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Seamlessly facilitate EFT Canada payment processing by connecting to North America’s banking system

Get paid faster and maximize efficiency by speeding up time-to-cash and automating collection processes.

VoPay offers a single API integration enabling businesses to bypass traditional methods and accept faster, data-driven bank account payments directly from any software or digital platform.

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Learn more about our EFT products, features and pricing

Learn more about our EFT products, features and pricing

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Trusted by Canada's Leading Financial Institutions

Trusted by Canada's Leading Financial Institutions

A powerful, 100% Canadian made digital Electronic Funds Transfer solution

  • API or Portal Access

    Push funds through batch files using our online portal or developer-friendly API. Customize payment flows, simplify payouts and access real-time financial reporting.

  • Real-Time EFT Funding

    VoPay Instant EFT payment solution supports instant settlement of funds, making it a great option for merchants who need a fast and reliable cash flow.

  • Secure Tokenization

    Secure tokens are issues to stand in for real account numbers when sending payment to reduce potential for theft and fraud.

  • White-Label EFT Solution

    Customize payment flows to suit your business and clients’ needs. Our technology matches your brand to enable a fully-branded payment experience.

Customize EFT payment flows for high volume commercial and consumer transactions

Here’s the payment process our EFT payment service follows:

  • send
  • receive
  • mass payments
  • combination

  • Initiate direct bank payments to send money to users or service providers.

    Example: With EFT credits, money is deposited into a bank account, commonly used to pay vendors and suppliers for products and services, issuing loans payouts or employee payroll.

Same-day EFT payment technology with built-in bank account verification and data tokenization for added security

Deployed through a single API, our payment services are customizable and configurable solutions that integrate into your existing infrastructure.

*Same-day EFT subject to approval. Terms and conditions apply.

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Break the cycle of failed payments and NSF fees with iQ11™

End all payment inefficiencies with VoPay’s Intelligent EFT/ACH solution iQ11. We deliver faster, data-rich transactions using Open Banking powered technology and data analytics. Access same day funding with complete visibility of the entire process.

*Same-day EFT subject to approval. Terms and conditions apply.

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Who We Work With

EFT Frequently Asked Questions

What is an EFT payment?
EFT stands for Electronic Funds Transfer and is the backbone of the Canadian payment industry. Electronic Funds Transfers offer a safe and cost-effective way to electronically credit or debit accounts at any Canadian financial institution in Canadian or U.S. dollars.

EFT payments are not created equally thanks to our mission of digitizing online bank account payments with speed, transparency and traceability. VoPay’s EFT payment solution allows businesses to accept, collect and send digital EFT payments by connecting businesses to financial institutions across Canada. VoPay offers same-day and T+3 days transaction processing. Contact Sales to learn more.
How do I send EFT payments in Canada?
EFT payments can be set up through the VoPay payment platform. You can set up one-time or recurring EFT transactions simply using our payment dashboard or single API integration. We use Open Banking technology to bring EFT payments into 2022 and beyond! View our pricing plans or schedule a demonstration with a payment expert today.
What are EFT Debits and EFT Credits?
There are two parties: the sender of funds, and the receiver of funds. EFT debits (decrease) one person’s account and EFT credits (increase) the other person’s account.

EFT Credits: Electronically pay vendor invoices, bills and employees via account-to-account payments.
EFT Debits: Electronically pull funds from the customer’s bank account on a single or recurring basis.
How do I collect EFT payments from my clients?
In order for a business to collect an EFT, you must provide the banking information of the person's account you are debiting the funds from. Using VoPay’s IQ11 EFT service, end users can provide their bank account details once by simply logging into their online banking via a payment link or embedded checkout experience. Similar to a PAD agreement, but a modern digital version. VoPay creates a token for every transaction to protect sensitive data. Businesses can collect single or recurring payments using EFT.
How much does an EFT payment cost?
It depends on the volume of transactions per month and if you require bank account authentication with iQ11. VoPay charges a flat fee per transaction, saving businesses thousands of dollars per month. We offer a Pay-As-You-Go Plan to get you started or a customized payment plan for customers with higher volumes.
What is the difference between the regular bank EFT and VoPay’s EFT?
Short answer: A lot! Long Answer: We will provide examples of two of the main inefficiencies we hear from our clients repeatedly, and these are the reasons why VoPay exists. We have experienced these pain points in the past and made it our mission to solve them!

1- Manual Processing and Labour Intensive
EFT payment services that are available through banks and credit unions are offered via an online banking service or through a file processing system. In both methods, the client must manually submit the transaction and it takes 4 to 5 business days to clear. Then the client must ensure that the transaction status is updated accordingly to reflect correctly on their books. This is challenging for businesses with hundreds of transactions; combined with this process having a high risk of human error.

