If EFT is selected as a payment type for a supplier, what additional information is required?

When EFT (Electronic Funds Transfer) is selected as a payment type for a supplier, a bank account is required because EFT transactions involve transferring funds directly from one bank account to another. This process necessitates having the supplier’s bank account details on file so that the payment can be accurately routed.

Without the bank account information, the system would not know where to send the funds, making it a critical piece of information for processing payments via EFT. This is particularly important for ensuring secure and efficient transactions between businesses and their suppliers.

The other options may seem relevant in different contexts, but they do not pertain specifically to the requirements of setting up an EFT payment. For instance, a credit card number is associated with credit card payments, not EFT. Similarly, payment approval can be a step in payment processing but does not provide the required banking details necessary for an EFT. A payment method identifier is used in various contexts, but it does not substitute for the actual banking account information that is required for EFT transactions.