Interac e-Transfer® for Business: A Comprehensive Guide to Faster Payment Processing

The digital payment transition is happening everywhere. We have seen consumers replace cash with credit cards, debit cards, and peer-to-peer (P2P) payments worldwide. As a result, the demand for innovative payment solutions and the switch to faster digital payments has become a necessity for businesses—seemingly overnight. 

So, where do businesses go from here? In particular, when it comes to B2B payments, what solutions can they expect, and how might they work? 

With these questions in mind, we’ve revised and updated our Interac e-Transfer for Business guide to reflect the current conditions in 2023. The purpose of this guide is to provide businesses with a comprehensive understanding of VoPay’s most trusted payment technology and how Interac e-Transfer for Business fits in.

What is Interac e-Transfer for Business?

“Interac e-Transfer for Business is poised to do for business payments what Interac e-Transfer® did for the personal cheque.”

Todd Roberts, Canadian Payments Leader at Deloitte Canada

As more and more businesses shift from paper payments to digital ones, Canada’s interbank network paves the way. In other words, Interac e-Transfer for Business guarantees a smooth transition as we head towards a future of payment innovation. 

Interac e-Transfer is a convenient and safe way to send, receive, and request money across Canada. All in all, what this means is moving money from one account to another has become faster, safer, and more secure than ever. And it happens in near real-time to boot.

VoPay’s Trusted Payment Technology Meets Interac e-Transfer

While many understand the workings of Interac e-Transfer payments on a personal level, it is essential to note that Canadian businesses need a more robust solution. Businesses can opt to use a payment processor, which plays an important role in handling transactions efficiently and effortlessly. Using a payment processor also simplifies the overall process of managing substantial payment volumes and higher dollar amounts. 
Whether you are looking to replace the manual, resource-intensive work of processing cheques or add an enterprise-grade solution to your platform, Interac e-Transfer for Business becomes the perfect option. Interac e-Transfer for Business lets companies send unlimited Interac e-Transfer payments in real time. Not to mention, each payment amount can be up to $25,000.

Common Use Cases for Interac e-Transfer for Business Payments

The Interac e-Transfer for Business solution can address a variety of payment needs and is suitable for payment flows and fully customizable to suit business needs. As illustrated below, common payment use cases include:

1. Earned Wage Access

With more and more companies stepping away from the traditional payroll infrastructure and adopting better ways to pay their employees, EWA opportunities are on the rise. With Interac e-Transfer for Business in place, employers can send real-time payouts of earned wages to workers’ bank accounts.

2. Gig Economy

Companies like Doordash are looking to step up their game. How gig workers get paid is a significant component in retaining today’s workforce. Businesses need to provide gig workers with the option to receive speedy payouts for their work. In fact, 66% of gig workers say they would select gig companies that offer faster payment methods instead of others.

3. Lending

For lenders looking to meet borrowers’ needs before one of their competitors swoops in, see the results when they offer a real-time loan funding option. The days of waiting weeks for loan application approvals and money disbursement are over. Customers expect instant approval and a quick loan; otherwise, they will seek other solutions. Interac e-Transfer business payment solutions allow lenders to meet and exceed customer expectations when the need for money is immediate.

4. Insurance

Optimize the insurance claim payout process and maximize customer satisfaction. For instance, consider the requirement of securing the infamous void cheque during the onboarding or intake process. More often than not, this is where the process falls off the rails. Because who carries cheques anymore? Now, imagine replacing this experience with Interac e-Transfer® Request Money, where the payment request can be instantly generated from the insurer and sent to the customer to respond to.

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