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Direct depositalso known as electronic funds transfer (EFT)is the direct transfer of money from one bank account to another without check or cash changing hands.
Via Michigan Treasury Online (MTO) Through MTO payments can be made electronically using a checking account number and routing number, a debit card, or a credit card. Pay the following taxes using MTO: Withholding Tax. Corporate Income Tax Estimate.
Electronic funds transfer (EFT) is a transfer of funds is initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumers account.
What is an EFT payment? An electronic funds transfer (EFT), or direct deposit, is a digital money movement from one bank account to another. These transfers take place independently from bank employees. As a digital transaction, there is no need for paper documents.
✅ EFT Credits: Push funds into a bank account. Electronically pay vendor invoices, bills and employees via account-to-account payments. ✅ EFT Debits: Pull funds from a bank account. Electronically pull funds from the customers bank account on a single or recurring basis.
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Credit cards are by far the most popular and convenient for most ecommerce, recurring payments, and online services transactions. ACH and EFT payments let you use your bank account information to make a payment rather than your credit card number. ACH and EFT are also not instant like credit card transactions.

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