What is the Difference Between EFT and BOE Payments?

EFT (Electronic Fund Transfer) allows you to automatically debit your customer's bank account for past due open items. Your customers are notified before the transmission and the transaction automatically applies the debit to the open items and updates the customer's balance. For more information, see EFT chapter.

BOE (Bill of Exchange) is a payment agreement between you and a customer. The agreement can take the form of a draft issued against the customer's bank account until the maturity date, or cash it early at a discounted rate. They are similar to letter of credits. France and Spain frequently use BOEs. For more information, see BOE chapter.