The Best Way To Send Money: EFT vs Interac e-Transfer® Bulk Payments

The Canadian economy has witnessed a significant volume of transactions through two major payment methods:

3.101 million transactions were executed via Electronic Funds Transfer (EFT), while online money transfers, such as Interac e-Transfer, accounted for 1.118 million transactions. 

The significant growth in transactions through Electronic Funds Transfer (EFT) and Interac e-Transfer® underscores the increasing relevance of these payment options as businesses evaluate which best suits their needs.

This raises a crucial question: do EFT and Interac e-Transfer for Business fulfill the same roles, and which features make one better for specific business scenarios over the other? 

Today's modern businesses need to have access to multiple alternative payment methods.

In this infographic, we compare the key features of EFT vs Interac e-Transfer for Business, helping you make informed decisions:

• Understand the speed, cost, and limits of each method.
• Discover the advanced capabilities by embedding these payment solutions into your offering.
• Explore how these payment methods fit into modern financial workflows.

The Best Way to Send Money: EFT vs Interac e-Transfer

Understanding VoPay’s Advanced EFT Payment Technology  

VoPay simplifies EFT payments by addressing the common challenges of slow processing and manual effort. Traditional EFT systems often require significant resources, but VoPay offers a solution with faster processing, automated workflows, real-time tracking, and built-in compliance tools. These features reduce delays, minimize errors, and free up time for more critical tasks.

By operating as a Fintech-as-a-Service platform, VoPay handles the complexities behind the scenes. Businesses can rely on VoPay’s secure infrastructure, which includes safeguards like tokenization and fraud prevention, alongside tools to ensure compliance with regulatory standards. With quick integration into existing systems, VoPay makes it easy for businesses to upgrade their payment processes without disrupting day-to-day operations, helping them save time and operate more efficiently.

Top 5 Reasons Enterprises Deploy EFT Payments

1. High volume of recurring payments.  

2. Enhanced security and risk management

3. Offer an alternative payment solution to credit card payments. 

4. Significantly lower payment processing costs. 

5. Customer preference. 

Accessing Interac e-Transfer Bulk Through Our Payment API 

While Interac e-Transfer for Business is known for its speed and simplicity, VoPay transforms it into a comprehensive solution tailored to modern business needs. With VoPay’s Interac e-Transfer Bulk API, businesses gain far more than just quick transactions—they access tools designed to manage the full financial operation, drastically enhancing efficiency.

While most providers can facilitate an Interac e-Transfer, they can't offer a client wallet where you can specify that funds should be pulled and held in a separate account until you decide to disburse them into another designated account." Oren Singer, Co-Founder & CEO at Sparrow

Unlike standard providers, VoPay allows businesses to fully customize payment workflows to match their processes. Features like real-time tracking, automated reconciliation, and advanced reporting eliminate the manual work associated with high-volume transactions, making it easier to manage vendor payments, supplier payouts, or contractor compensation.

Our platform integrates directly with accounting systems, simplifying reconciliation and ensuring financial accuracy. Additionally, VoPay offers a white-labelled solution that allows businesses to send payments using branded emails, enhancing trust and professionalism in every interaction.

Through our partnership with Interac Corp., VoPay delivers the reliability of Interac e-Transfer with added flexibility and control, giving businesses the tools they need to manage their financial operations efficiently and effectively.

Key Differences: EFT vs Interac e-Transfer Bulk

Identifying the key differences between EFT and Interac e-Transfer Bulk helps organizations determine the best use case for each payment rail based on the business need.

Speed of Fund Availability

• Interac e-Transfer: Funds are typically available within 30 minutes.
• EFT: Takes between 1-4 business days for funds to be processed, depending on funding times. 

Cost Considerations

• Interac e-Transfer: Depending on transaction volumes, Interac e-Transfer can start from $1.50 per transaction
• EFT: Depending on volumes and limits, EFT can range from $0.30 to $1.00 per transaction. 

Transaction Limits

• Interac e-Transfer: Bulk transactions have a limit of $25,000 per recipient and a cap of 100,000 recipients per day.
• EFT: Offers unlimited funding caps. Terms and conditions apply. 

Recipient Information Requirements

• Interac e-Transfer: Requires only an email address for recipient information.
• EFT: Must provide routing number, transit number, and institution number for recipients. Banking information can be easily captured through online banking using VoPay’s eLinx experience. 

Embed Payment Rails Faster with Fintech-as-a-Service

Deliver the financial services your customers expect with ease. VoPay’s Fintech-as-a-Service platform offers white-label capabilities, advanced APIs, and scalable infrastructure to simplify embedding payment solutions into your platform—no heavy development required.

In less than three weeks, you can offer Interac e-Transfer and EFT payment solutions with advanced features designed to provide value to your platform and its users.

Ready to get started? Contact us today to learn more.