Promotions Made Easy(R) announces new product to its line of promotional campaigns. ATLANTA, Sept. 10 PRNewswire The names may vary -- BillPay
Official Payments Corporation is the leading provider of electronic payment options to government entities. We enable consumers to pay government fees
CHANDLER, Ariz. First CU said it has implemented iPay Technologies' expedited bill payment services which enables next day payment for urgent bills
Use AFFCU's E-Bill Pay system to save time and money when paying all of your household bills such as utilities, credit cards, department stores, medical
When booking your flight on AA.com, you may use eChecks to pay for your ticket or AAdvantage award ticketing fees. You can make payments from your checking
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echeck pay
Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically.
The term is used for a number of different concepts:
Cardholder-initiated transactions, where a cardholder makes use of a payment card Direct deposit payroll payments for a business to its employees, possibly via a payroll services company Direct debit payments from customer to business, where the transaction is initiated by the business with customer permission Electronic bill payment in online banking, which may be delivered by EFT or paper check Transactions involving stored value of electronic money, possibly in a private currency Wire transfer via an international banking network (generally carries a higher fee) Electronic Benefit Transfer EFTPOS (short for Electronic Funds Transfer at Point of Sale), is an Australian and New Zealand electronic processing system for credit cards, debit cards and charge cards.[1] It also allows users of the system to withdraw cash at the time of purchasing a product or service through the merchant's EFTPOS terminal.[2] The name and logo for EFTPOS in Australia were originally owned by the National Australia Bank and were trade marks from 1986 until 1991[3]. There are over 60,000 participating EFTPOS outlets in AustraliaEFT may be initiated by a cardholder when a payment card such as a credit card or debit card is used. This may take place at an automated teller machine (ATM) or point of sale (POS), or when the card is not present, which covers cards used for mail order, telephone order and internet purchases.
Card-based EFT transactions are often covered by the ISO 8583 standardA number of transaction types may be performed, including the following:
Sale: where the cardholder pays for goods or service Refund: where a merchant refunds an earlier payment made by a cardholder Withdrawal: the cardholder withdraws funds from their account, e.g. from an ATM. The term Cash Advance may also be used, typically when the funds are advanced by a merchant rather than at an ATM Deposit: where a cardholder deposits funds to their own account (typically at an ATM) Cashback: where a cardholder withdraws funds from their own account at the same time as making a purchase Inter-account transfer: transferring funds between linked accounts belonging to the same cardholder Payment: transferring funds to a third party account Enquiry: a transaction without financial impact, for instance balance enquiry, available funds enquiry, linked accounts enquiry, or request for a statement of recent transactions on the account E top-up: where a cardholder can use a device (typically POS or ATM) to add funds (top-up) their pre-pay mobile phone Mini-statement: where a cardholder uses a device (typically and ATM) to obtain details of recent transactions on their account Administrative: this covers a variety of non-financial transactions including PIN change The transaction types offered depend on the terminal. An ATM would offer different transactions from a POS terminal, for instanceEFT transactions require communication between a number of parties. When a card is used at a merchant or ATM, the transaction is first routed to an acquirer, then through a number of networks to the issuer where the cardholder's account is held.
A transaction may be authorised offline by any of these entities through a stand-in agreement. Stand-in authorisation may be used when a communication link is not available, or simply to save communication cost or time. Stand-in is subject to the transaction amount being below agreed limits. These limits are calculated based on the risk of authorising a transaction offline, and thus vary between merchants and card types. Offline transactions may be subject to other security checks such as checking the card number against a 'hotcard' (stolen card) list, velocity checks (limiting the number of offline transactions allowed by a cardholder) and random online authorisation.
[edit] Dual Message Authorisation/ClearingDepending on the business rules of the issuer, a "hold" may be placed on the funds authorised. This hold reserves that amount of money for a defined period. If a transaction is not cleared within the defined period then the "hold" will be removed and the funds made available againAn offline process, driven by the networks' clearing systems, generates clearing files which are sent to the card issuers on a daily basis. These files contain the completions messages to the on-line authorisations.
In addition, not all transactions in a dual-message environment require authorisation. Depending on the type of card used, and the floor-limit of the merchant, it may be that there are transactions in the clearing files which have not been authorised on-line. This is a financial exposure for banks as they have to honour the clearing records regardless of the balance on the cardholder's accountSome financial networks operate a single message solution, in which a transaction is authorised and cleared via the same message.
A transaction will be authorised via a pre-authorisation step, where the merchant requests the issuer to reserve an amount on the cardholder's account for a specific time, followed by completion, where the merchant requests an amount blocked earlier with a pre-authorisation. This transaction flow in two steps is often used in businesses such as hotels and car rental where the final amount is not known, and the pre-authorisation is made based on an estimated amount. Completion may form part of a settlement process, typically performed at the end of the day when the day's completed transactions are submitted. All these messages will be sent "on-line" from the merchant acquirer to the issuing bank.
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pay-ments infra-structure (arrows a & b), but out-side of the eCheck dialogue. ... fine-grained decisions to pay/not pay on a per eCheck item basis, or to
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