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.
