Why Thousands of Business Owners are Choosing e-Transfer Every Day

Posted on April 22, 2021

We’ve all read the headlines before, “How e-Transfers are ousting paper cheques,” or “Dear Canadians: Please stop using cheques”—plus numerous articles on how cheques are irrelevant. They are old and inefficient, yet they won’t go away. 

Or is it that Canadians won’t stop writing them? Regardless, Canadians still use close to a billion cheques each year, according to Payments Canada. 

That number is declining as digital alternatives become more available, safe and popular. So, now is the time for businesses to grab Interac e-Transfer for Business by the bullhorns and run with it. 

What is Interac e-Transfer for Business?

A powerful payment tool for enterprises to send and request electronic payments at scale in minutes, anywhere in Canada accessible through one easy-to-use system. Available 24 hours, 7 days a week.

What are the Benefits?

Time and Money Saved: Time and money are intricately linked for businesses. And the time wasted on sending and receiving physical cheques is, quite frankly, hard to calculate because there are so many processes, which end up being a time suck. 

For example, the time spent writing individual cheques, filing paperwork, filling in forms/invoices and correcting mistakes--there is a vast gap for human error. Sending cheques is an inefficient process top to bottom. Moreover, most businesses do not have employees with spare time to waste on tasks that could be done digitally. 

In fact, according to a Payments Canada report, 54% of businesses believe they are spending too much time on payment processing activities.

The solution? Interac e-Transfer for business.

Real-Time Payments: Make no mistake—using real-time payments is a competitive advantage for enterprises. It allows businesses transparency regarding payments and accounts. Plus, managing cash flow day-to-day becomes easier with better liquidity. It’s important to keep in mind that cheques quickly become a burden on a company’s accounts because of slow processing times and the dreaded—insufficient funds. Real-time payments relieve this stress.

Increases Productivity: By consolidating digital payments into one large file—a business can send $10,000 per payment to multiple recipients simultaneously—this is a major time saver. Plus, this is all done with only one email address. No need to share cumbersome banking information. Overall, the Interac e-Transfer system is quite intuitive and easy to use, so employees aren’t wasting time on tedious work. 

Cash Flow Management: For all business owners, the ease of immediately requesting, sending and receiving money from anyone in Canada through Bulk e-Transfer, Autodeposit and Request Money is an integral component to maintaining a strong cash flow and running a successful business. Moving funds has never been so easy and efficient. 

Why Choose VoPay’s Interac e-Transfer

Our enterprise-grade solution provides higher limits and volumes for bulk transactions, along with customizable payment flows and real-time visibility into the transaction cycle. 

For example, we empower your business with the ability to send $10,000 per payment limit to multiple recipients simultaneously. Plus, sending up to 1,000 e-Transfers in real-time or up to 100,000 e-Transfers overnight using only an email address.

mobile screen shots of e-transfer for business bulk collection payment solution

On the request side of things, you can request money from your clients in real-time at scale for up to $10,000 per transaction with automated reminders to consolidate the process and save time.

VoPay’s seamless integration truly stands out as an advantage. There will be no bumps felt by customers or employees and access to the service is streamlined through VoPay’s developer-friendly API integration.

Moreover, we are low cost, easy to use and our security is bank-level. Contact us today to find out more about our Interac e-Transfer for Business solution for your business.

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