Most people think EFT just means tapping or swiping a card, but it’s much broader than that. In this video, we explain what an EFT (Electronic Funds Transfer) payment is, how it works, and why it matters for your business. Learn the difference between EFT and EFTPOS, how long EFT payments take to process, and the key benefits of accepting electronic payments. Whether you’re running a small business or just want to understand modern payment methods, this guide covers everything from card payments and bank transfers to mobile wallets like Apple Pay and Google Pay. We also break down processing times, instant transfers, and what businesses need to know about security and cash flow. Read more about payment processing and business tools ➡️ https://squareup.com/au/en/the-bottom-line/operating-your-business/eft-payment #eft #eftpayment #eftpos #electronicfundstransfer #paymentprocessing #smallbusiness #businesstips #square 0:00 Intro 0:17 What is an EFT payment? 0:43 Types of EFT payments 1:49 EFT payment processing time 2:35 Benefits of EFT 3:01 Do businesses have to offer EFT payments? Instant Transfers Australia: Instant transfers require a linked, eligible bank account and cost a fee per transfer. Funds are subject to your bank’s availability schedule. Up to $5,000 AUD per day. The minimum you can transfer is $5. Canada: Instant transfers require a linked debit card and cost a fee per transfer. Only physical Canadian debit cards with Visa Debit or PLUS network support can be linked to a Square account at this time. Funds are subject to your bank’s availability schedule, but are generally available in your bank account within 20 minutes of initiating an instant transfer. Minimum amount is $25 CAD and maximum is $5,000 CAD in a single transfer. New Square sellers may be limited to one instant transfer per day of up to $500 CAD. Japan: Instant transfer requires a linked bank account and costs a fee per transfer. Funds are subject to your bank’s availability schedule. Instant transfers may be delayed during maintenance periods, holidays, or unexpected outages. Maximum amount eligible for instant transfer in a single day is ¥355,000. New Square sellers may be limited to ¥50,000 per day. U.K.: Payments processed by Squareup Europe Ltd. Square Europe Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (registered reference no 900846) for the issuing of electronic money and provision of payment services. Funds are subject to your bank’s availability schedule, but are generally available in your bank account within 20 minutes of initiating an instant transfer. Minimum amount is £15 and maximum transfer limit is £3,500 per day. Transfers may sometimes take longer if additional review is required in accordance with our Terms of Service. U.S.: Instant transfer requires a linked bank account or supported debit card and costs a fee per transfer. Funds are subject to your bank’s availability schedule. Minimum amount is $25 and maximum is $10,000 in a single transfer. New Square sellers may be limited to $2,000 per day. Connect with us ⤵️ Subscribe: https://www.youtube.com/square Instagram: https://instagram.com/square TikTok: https://tiktok.com/@square X: https://x.com/square Reddit: https://www.reddit.com/r/SquareOfficial/ Web: https://squareup.com/

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