2- Lack of Visibility and Transparency
Similar to cheques, if a business accepts and sends payments using outdated EFT banking methods, they are unable to verify any information about the payer bank account, ownership or availability of funds. They are not able to predict if the payment is successful and it can take up to 5 business days to have final confirmation. More importantly, the inability to connect existing banking systems to the business software or platform they use to manage their AR/AP, will result in manual reconciliation and updating the status of each client account.

The Solution! Here is where we come in. VoPay is transforming how EFT payments are processed by accelerating the processing times (T+1 or T+3), providing full visibility into the transaction lifecycle, removing the human error with automated file formatting and validating available funds before the transaction to prevent NSF. Integrate our payment technology directly into your software for seamless reconciliation. EFT payments are safer and more efficient than credit card payments.
What are the EFT Payment Processing Times?
Once a standard EFT transaction is initiated it will follow the following timeline:
  • Collecting payment: T + 3 business days for funds to arrive
  • Sending payment: T + 3 business days for funds to arrive
    • Same-day EFT processing times are available for businesses that require faster receivables. It is important to remember that EFT payment processing in Canada has daily cut-off times. You can find a list of daily cut-off times HERE.
    What are the EFT payment Cut-Off Times?
    You can find a list of daily cut-off times in our developer documentation HERE.
    Can I make EFT payments to the United States or internationally?
    No, EFT payments can only take place between two bank accounts in Canada. VoPay offers ACH Payment services for Canadian businesses that require cross-border digital payments in the US.
    Are EFT payments safe?
    EFT payments are sent from one bank account to another and are sitting at bank-level security. By moving money electronically businesses reduce the risk of paper cheques being lost or stolen and reduce the risks associated with cheque fraud and forgery. By using payment processors or gateway like VoPay, businesses add an extra layer of security by utilizing tokenization and risk intelligence technology.
    Can I send money in both USD and Canadian dollars?
    Yes. With us, you can make both USD and Canadian dollar EFT payments to accounts based in Canada. However, you will need to sign up separately to make EFT payments in both currencies.
    What are the Pros and Cons of VoPay EFT?
    1. Control and Visibility
      2. One of the major disadvantages of using traditional paper payments is the lack of control over the payments. Businesses spend so much time waiting for: customers to review invoices, cheques in the mail and credit card transaction approval. On the other hand, EFT allows businesses to initiate payments from the customer and decide when the payment is withdrawn from the bank account.
    2. Cost-Efficient
      3. Most online credit card processors charge 3% on every payment. It's beneficial to provide more ways for your customers to pay, but at what cost? EFT costs as low as $0.50 per transaction with EFT processors like VoPay only charging a flat fee per transaction, saving businesses thousands of dollars per month.
    3. Flexible, Customer-Friendly Payment Options
      4. Setting up recurring payments and deposits is quick and easy. And your customers will enjoy the convenience of making EFT payments (especially when part of a recurring payments plan), as the customer only has to provide their bank account information once and future payments are fully automated.
    4. High-Level Security
      5. EFT payments are sent from one bank account to another and are sitting at bank-level security. By moving money electronically businesses reduce the risk of paper cheques being lost or stolen and reduce the risks associated with cheque fraud and forgery. By using payment processors or gateway like VoPay, businesses add an extra layer of security by utilizing the measures already in place.

      Some of the disadvantages of shifting business and personal banking processes to online systems are the same as upgrading any kind of process. It requires time, research and due diligence to look into security features, cost-benefits and effectiveness of EFT payment options.
    What is the difference between an EFT transfer and a wire transfer?
    An EFT transfer is a way to transfer money between two accounts that are both located in Canada. A wire transfer is a transfer between two accounts – but they aren't required to both reside in Canada. A wire transfer can take anywhere from 3-5 days to process and cost as much as $50 per international wire transfer.
    Can I try out VoPay technology first?
    Absolutely, we encourage our new clients to play around in the VoPay Sandbox, get a feel for our payment technology and see how it can benefit your business before going live into production. Sign up for an API Key today!
    Can I use EFT payments instead of cheques?
    Yes! It will save your business a lot of time and money. Using an EFT payment platform, you can set up recurring payments, and they only require a one-time setup. They also reduce the amount of lost or stolen cheques and the need to re-issue cheques. Using VoPay’s EFT helps you track your payments, reduce NSF, manage and improve your cash flow and scale your business!

    ready to get started? Speak to an expert!

    contact sales

    ready to get started? Speak to an expert!

    contact sales

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