Electronic funds transfer, defined simply, is a paperless payment option that allows nonprofit organizations to transfer donated funds from a donor’s bank account directly into its own. It is a no-brainer when it comes to sustainer or monthly giving programs, as it simplifies the collection of recurring payments. EFT also can be used for single and less-frequent gift giving. Beverly Kempf, president and founder of Bethesda, Md.-based Payment Solutions Inc., says that aside from the obvious benefits to the organization such as no mailing costs and less use of paper, EFT also is a cultivation tool, as donors tend to be more loyal and
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