Electronic Funds Transfer (EFT)

Why wait for payments? Electronic Funds Transfer (EFT) provides a convenient and cost-effective solution to collect your customers’ payments faster electronically.

With EFT Receivables, your company can reduce both the time and expense involved in collecting and processing your recurring receivables. What’s more, our advanced online capabilities make it easy to initiate pre-authorized debits from your customers’ Canadian- and US-dollar accounts at any financial institution in Canada.

That's not all. The EFT Receivables solution can also enhance your bottom line. It lets you eliminate the ongoing expense and hassle of accepting and processing traditional paper-based payments and minimizes revenues lost from collecting on delinquent accounts.

Key Benefits and Features

An EFT Receivables solution lets you:

• Collect payments more reliably and faster, by eliminating mail delays and paper processing
• Reduce the number of trips to the bank for cheque deposits
• Eliminate cumbersome administrative tasks associated with managing and reconciling cheques remittances
• Process large volumes of payments, easily and efficiently
• Concentrate funds automatically in a single account to enhance your investment opportunities

With EFT Receivables you can:

• Initiate collections on pre-determined dates, such as the 1st and the 15th of each month, increasing the certainty that funds will be available
• Collect your payments faster, since electronic transactions are paid before paper cheques transactions submitted on the same date
• Obtain complete, timely reports on the status of all your transactions, including return and non-sufficient funds (NSF) items, batch reports, and more
• Integrate EFT Receivables data into your accounting system
• Access our toll-free telephone help desk