Payroll EFT Meaning

Payroll EFT stands for Payroll Electronic Funds Transfer, a process by which employee wages are transferred directly into their bank accounts through an electronic payment system. This method is commonly used by companies to streamline payroll processing, reduce paperwork, and ensure timely payments to employees without the need for physical checks or cash transactions.

Synonyms for Payroll EFT

Direct deposit

Electronic payment

Bank transfer

Digital salary payment

Automated payroll

Wire transfer

Direct bank transfer

Electronic wage transfer

Payroll transfer

Online payment

Antonyms for Payroll EFT

Paper check

Manual payment

Cash payment

Physical wage disbursement

Check payment

Hand-delivered salary

Non-electronic payment

Direct cash deposit

Cash-in-hand salary

Non-digital payroll

Short Sentence Examples

Payroll EFT has made it easier for employees to receive their wages on time.

The company switched to payroll EFT to avoid delays associated with paper checks.

Using payroll EFT improves efficiency by automating the payment process.

With payroll EFT, employees no longer need to go to the bank to cash checks.

Payroll EFT is a secure way to handle employee payments digitally.

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