Electronic Funds Transfer (EFT) provides a convenient and cost-effective solution for processing payments electronically.
With an easy-to-implement EFT Payables solution you can debit Canadian bank accounts electronically. This dramatically reduces time and money spent on payment collection. Initiate recurring payments with just the click of a button.
It’s a win-win situation. You eliminate burdensome cheque processing and your clients know they have made payment quickly and securely.
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Key Benefits and Features
An EFT Payables solution from PaymentsCanada allows your business to:
- Manage your cash flow more efficiently and improve cash forecasting
- Reduce operating expenses associated with collecting/ writing cheques, manual processing, and time spent reconciling accounts
- Accelerate your payables process and control the timing of credits/debits to your account
- Receive notification of rejected payments
- Reduce lost and stolen cheques
- Mitigate the risks associated with cheque fraud and forgery
- Preserve the autonomy of your business units, while ensuring centralized concentration and control of funds
- Reduce bank service charges