Supercharge Business Growth With Faster EFT Payment Processing

An Electronic Funds Transfer payment is the primary bank account payment method used in Canada. EFT is a broader term used to describe several forms of digital payments. The account to account transfers commonly referred to as EFT payments are facilitated by Canada’s Automated Clearing Settlement System (ACSS).

EFTs can be sent through many of Canada’s financial institutions, however they lack certain abilities that most businesses need in order to maximize cash-flow. VoPay’s EFT payment solution comes with powerful business enhancements allowing users to setup EFT payments through the API integration or Payment Portal.

EFT credit and debit is a common way fo referring to which way the funds are moving between two parties.

EFT Credits: Send funds electronically to a customer or supplier.

EFT Debits: Receive or pull funds electronically from a customer or supplier.

To collect a payment via EFT you must have 2 things:
1. The customer’s authorization - collected via a pre-authorized debit agreement
2. The customer’s bank account details - collected before or at the point of sale

VoPay’s digital PAD solution makes authorization seamless for all parties, and our iQ11 technology allows customers to connect their bank through a secure portal for single or recurring payments.

A standard EFT transaction will take up to 3 business days for credit and debit transactions.

Same-day EFT transactions are available for businesses that require faster receivables.

It is important to remember that EFT payment processing in Canada has daily cut-off times.

With VoPay Instant funds are processed in near-real time and are exempt from the daily cutoff times.

Yes, once you have obtained authorization through a PAD agreement that states the terms of the recurring billing, you can setup and manage recurring EFT payments though the API or Payment Portal.