Auto-Deposit Transactions For Business

Auto-deposit for Interac e-Transfer removes the Security Question stage of the payment process, allowing incoming funds to be deposited automatically.

Interac e-Transfer^® is one of Canada’s most popular payment methods for businesses and consumers alike. The email-facilitated money transfer service is favoured for its simple setup, fast settlement times, and widespread use in Canada.

Interac Auto-Deposit is a feature of Interac e-Transfer^® that allows businesses or customers to receive payments directly into their bank account without requiring manual acceptance. Instead of answering a security question each time a transfer is received, funds are automatically deposited, reducing fraud risks and improving transaction efficiency

Key Benefits for Businesses

• Instant Fund Settlement - Receive payments faster without delays.
• Improved Security - Reduces the risk of phishing and fraud since no security question is required.
• Lower Administrative Burden - Eliminates the need to manually accept transfers.
• Better Cash Flow Management - Ensures timely deposits without manual intervention.
• Ideal for High-Volume Transactions - Suitable for businesses handling frequent payments from customers or partners

How Does Auto-Deposit Work?

Auto-deposit is enabled by the recipient to allow incoming funds to be deposited into their account without requiring a Security Question. Any business or individual can send funds to the recipient with just their name and email address.

Business Benefits Of Auto-Deposit

• Efficiency - Auto-deposit removes the manual step of accepting each transaction, allowing businesses to process payments faster and with less administrative effort.
• Accuracy - Occasionally senders and recipients will make mistakes when entering security questions and answers. Removing this step can minimize the possibility of errors.
• Cash Flow - By automatically depositing incoming funds, businesses can access their money more quickly, which is crucial for managing day-to-day operations and planning.

Summary

Auto-deposit can be hugely beneficial for businesses and their customers. For sending payments to customers with auto-deposit turned on, funds can be sent more quickly and with fewer errors. When receiving funds from other businesses and partners, auto-deposit can help remove the administrative burden and manual effort associated with security questions.

Auto-deposit is an add-on service offered through VoPay in association with Interac. For more information, get in touch with our Fintech Advisory team.