The world's local bank
Electronic Funds Transfer (EFT) provides a convenient and cost-effective solution for processing multiple payments electronically.
With an easy-to-implement EFT Payables solution you can make Canadian and US dollar payments electronically to any account in Canada, simplifying funds disbursements to suppliers, shareholders, employees, and other business partners and organizations. What’s more, you can initiate recurring payments with just the click of a button.
It’s a win-win situation. You eliminate burdensome cheque processing and your payees receive their payments more quickly and securely – directly into their bank accounts.
Key Benefits and Features
An EFT Payables solution from HSBC allows your business to:
- Manage your cash flow more efficiently and improve cash forecasting
- Reduce operating expenses associated with writing cheques, manual processing, and time spent reconciling accounts
- Accelerate your payables process and control the timing of 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
An EFT Payables solution from HSBC offers your business:
- The flexibility to submit instructions and receive data transaction reports online
- The ability to warehouse future-dated payments and set up and initiate recurring payments
- The capability to integrate with popular accounting packages and resource planning systems
- The ability to debit your account on the payment's value date
- Convenient, knowledgeable support through a toll-free telephone help desk
