You continuously make payments to contractors, suppliers, vendors, and employees (if you've got 'em). It's what you are doing as a business owner. Rather than using paper to pay people, you'll make EFT payments.
What are electronic funds transfers?
An electronic funds transfer moves money from one account to a different electronically over a computerized network. EFTs require both the sender and recipient to possess bank accounts. The stores don't need to be at an equivalent financial organization to transfer funds. Both individuals and businesses can make EFT payments over the pc, using card readers, or over phones.