Electronic funds transfer (EFT) - Advantages and Disadvantages

[Open Intelligence]

Advantages to the company:
(i)   the money (wages) can be transferred to the workers’ bank account at any time and there is no need for the manager to leave the comfort of his office to perform this transaction
(ii)   no delay connected with paperwork
(iii)   no need for cheques or cash


Disadvantages to the company:
(i)   a lot of money must be spent of security of networks
(ii)   hackers may monitor transactions and obtain confidential information
(iii)   very expensive to develop such types of information systems