When’s the last time you pulled out your chequebook to make an important payment? The reality is, this world is advancing to using digital platforms for financial payments, and fast. You might ask, why? Is the transfer of my funds electronically really secure? Perhaps you prefer the paper method in order to keep track of your finances and what’s happening with them. However, we’re here to show you that Electronic Funds Transfers (EFTs) can actually make your life easier and provide more secure, efficient, and sustainable service.
What is an Electronic Funds Transfer?
Electric Funds Transfer or EFT is the transfer of money from one bank account to another. This transfer is possible through a single financial institution or across multiple institutions via a computerized system. Essentially, when making an electronic funds transfer, you are moving money across a digital platform in order to pay a bill, send funds to friends or family, fuel commerce, and so on. EFT payment options allow for faster and more efficient payment. They also create a simple and easy transaction for the user. So what are the options available to you?
Examples of EFTs
No doubt at some point you’ve used your banking app on your phone to transfer your funds between accounts. Or perhaps you’ve sent money to a friend to split the bill for lunch you shared earlier. These are examples of an Electronic Funds Transfer. Here are some more examples:
- Direct Deposits: payments or withdrawals
- Electronic Bill Payment through online banking
- Debit Card Transactions
- Phone Payments
- ATM Transfers
If you’ve ever used one of these transaction options, you’ve successfully completed an Electronic Funds Transfer. Not so difficult right?
EFT to Dentists
Almost 90% of the dentists serving ClearBenefits plan members across Canada have enrolled in our Electronic Funds Transfer (EFT). Some dental offices are mistakenly advising patients that The Co-operators no longer offers the option of assigning payment directly to the dentist/dental provider. Assignment of benefits is still available to our plan members whose dental provider accepts assignment and enrols for EFT. It’s important to note that the payee does not affect the dentist’s ability to submit the claim electronically. If the dentist requires payment upfront, your claim can be submitted electronically.
Advantages of EFT for dental providers
- Convenience: Deposits are made to the provider’s bank account on the first and 16th of each month and they receive an email notification when funds are deposited.
- Accessibility: Providers have access to a secure portal to view their Explanation of Payments (EOP), patient Explanation of Benefits (EOB), and Predeterminations.
- Environmentally friendly: The printing and distributing of paper cheques is significantly minimized, creating less environmental impact. As a responsible private insurance carrier, we make every effort to address efficiencies and promote sustainability.
- Secure: All payments are made through secure channels without delay. No need to worry if a postal disruption occurs!
Using Electronic Funds Transfer doesn’t have to be difficult. In fact, there are many benefits as discussed in this article. For more information about how you can use EFT for claims in your benefits plan, visit ClearBenefits.ca. If you are not currently a plan member, click here for a free quote or visit our contact us page.
