A growing number of Canadians want to use Interac e-Transfer® for Business to send and receive payment. In fact, over one billion transactions took place over the 12-month period leading up to 2022, with 19% of those involving business transactions.
That is 190,000,000 Interac e-Transfer business transactions. A number that continues to grow. Canadian businesses are increasingly using Interac e- Transfer thanks to its convenience, security and real-time payment capabilities. This FAQ breaks down all the questions we get asked when it comes to using the Interac e-Transfer for Business solution through VoPay’s payment API.
We lay out everything from processing times to when to use it so your business can make the most out of this popular payment solution.
Interac e-Transfer for Business is a money-transfer service for Canadian companies that uses online banking to move funds from one account to another. It allows businesses to receive money from customers quickly and securely by using only an email address.
The funds are transferred from one account to another in real-time using established and secure banking procedures.
Compared to traditional banking solutions catering to small business volumes, VoPay’s commercial Interac e-Transfer for Business solution allows enterprises to send or collect unlimited Interac e-Transfer payments in near real-time with a $25,000 limit for each transaction.
As many as you need to. VoPay customers can send unlimited Interac e-Transfer at any one time.
A lot. And a higher limit than ever before, $25,000 to be exact. The daily Interac e-Transfer funding limit is $25,000 per payment. With just an email address, you can disburse the funds out of your account and into theirs. In real-time.
No. This is a robust payment solution for many of your business needs. VoPay clients can send single or bulk payments, request money from their clients and utilize Inbound Interac e-Transfer to receive payments. Basically, you can send, request, or receive payments 24/7/365 from or to anywhere across Canada.
The Interac e-Transfer for Business solution can be used for a wide range of purposes, with payment flows customizable to suit business needs. Some common payment use case includes:
Earned Wage Access - employers can send real-time payouts of earned wages to workers using only an email address
Lending - lenders can offer a real-time loan funding option and exceed customer expectations when they need money quickly
Insurance - Optimize the insurance claim payout process and maximize customer satisfaction
Gig Economy - Companies can deliver instant payouts to gig workers providing them with the option to receive speedy payouts for their work.
Accounts Payable - Interac e-Transfer for Business makes it possible to send payments to vendors quickly and easily, saving time and reducing paperwork.
No, not every transaction requires a security. With an account number, routing funds can be deposited into the account directly. No security question is needed.
If the recipient does not know the answer to the security question, they contact the sender. If the recipient answers the question incorrectly more than three times, the Interac e-Transfer transaction will cancel automatically.
Most commonly, transactions will expire in 30 days, that being said VoPay clients have the ability to specify a specific expiry date if desired. Upon expiration, funds that were sent will automatically be redeposited into the sender’s account.
In case you forget, or in case they do, you can set up payment reminders. If a recipient receives a transfer but doesn't accept it, payment reminders can be sent before the transaction expires.
Once an Interac e-Transfer request has been processed and the specified transfers have been created, the sender can cancel them until the recipient picks them up. This can be done from the submission of a cancel request.
When a transaction has already been accepted and the deposit made, the transaction is considered complete.
With Interac e-Transfer for Business, you can send single or multiple Interac e-Transfer payments that will be accepted at 250 financial institutions. See a complete list here.
Transactions are processed in near real-time but can take up to 30 minutes, depending on your bank or credit union. Interac will process the transactions and send the transfers as soon as possible, based on system availability. At VoPay, we run a program that checks for new Interac e-Transfer every 3 minutes. It is important to note, however, that the length of time this process may vary depending on the financial institution where the Interac e-Transfer originated.
Once the Interac e-Transfer has been sent by the client to the customized email configured by the VoPay administrator, the funds will be available in your VoPay accounts immediately. Yes, we did say immediately.
Use Case: This solution is perfectly suited for managing loan repayments. For example, when end users cannot make their full repayments, instead of missing the entire repayment, they have the option to make smaller installments at any time throughout the loan period.
When you Request Money using Interac e-Transfer payment solution, an email or text message is sent to the recipient typically within 1 minute, though some notifications may take up to 30 minutes. Once the end-user has processed the request, funds will be sent in near real-time to your VoPay account.
Whether you are looking to use Interac e-Transfer® Bulk Payables or Interac e-Transfer® Bulk Receivables, payments can be initiated and received 24/7/365. Transactions are processed in real-time, and funds are available immediately so that both businesses and the receiver can access these funds when they need them.
Yes! No matter what industry your business is in or what your biggest payment pain point is, Interac e-Transfer for Business will help streamline your processes, enhance your services, and cut down on costs.
✓ Simple Customer Onboarding
No banking information is required from the recipient, simply their email address.
✓ Real-time Funding
Funds are sent and received in near real-time, 24/7. Recipients will have access to funds within minutes.
✓ Advanced Reconciliation
Simplify reconciliation by including an invoice, purchase order and payment details with each payment.
✓ Commercial Funding Limits
Send unlimited transfers of up to $25,000 per payment to multiple recipients at the same time.
✓ Seamless Integration
Access the service through VoPay’s API solution or online portal. Our solutions are fully customizable, allowing businesses to manage payment flows and branding.
✓ High-Level Security
Our data standards are fully compliant with bank security standards, along with data encryption using tokenization technology.
✓ Low-Cost Processing
Our transaction costs are lower than other payment options. Our goal is to minimize inefficiencies and keep your costs as low as possible.
✓ Widely Trusted
Interac is one of the most trusted financial service brands in Canada. Your customers feel good about using Interac products.
✓ Save Time & Resources
Spend less time on accounting functions and eliminate the need to issue, track and reconcile costly cheques for payments.
✓ Healthy Cash Flow
Improve cash flow management by knowing exactly when funds will be sent and received.
✓ Recurring Payments
Payment requests are sent by email or text and can be scheduled on a recurring basis.
Error codes for a pending/ in progress Interac e-Transfer:
506 Transfer has already been cancelled: failed to cancel a transfer through a bulk request as it’s already been cancelled
507 Transfer already picked up: failed to cancel a transfer through a bulk request as it’s been picked up already
0 Bulk cancellation request
1 Recipient rejected
2 Failed authentication
3 Reached cancellation cut-off
4 OAS cancellation
5 Notification delivery failure
6 API Cancellation
7 Failed initialization
8 Auto deposit Failed
Once an Interac e-Transfer request has been processed and the specified transfers have been created, the sender can cancel them up until the recipient picks them up through the submission of a cancel transfer request. Follow the steps below to cancel.
Log into the VoPay client dashboard > Open ‘Statements and Reports’ on the left pane > Open ‘Transaction History’ and locate the transaction you want to cancel. Furthest to the right, click on the ‘Details’ button. Next, click on the ‘Cancel’ button.
If a transaction is already accepted and the deposit has been made, there is no way to cancel the transaction.
Yes. We would love to show you around. Contact us, and we would be happy to get you set up.