What is the Raiser's Edge EFT module? What does RE:EFT do?
EFT (Electronic Funds Transfer) is the name given to the general banking system by which transactions, such as deposits or bill payments, are made through computer databases. As the name implies, this process takes place electronically requiring little or no physical paperwork; all or most paperwork and bookkeeping is done on-line.
The Raiser's Edge EFT module incorporates on-line capabilities. EFT allows you to create an EFT record, which is a template to recurring gifts/open-ended pledges. From this template individual transactions are generated. These transactions are then committed to the database to become gift records.
Transactions generated from the EFT record may be sent electronically to a clearing house organization for the electronic transfer of funds.
For more information on the optional EFT module in The Raiser's Edge, contact your Account Manager at firstname.lastname@example.org or call (800) 443-9441.