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A merchant account is a business bank account that allows companies to accept payments, such as debit and credit card transactions, electronicfundstransfers (EFTs), and Automated Clearing House (ACH) payments. The bank then verifies if there are sufficient funds and confirms the card’s validity.
While credit unions are eager to add RTP to their list of payment capabilities, CULedger recently revealed its proof of concept, CUPay, a technology that wields blockchain and existing payment rails to facilitate payments between credit unions.
In this article, we will answer the question of what an EFTpayment is, and we’ll also discuss the different types of ETF payments, the benefits of using EFTpayments, and the risks associated with this type of payment. EFT Definition: What Is EFTPayment? How EFTPayments Work.
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Electronic Funds Transfer (EFT) 
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