The official business definition of Pay Via Eft is a payment method that allows businesses to accept payments electronically from customers. This type of payment is often used for online purchases or for international payments, as it eliminates the need for cash or checks and the associated costs. Pay Via Eft is also referred to as Electronic Funds Transfer and is a secure, efficient, and cost-effective way for businesses to accept payments. The process begins when the customer provides the merchant with their bank account information and authorizes the merchant to transfer the funds from their account to the merchant’s account. The funds are then transferred from the customer’s bank account to the merchant’s bank account. The process is usually completed within a few seconds and the funds are immediately available to the merchant. The merchant can then use the funds to purchase goods and services, pay their obligations, or use the funds in