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Online Payments

FintechOnline Payments

How Does Bulk e-Transfer For Business Work?

VoPay Bulk e-Transfer

You can access our bulk e-Transfer service through our developer friendly API and easily send thousands of near real-time payments with just an email.

You’ll get the ability to send up to $10,000 per payment to multiple recipients simultaneously with real-time acknowledgement and daily status reports. You can choose to send up to 1,000 e-Transfers in near real-time or send up to 100,000 e-Transfers overnight.

We’re proud to partner with Interac to power our bulk e-Transfer service and provide businesses with a seamless payout solution to meet their operational needs.

Product Features

Sending a Payment: In order to send Bulk Interac e-Transfers, you only need the recipient’s email address. With Bulk Interac e-Transfer businesses can send single or multiple Interac e-Transfers through our API.

Tracking & Reporting: Businesses receive a real-time acknowledgement, processing summary and daily status  reports, including the deposit of funds, and statuses of pending and cancelled transactions.

How It Works?

  1. Businesses only require the recipient’s email address or cell phone number to send money (no financial information of recipient is required for payment).
  2. Once the payment is sent, recipients are notified by email or text message.
  3. Recipients can deposit their payment at the financial institution of their choice by answering a security question.

Key Benefits

Easy Signup Process: No recipient banking information required.

Increased Funding Limits: Unlike regular Interac e-Transfer bulk e-Transfer has $10,000 per payment limits.

Near-Real Time Funding: Send funds within the hour or overnight depending on volume.

Highly Scalable: Send up to 100,000 e-transfers per day leveraging an optimized process.

Quick Reconciliation: Real-time acknowledgement and daily status reports.

Seamless Integration: Access the service through our developer friendly API.

Get In Touch

Schedule a chat with one our product specialist to learn more!

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Online Payments

Banking and Payments For Gen Z Infographic

Generation Z Payments

Gen Z is the most interested in digital payment products and services of any generation. While adoption of mobile wallets has been relatively slow among the general population and P2P apps, like Venmo and Zelle, are just now gaining traction among older users, Gen Zers have already embraced the technology. More than half use digital wallets on a monthly basis and 3/4 use other digital payment apps or P2P apps.

2/3 of Gen Zers have a bank account but many don’t yet use debit cards, haven’t aged into credit cards or loans, and aren’t responsible for the bulk of their own spending. As they mature there is a prime an opportunity for providers to engage these customers.

VoPay is a leader in payment innovation offering a single API that instantly connects businesses to global banking and payment networks with speed and transparency. Learn more here to meet the payment needs of Gen Z!

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FintechOnline Payments

What The VoPay + Plaid Payments Platform Partnership Means For You

VoPay Plaid Platform Partnership

Last week we announced the next phase of our partnership with Plaid which saw us become a platform partner. What does that mean? Well, it’s now even easier to implement our payments API that layers Plaid’s data over top of our core payment engine to deliver the most powerful API based EFT payments solution in the market improving funding speed. Also, you maximize payment security and avoid storing sensitive data through our payment data tokenization structure:

Payments made faster, more efficient and more Secure

VoPay + Plaid payments provide businesses six key benefits:

  1. Bank Account Verification: Verify users identities and authenticate bank account prior to the transaction.
  2. Reduce NSF: Reduce NSF fees by having visibility into bank accounts available funds.
  3. Reduce Input Errors: Auto-fill forms with identity data when users link their bank accounts.
  4. Transparent Tracking: Get full visibility into each transaction with courier package like tracking.
  5. Faster Payments: Validate transaction status and access to funds within 24 hours.
  6. New Revenue: Offer on-demand products and services to retail clients.

Are you an exisitng Plaid client?

You can take advantage of your existing data integration with Plaid by leveraging your data tokens and have your users skip all the authorization access and bank account selection steps, streamlining the payment check out experience. You’ll need to sync your data aggregator account with VoPay to enable this.

