Canada EFT Processing

Canadian Electronic Funds Transfer (Canada EFT Processing) provides a convenient and cost-effective solution for managing Canadian ACH or e-check transactions.

Canadian EFT processing or Canada ACH Processing allows Canadian based businesses the ability to debit checking accounts for one-time or recurring payments. It is important to note that in contrast to credit cards, cross border payments are not available, meaning funds are collected and settled in the same denomination. So a US company looking to debit Canada customer’s would need a Canadian bank account to settle funds into.

Why is Canada EFT Processing Necessary?

In the US there are many providers that offer an ACH processing solution. For EFT Processing in Canada your options are much more limited as a handful of banks control the payments ecosystem. It can often be difficult to gain access to the Canada EFT processing capabilities.

By partnering with Agile Payments you can leverage an easy to implement solution to debit or credit Canadian bank accounts electronically. This dramatically reduces time and money spent on payment collection.

U.S. ACH Processing vs. Canada EFT

Integrating Canada EFT Processing or Canada ACH processing as a stand alone or in conjunction with US ACH processing offers SaaS platforms a way to automate the payment collection and reconciliation process.  A single system to manage both U.S. and Canadian e-check transactions and reporting data for reconciliation can be a powerful customer acquisition tools as well as a payment revenue generator.

For SaaS platforms initiating recurring payments or one-time payments from your application you make your end users business life more efficient and profitable as well as make your app more valuable.

Key Benefits and Features of our Electronic Funds Transfer Canada Platform:

• Manage cash flow more efficiently and improve forecasting. Knowing your business has reliable predictable cash flow makes planning much simpler and much less stressful.

• Reduce operating expenses associated with collecting/ writing cheques, manual processing, and time spent reconciling accounts. Ask someone working in the collections process how much fun it is to call people asking for payment.

• Accelerate your payables process and control the timing of credits/debits to your account. Again business planning becomes much simpler.

• Receive notification of rejected payments. Many times, and especially if working with a bank’s Canadian EFT tools, you are forced to manually deal with payment rejects. Often these can take a week or more to receive notification on.

• Reduce lost and stolen cheques. By moving money electronically you reduce risk of paper cheques being lost or stolen.

• Mitigate the risks associated with cheque fraud and forgery. Again risk is reduced and mitigated with fewer paper cheques.

• Preserve the autonomy of your business units while ensuring centralized concentration and control of funds. Automation and systems are the key to scalable growth. An automated Canadian EFT solution is a big step in business growth

• Reduce employee and  bank service charges. Making bank trips and paying per check fees are both bottom line drags on your business. A Canada ACH solution automated these tedious manual involved tasks.
• The ability to tie EFT transactions to a deposit sum for easy reconciliation. Read about EFT Deposit Reconciliation.

For SaaS platforms, Canadian ACH Integration offers a pathway to create a more useful and sticky end-user solution as well as generate new revenue streams.

For many organizations the on-boarding process is extremely important. To simply have an ACH integration option may not be enough. Many organizations prefer for the on-boarding process to be a “white label” process, where the third party ACH processor remains in the background. This means the EFT integration must provide a way for the organization to pass their merchant’s data that is required by the EFT or ACH processor’s underwriting department – ideally with everything in electronic format, including signatures.

This means the  Electronic Funds Transfer Canada  API must provide the ability for the application and underwriting process to be presented on their website, as though the ACH payments solution is coming from them, pass the underwriting data to the processor, notify the parties involved where the application stands and pass API credentials to the applicant user once the merchant application has been approved and enrolled. In some cases the credentials are passed to the merchant themselves in the case a SaaS application requires the merchant user to enter API credentials themselves, and in other cases the API credentials are passed to the SaaS organization for entry oh behalf of the merchant. It all depends on the Canadian ACH integration path that the SaaS organization chose.

Case Study:

A large Winnipeg based security/alarm dealer in the medical alert field transitioned to a business management platform with an integrated payment solution.