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What is Electronic Funds Transfer (EFT)?EFT stands for "Electronic Funds Transfer" and represents the way your business can receive direct deposit of all payments from the Commonwealth to your company bank account. Once you sign up, money comes to you directly and sooner than ever before. EFT is Fast, Safe, and means that your money will be confirmed in your bank account quicker than if you have to wait for the mail, deposit your check, and wait for the funds to become available.All you have to do is complete the form, print it, sign, and mail to the Department you do business with. We will take care of the rest. Within three to four weeks you will be fully established on EFT and can start receiving your money sooner. Enhance your cash flow management and sign up today! Signing Up for EFTElectronic funds transfer (EFT) is the preferred method of payment for all payees doing business with the Commonwealth. The Commonwealth's goal is to make the printing and mailing of paper checks an obsolete business practice in Massachusetts. EFT saves the Commonwealth money and is more efficient for the payee. Payees sign up through the Department they do business with. |