwide. These transfers allow you to move money quickly and securely. Wire transfers are of two types – these are domestic and international transfers. With OnlineCheckWriter.com – Powered by Zil Money, you can easily send wire transfers to your suppliers. The domestic as well as international wire transfers are available on the cloud-based platform.
To make domestic wire transfers on the platform, all you need to provide is the routing and account numbers. It will take only a few hours to complete the domestic transfer. For international wire transfers on the platform, you need specialized codes like SWIFT/IBAN. It will take only a few days to complete the international transfer.
The Conclusion
Keep your tech accessory store stocked with the latest products by making timely payments to your suppliers. For this, OnlineCheckWriter.com – Powered by Zil Money, offers you electronic fund transfers. You can get multiple EFTs on the platform, such as ACH, eChecks, and wire transfers. Choose the one that best suits your tech accessory store’s needs and make payments on time.
