What is an EFT?
The benefits of EFT’s are many. While there is a small fee per transaction for this service, EFT’s eliminate the need to print, process and send a monthly bill in many instances.

Having the fee automatically deducted from your customer’s checking account increases the retention of those who might otherwise let the service lapse.

In addition EFT’s allows your salon to make money even during your slow season. This allows you to project cash flow and more effectively budget for growth.

While you are saving money, your customers benefit from EFT’s as well. Your customers will no longer have to worry about missing billing deadlines. Bills are paid even when your customers are away from home. No more writing checks, no more postage, no more service charges for checks and no more embarrassing second billing notices and late payments. EFT is free to your customers and your customers will appreciate this value added service.

How does the EFT transfer process work?
First you have your customers sign a form that authorizes you to deduct their payment on a certain date. Your customers provide you with a checking deposit slip (or credit/debit card number) to verify all account information. Then you create the initial database. According to the billing cycle, the amount of your customer’s bill is then automatically debited from their checking account (or credit/debit card) and deposited into your account.

How safe are EFT’s?
All EFT’s are governed by the Federal Reserve Banking System. Only pre-authorized transactions are allowed to be processed. This is strictly enforced by the Federal Reserve. Customers must authorize all EFT debits from their checking account in writing.

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