Pay By Bank Guide

Learn > Payments > Pay By Bank

Pay by Bank methods like EFT, ACH, and Interac e-Transfer offer enterprises a cost-effective, secure alternative to credit cards. With VoPay’s enhanced infrastructure, businesses gain real-time visibility, automated workflows, and simplified onboarding through eLinx—ideal for high-volume and recurring payments.

As payment systems evolve, enterprises are increasingly turning away from traditional card-based methods in favor of direct bank payments like EFT, ACH, and Interac e-Transfer®. These account-to-account (A2A) options offer a faster, more secure, and cost-effective way to move money—particularly for high-volume and recurring transactions.

Why Enterprises Are Choosing 'Pay by Bank'

For finance and technology leaders, efficiency, scalability, and cost control are non-negotiables. Credit card payments—despite their ubiquity—carry higher processing fees (often 2–3%), limited data visibility, and settlement delays that create reconciliation and cash flow challenges.

By contrast, EFT in Canada and ACH in the U.S. offer:

  • Significant cost savings over card fees
  • Faster settlement windows (especially with same-day ACH)
  • Improved data for reconciliation and reporting
  • Reduced chargebacks and fraud risk
  • Better cash flow predictability

For Canadian businesses, Interac e-Transfer adds another layer of convenience for near real-time transfers—ideal for just-in-time payments or quick settlements.

Financial Automation and Visibility with VoPay

What sets VoPay apart is our API-first, real-time orchestration layer that enhances traditional EFT and ACH. With full payment traceability, status updates, and integrated financial data, finance teams gain the visibility they need to make faster, more informed decisions.

For example:

  • Track each transaction from initiation to settlement
  • Automate notifications and updates for both sender and receiver
  • Instantly reconcile incoming payments with your accounting system

This level of control is vital for enterprises that manage high volumes or rely on recurring billing.

Accelerated Onboarding with eLinx

One of the biggest historical barriers to bank payments has been onboarding. Traditional EFT/ACH setups are time-consuming and manual.

VoPay solves this with eLinx, a proprietary onboarding tool that enables:

  • Digital merchant setup in minutes
  • Custom payment links for collecting banking details securely
  • Flexible sender/receiver flows for any use case—vendors, customers, tenants, employees

It’s ideal for platforms that need to onboard thousands of users quickly—without operational bottlenecks.

Ideal for High-Volume, Recurring, and B2B Payments

From subscription platforms to enterprise SaaS, insurance disbursements to payroll, VoPay’s Pay by Bank infrastructure is purpose-built to handle:

  • Recurring or installment-based billing
  • Large dollar value B2B settlements
  • Vendor payments and reimbursements
  • Automated payout flows for gig workers and contractors

Key Takeaways for CTOs and CFOs

  • Cost Advantage: Up to 80% lower fees vs. credit cards
  • Scalability: Infrastructure built for enterprise volume
  • Speed: Same-day and near real-time capabilities
  • Visibility: End-to-end tracking, reporting, and API control
  • Compliance: Secure, tokenized data with bank-grade encryption

Access Pay by Bank rails and financial automation with VoPay.

Speak to a Fintech Specialist Today!

1. Speak To Our Team

Speak to a Fintech Advisor to outline your needs and impact plan.

2. Access Sandbox

Start testing in the VoPay sandbox to explore our advanced API functions.

3. Sign & onboard

Our compliance and onboarding team will guide you through the process.

4. Go live!

Choose a production date and launch your integration with confidence!

Talk with our sales team

We are happy to answer your questions. Fill out the form and we will have one of our team members contact you.