EFT, or electronic funds transfer, is an ideal way to transfer funds regardless of the location of the provider and the recipient. Where EFT comes with great advantage is that it is very swift; the transfer of money is not delayed. Another factor that is important and worth mentioning is that EFT has no risk factor in holding the transactional function. EFT finds its use in representing the way a corporate business, multinational firm or large industry can receive direct deposits of all payments to their respective company bank accounts.

Nonetheless, EFTPOS is another specialization in fund transfer technology. EFTPOS stands for Electronic Funds Transfer Point of Sale. Electronic funds transfer point of sale is a device through which sales transactions get debited directly to the customers