The Electronic Funds Transfer service can help you reduce the time and cost involved in making recurring payments (credits) and collecting receivables (debits).
This service allows you to credit or debit virtually any bank account in Canada or the United States, making it useful for a wide range of industries including payroll, pension, insurance, cable television, rental and leasing, utilities and charities.
Features
Easy to use Web interface allows you to maintain a database of payors/payees
Supports recurring or one-time credits and debits
Allows you to import payment files created using other software
You can categorize payees/payors using user-defined Groups or pre-defined Frequencies
Allows you to view payments in progress
Returned payments can be reviewed and re-submitted on-line
Robust security components that allow you to control who can modify payee/payor information, make or approve payments
Have up to two people authorize or authenticate a transaction before it gets sent to the bank for processing
Benefits
Can reduce or eliminate the cost associated with cheque production, delivery and reconciliation
Improves timing of receivables collection (fewer instances of “the cheque is in the mail”)
Reduces clerical work and errors through automated efficiency
Reduces the chances of theft by increased security
