Why Does A Money Transfer Service Provider Reject/Cancel My Transaction?

Did you ever face an inconvenience with a transaction to send money to Nigeria? Do you know the rules and regulation of online money transfer service? Let’s suppose you’re working as a payment service provider for a payee, and you must make sure you get all of the payer’s details, as well as the transfer, from their payment service provider. If you don’t, you might want to refuse the move.

Suppose you deal with a payment service provider on a regular basis that fails to send complete information about the payer. In that case, you should consider advising them that you may refuse future transfers unless they send them by a specific date.

The Electronic Fund Transfer Act (EFTA) (15 USC 1693) was passed in 1978 to protect customers who use electronic funds transfers (EFTs). Transfers via automated teller machines, point-of-sale terminals, automated clearinghouse networks, telephone bill-payment arrangements with occasional or ongoing transfers, and online money transfers to Nigeria and other developing countries are examples of EFT services. The EFTA is implemented by Regulation E.

Why Should You Believe That Electronic Money Transfer Is Safe And Secure?

The security of the EFT is one of its best features. Though there is always some risk when sending data over the internet, EFT is commonly thought to be a safer form of payment than a conventional paper check. Some types of electronic funds transfer, such as the ACH, are more stable than others. The easiest way to guarantee a tamper-free EFT is to use companies you know and trust or to get a recommendation from a reputable source. ACE Money Transfer is providing fee-free and the best exchange rate service for money transfer to Nigeria. Besides that, ACE providing services in 23 sending and 100= receiving countries worldwide.

The Bottom Line:

The word “electronic fund transfer” refers to any method of exchanging funds that do not include the use of cash or checks. A direct deposit, deposits or withdrawals at an electronic terminal (ATM), a credit or debit card transaction and an EFT that may be initiated by sending money to Nigeria online or over the phone are all examples of EFTs. EFT is used to pay retailers, service suppliers, and staff as part of the day-to-day operations of a company. Customers use electronic transactions to make purchases at the point of sale or online convenient and safe.