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FintechOnline Payments

The New Fintech Normal

COVID-19 FINTECH

Our friends at Plaid recently published “The Fintech Effect” report after conducting a survey of Americans that looked at how financial technology has helped them get through the COVID-19 pandemic. You can view the full report here and see the results that stood out for us below:

VoPay is a proud Plaid platform partner and offers businesses the ability to make EFT payments faster, verify bank accounts and reduce NSFs. You can learn more here.

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FintechOnline Payments

The Need For Payment Speed

Payment Speed

Payment speed has never been more top of mind or important than now. In a recent PayPal survey, it found that 76% of small businesses in the U.S. have reported they are struggling with cash-flow shortages and 91% said having real-time payments could help with some of that. Organizations like Payments Canada and Nacha are working with their respective payment networks to usher in real-time payments for both consumers and businesses. At VoPay we’re also committed to improving payment speed and offer several different payment services that have varying funding times. Let’s have a look:

EFT / ACH, Intelligent EFT / ACH (iQ11) and Bulk Interact e-Transfer are all available through VoPay’s single API or payments platform. Learn more here.

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FintechOnline Payments

Small Business Digital Payments Adoption

Small Business Digital Payments Adoption

As the pandemic continues so does the financial and operational stress for small business owners across North America. Businesses are turning to digital payment solutions to improve cash flow and modernize their payment systems. Let’s have a closer look at how COVID-19 has spurred digital payments adoption across the entire ecosystem:

We continue to defer our setup fee for small businesses so they can digitize there online bank account payments with speed and transparency. Learn more here.

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FintechOnline Payments

The Accounts Payable Digitization Opportunity

Accounts Payable Opportunity

The numbers below make it clear there is still a significant opportunity to optimize the entire accounts payable process. From eliminating paper invoices to paper checks, the urgency to shift to a paperless back office has never been greater. Let’s take a look a the current state of the accounts payable:

VoPay offers several payment services that make it quick and simple to move to a 100% paperless accounts payable process. In fact, our payment solution offers real-time payments, bank account verification and full visibility into each transaction with enhanced reporting. The paperless revolution is here!

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FintechOnline Payments

The Digital Payments Surge

Digital Payments Surge

This month the Bank of Canada designated Interac e‑Transfer as a prominent payment system which means the payment service will now be regulated by the Bank of Canada and highlights the importance of digital payments for both consumers and businesses, particularly during the pandemic.

In 2019 Interac’s e-Transfer system recorded approximately 486 million transactions worth about $169 billion. Those numbers are expected to dramatically increase in 2020 for both consumers and businesses with the current trends we’re seeing:

E-Transfers can allow businesses to move blocks of money around at a low cost and can provide a cheaper alternative to credit cards and offer much faster funding times then EFT payments. VoPay offers bulk e-transfer for business through its developer friendly API or directly through its payment portal. Learn more here.

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FintechOnline Payments

The Best Way To Send Money: EFT VS Bulk e-Transfer

The Best Way To Send Money

EFT and bulk e-Transfer payments are both ways for business to seamlessly send money to customers and manage accounts payable. We decided to put the two payment services side by side for comparison. Which one do you prefer?

Both EFT and bulk e-Transfer payments are available through our API and payment portal along with Intelligent EFT (iQ11), our industry leading open banking payments solution. Learn more here!

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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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