Getting started

Interested in evolving your existing EFT payments solution to give you real-time data to make better business decisions? Visit our dedicated product and API documentation page to get started or to learn more!

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FintechOnline PaymentsOpen Banking

How Do VoPay & Plaid Payments Work?

VoPay Plaid Payments

We’ve teamed up with Plaid to help make payment processing faster, more efficient and more secure. Before we dive into how it all works let’s get to know each of them a bit better.

Meet VoPay

VoPay is a leader in payment innovation, digitizing direct bank payments with speed and transparency. The VoPay Platform enhances how digital platforms initiate and accept financial transactions using a single, open API.

Meet Plaid

Plaid is a technology platform and data network that enables applications to connect with users’ financial accounts. They focus on lowering the barriers to entry in financial services by making it easier and safer to use financial data. Today, they support developers across North America and Europe.

How VoPay + Plaid Payments Work

VoPay layers Plaid’s Auth, Identity, Balance, and Transactions solutions over top of its core payment engine to deliver the most powerful EFT payments solution in the market.  The result is a seamless payment experience with reduced NSFs, verified bank accounts and improved payment speed.

Current Payment Challenges

There are three main hurdles when it comes to existing EFT payments:

1. Lack of visibility: Paper checks or electronic payment systems for bank account payments do not allow visibility into the bank account at the time of the payment.

2. No traceability: Businesses accepting check or electronic payments can not track the payments, the status of the transaction or when the funds will be available.

3. High risk: The current paper check and electronic payment service do not offer balance verification at the time of transaction.

Common Payment Use Cases

Some of the most common use cases include lending and market places where the solution can dramatically reduce NSFs, optimize cash flow, streamline back-office operations and improve payment security. Another would be legal and real estate where you can increase revenue with significantly reduced fees and decreased chargeback risk.

In summary, together VoPay + Plaid payments improve efficiency by verifying user identity and bank information prior to processing the transaction, minimize NSF fees by having visibility into available funds and reduce the access to funds time to just 24 hours.

Are you a developer? View more details here.

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Online Payments

A Cashless World Infographic

Cashless World

Our friends at Payments Canada recently conducted a survey that showed how the pandemic has dramatically shifted Canadians’ payment habits. As we look at some of the highlights below, it’s clear the shift to paperless and cashless spending habits has dramatically accelerated. For example, 62% of Canadians are now using less cash. How have your spending habits changed and what’s your prefered method of payment?

A Cashless World Payments Infographic

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Online Payments

How Customers Use Electronic Funds Transfers (EFTs)

aerial-photo-of-buildings-and-roads-681335electronic funds transfers

Every time a consumer accepts or sends a direct deposit, they’re using an electronic funds transfer or EFT. Every time they withdraw cash or deposit a cheque into an ATM, they rely on an electronic funds transfer. The same goes for tapping their debit card at the grocery store. Or using a bank’s website for online banking or bill payments.

Electronic funds transfers handle our salaries, bill payments, cash flow, mortgages, and online and in-store purchases. They give us unprecedented digital access to funds without ever entering a physical bank, talking to a teller, or handling cash. In short, an electronic funds transfer is the digital transfer of money from one account to another. 

Today, we’re looking at how electronic funds transfers are changing the world of digital banking—and how your customers are (or should be) using EFTs.

EFTs/ACHs: Moving trillions of dollars digitally

In the U.S. all electronic funds transfers go through the Automated Clearing House (ACH) Network. ACH transfers are the same as EFTs in Canada, only they are all routed through the ACH Network—one of the largest networks in the world. 

In fact, in 2019, the network moved 24.7 billion electronic payments and $55.8 trillion. It is how 93% of American workers get paid. It’s also how millions of Americans will receive stimulus payments during the coronavirus emergency. Payments Canada reported that electronic payments accounted for 73% of all transaction volume versus 21% for cash in 2019. 

