Friday, December 5, 2014
On Thursday, December 4, 2014 10:25:06 AM UTC-5, Hassan Schroeder wrote:
-- On Thu, Dec 4, 2014 at 6:46 AM, Jason Fleetwood-Boldt
<te...@datatravels.com> wrote:
> here's some background information:
>
> http://www.gymassistant.com/products/gym_assistant/eft_ explained.php
> http://www.cybersource.com/products/payment_processing/ direct_debit_bank_transfers/
This seems totally oriented to *on-going* relationships: subscriptions,
utility payments, etc. The initial setup at least seems far too onerous
to use for one-time e-commerce transactions.
Perhaps it works differently in other countries...
I'm not sure what would be different in other countries. I believe EFT is cheaper to process, so larger businesses prefer it. People that want to write checks instead of use a credit card may prefer it as well.
From having set up the capability through Authorize.net (using ActiveMerchant), I can tell you that at least through Authorize.net it is not a direct, immediate bank transfer. It is an electronic check. Just like with checks, the payment may be "approved", but the check may still not clear. Just like with checks, it takes a couple days for the checks to clear (or not), so you have to have business processes in place to reconcile against Authorize.net and not consider a payment actually paid until Authorize.net has cleared the check and put the money in your merchant account.
Jim
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