A prefix meaning one hundredth (1/100). Example: 1/100th of a meter is called a centimeter (there are 100 centimeters in a meter).
EFT Debits (Normal Debit Orders) EFT Debits, previously known as Magtape debits or ACB, allows a business or organisation to debit the account of their client in order to fulfil the obligations of an underlying agreement.
Electronic Funds Transfer, or EFT, allows us to send payments to your payees electronically, rather than printing and mailing a paper check.EFT payments are especially advantageous because your payee receives payment faster than with a paper check, and there is no risk of a check getting lost in the mail. Back to top.ust like Payroll Direct Deposit and ATM transactions, EFT payments are extremely safe. All payment information is encrypted with 128-bit SSL and sent through a secure communications channel. Information cannot be redirected, read, or tampered with.