What do you mean by EFT? List any four benefits of EFT.

An electronic funds transfer (EFT) is a transaction that takes place over a computerized network, either among accounts at the same bank or to different accounts at separate financial institutions. EFT is one of the oldest electronic payment systems, EFT is the groundwork of the cash-less and paper-less culture where paper bills, cheques, envelops, stamps are eliminated, EFT is used for transferring money from one bank account directly to another without any paper money changing hands. Benefits of Electronic Payments through EFT Speed: Electronic Payments through EFT is quite speedy and time saving wherein the sending cash or cheques by post is quite slow and has the implications like security and currency conversion Convenience: Electronic Payment ensures that store is open for the business globally, 24 hours a day, seven days a week. Efficiency: The following points contribute to its efficiency Electronic Payment System leave behind an electronic documented audit trail, streamlining auditing and accounting processes. Accepting Payment online streamlines the buying cycle. By making your order, stock, purchase, payment and dispatch process electronic from website to back office. Reduced Cost: Accepting online payments means that many banking processes become automatic. Increased Customer Base: Online payment take advantage of impulse buyers. If any website doesn't offer payment by credit cards as an option, you could lose out in this market.