Digital banking innovation and electronic funds transfers

Electronic funds transfers are the fastest, most secure, cost-efficient, and digitally connected way to send and accept money. The pace of innovation is showing no signs of slowing down. But where a bank EFT/ACH services may fall short, financial technology companies are partnering and helping to lead the charge toward more innovation in digital banking. 

Using VoPay’s EFT/ACH and iQ11 products, for example, customers can make e-commerce purchases without using a credit card. They now have instant access to available funds online and via mobile. Let’s look at innovations in electronic funds transfers and how your customers can use—and benefit from—EFTs/ACHs.   

5 ways your customers use (or should be using) EFTs/ACHs every day

1. Accept funds digitally

Just like a credit card, your customers can make purchases online using their checking accounts, which you can accept instantly with our EFT/ACH product. A great example of this is for an e-commerce site that collects payments at checkout. Rather than having customers racking up credit card debt, they can spend their money one-time and using recurring payments online. With VoPay’s Intelligent EFT / ACH called iQ11, bank account information is tokenized, thus encrypting personal data for security.

2. Send funds digitally

That same e-commerce platform business, as another example, may need to pay users, vendors, service providers, and/or bills. Using electronic funds transfers from fintech companies, rather than banks that don’t have this service, allows them to send direct bank payments. 

3. Move bulk payments

Likewise, EFTs allow customers to pay, collect, track and reconcile payments to and from many vendors and customers at once. This is a time-saving feature for service providers, for example, that charge monthly fees to many users at once. With VoPay iQ11, customers can validate and verify the user ahead of time, as well as the transaction and funds within 24 hours to help prevent NSF fees and boost security. They can also gather real-time acknowledgement and daily status reports to keep track of it all.

4. Facilitate payments through digital platforms

For those e-commerce sites, SaaS providers, and other customers that facilitate payments on their platform, VoPay’s accessible API is a secure and easy-to-use third-party solution. Being able to accept payments is an essential, yet often missing part of supply-chain management platforms and accounts payable software workflows, for example.

5. Me-to-me: Transfer funds between accounts

Transferring money within an organization or between a person and their business can be fast, safe, and easy with EFTs/ACHs. VoPay’s platform, for example, links all bank accounts both locally and internationally—and allows direct transfers. 

These are just a few of the ways in which you and your customers are using and benefiting from electronic funds transfers. The future of banking is here. It’s instant, secure, and digital, thanks to EFTs. 

Learn more about EFT / ACH payments.

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Online Payments

A Message from VoPay’s CEO Addressing COVID-19

VoPay Vancouver

To our clients, partners, stakeholders and community,

During these unprecedented and challenging times I wanted to update you on how we’re approaching the situation at VoPay as the novel coronavirus (COVID-19) continues to spread and impact our families, friends, businesses and communities. We are all in this together.

Our first priority is to ensure the health and safety of our people and help curtail the communal spread of this disease. In support of flattening the curve of the pandemic and following the guidelines set out by government officials and health authorities, we have temporarily instituted a work-from-home policy for all VoPay team members for the foreseeable future. We have also cancelled all business travel to reduce any risk of our employees being stranded internationally, and we currently have no plans to attend any events through the end of Q2 to support social distancing measures.

Fortunately, we are able and are accustomed to operating our business remotely. We have well-developed business continuity plans and have therefore experienced no disruption since enacting these policies. 

Please be assured that our entire team is well-equipped to deliver an industry-leading digital payments solution and training to support businesses during this challenging period. This is a time for our communities to come together and for us to support one another. With that said we are deferring our setup fee for all small businesses that require an enhanced digital payments solution for 90 days from the date of sign up. Please get in touch if you have any questions.

Our decision-making with respect to COVID-19 will continue to be informed by the knowledge of local and national health authorities and we will continue to evaluate our policies as the situation evolves. 

We truly appreciate your partnership, support and continued trust in us. 

Take-care and stay healthy,

Hamed Arbabi

CEO & Co-Founder

VoPay

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