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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 Bulk fulfill the same roles, and which features make one better for specific business scenarios over the other?
In the fast-paced world of financial operations, having access to multiple payment methods is critical; having options is a bit like having a well-stocked toolbox – you want the right tool for the job.
This infographic and the following article outline each payment method's specifics, breaking down everything you need to know about EFT vs Interac e-Transfer.
EFT or Electronic Funds Transfers are a safe and cost-effective way to electronically credit or debit accounts at any Canadian financial institution in Canadian or U.S. dollars. It is a versatile payment solution that facilitates various transactions, from supplier and vendor payments to bill collections and employee payroll.
VoPay's advanced EFT capabilities surpass those of traditional EFT solutions banks offer. By including intelligent features on top of the banking layer, organizations gain access to a premier payment method that delivers financial clarity and significant cost savings.
This is done by fully automated recurring payments, advanced notifications, payment tracking, automated reconciliation, capturing client bank data, payment tokenization, and virtual accounts to access historical payment data.
1. High volume of recurring payments.
2. Replacing paper cheques.
3. Offer an alternative to credit card payments.
4. Significantly lower payment processing costs.
5. Customer preference.
Transferring funds through Interac e-Transfer is among the fastest solutions, boasting a remarkable turnaround time of under 30 minutes for funds to reach their destination. Unlike EFTs, which may undergo hold periods, funds sent through Interac e-Transfer are available almost immediately upon completion.
Interac e-Transfer continues to be a reliable money-transfer service solution for Canadian enterprises, delivering the ability to swiftly and securely send and receive payments using just an email address.
Interac e-Transfer Bulk Payables are ideal for supporting commercial payments and high-volume transactions. Tailored to particular needs such as vendor payments, supplier transactions, or compensating freelance contractors, organizations can facilitate simultaneous transfers to multiple recipients.
Businesses can efficiently collect payments by initiating a request for a specific amount addressed to an email or phone. Once the recipient accepts the request, the funds are swiftly withdrawn and directed to the requester.
VoPay’s partnership with Interac Corp. significantly improves how a business can send and receive payments and manage the entire financial operation.
Identifying the key differences between EFT and Interac e-Transfer Bulk helps organizations make an informed decision.
Considering these factors when deciding whether to use EFT or Interac e-Transfer Bulk is important to ensure seamless and efficient money transfers tailored to suit your specifications.
Gain the value of both. Access EFT and Interac e-Transfer® for Business through a single API integration. Whether you prioritize speed, cost-effectiveness, or scalability, our payment API offers the flexibility and reliability you need.
Elevate your financial operation to new heights of efficiency and security with VoPay's best-in-class payment API.
