Electronic Funds Transfer Setup

When you receive payments that are donated by direct debit or credit cards, you process the transactions with an electronic funds transfer. An electronic funds transfer, or EFT Electronic funds transfer (EFT) is a general banking process by which credit card transactions and direct debit transactions such as deposits or bill payments are made electronically from a donor’s bank account to your bank account., is a general banking process by which credit card transactions and direct debit transactions, such as deposits or bill payments, are made electronically from a constituent’s bank account to your organization’s bank account. Before you can use EFT for direct debits, you must verify your organization is prepared to accept direct debit transactions.