e-Transfer for Business: A Complete Guide to Real-Time Payments

Posted on June 2, 2022

 

“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.

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 digital payments has become a necessity for businesses—seemingly overnight.

According to Interac, 8 out of 10  finance professionals agree that moving away from traditional payment options to digital ones is essential.

Expect a digitized financial system to revolutionize operational efficiency. Any organization reliant on antiquated, cumbersome, and expensive paper-based processes will fall behind. Although many of us understand the workings of e-Transfers on a personal level, businesses need a more robust solution.

What is e-Transfer for Business?

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.

Common Use Cases for e-Transfer for Business Payments

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

Earned Wage Access

As more and more companies step away from the traditional payroll infrastructure and adopt better ways to pay their employees, EWA opportunities are on the rise.  With e-Transfer for Business in place, employers can send real-time payouts of earned wages to workers’ eligible debit cards.

Lending

Lenders looking to meet borrowers' needs before one of their competitors swoop 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, or they will seek other solutions. E-transfer business payment solutions allow lenders to meet and exceed customer expectations when the need for money is immediate.

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 of us carries checks anymore? Now, imagine replacing this experience with e-Transfer Requests for money. Where the payment request can be instantly generated from the insurer and sent to the customer to respond to and make the payment.

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.

So, where do businesses go from here? In particular, when it comes to B2B payments, what solutions can they expect, and how do they work? We've revised and updated our e-Transfer for Business guide with these questions in mind.

Whether you are looking to replace the manual, resource-intensive work of processing cheques or add an enterprise-grade solution to your platform, e-Transfers become the perfect option. The e-transfer payment solution lets companies send unlimited e-Transfers in real-time. Not to mention, each payment amount can be up to $25,000.

Looking to get started with the most sought-after payment solution on the market? Contact us today! 

Download Your e-Transfer for Business Guide

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