Glossary
EFT/ERA Enrollment
Signing up to receive payments by electronic funds transfer and remittance details electronically rather than on paper.
EFT/ERA enrollment is the process of registering with a payer so that reimbursements arrive as electronic funds transfers (EFT) deposited directly into a bank account, and the accompanying explanation of payment arrives as an electronic remittance advice (ERA). Moving off paper checks and mailed statements speeds up cash flow and makes posting payments far easier to automate. It is typically completed alongside payer enrollment and requires accurate banking and tax ID information to avoid misrouted funds.