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

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.

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Similar to cheques, if a business accepts and sends payments using outdated EFT banking methods, they are unable to verify any information about the payer bank account, ownership or availability of funds.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.

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.

You can find a list of daily cut-off times in our developer documentation HERE.

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.

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.

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.

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.

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!

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!