Over the years we have heard many stories from clients who have experienced the downfalls of paying with cheques; the biggest being fraud, theft/loss, and high costs.
Some of our clients have had cheques copied, others have had cheques that simply never made it to their destination. One client even had a Canada Post mailbox at their building vandalized and all their outgoing cheques stolen!
And really take a minute to think about all the costs of cheques: cheque stock (when did that get so expensive!?), envelopes, stamps, wages for processing and signing cheques, stuffing envelopes and getting them to the mailbox.
For those of you that have vendors that hold your orders until the cheque clears the bank, depositing the payment directly in your vendor’s bank account can completely eliminate that waiting period.
Cheques have been a cornerstone payment method in business for decades. But like most things in society these days, technology has given us a better way to pay. EFT payments are not only faster and more convenient, they are more secure and will save you money. If you want to see proof, just try this cost calculator to compare.
Let’s talk about how EFT works:
You are probably familiar with using online banking to send single etransfers or pay individual bills. Those are great but they represent manual Electronic Funds Transfers. Imagine processing multiple payments to multiple employees or vendors at once in your accounting software and then simply uploading a single file to your bank that does all the work on their end while your system emails remittance advice to your vendors and employees.
Let’s say that again, process payments in your accounting software, which emails your vendors and employees their advice, upload the EFT file to your bank and you’re done!
Please contact us directly to discuss your EFT needs so we can help ensure you’re getting the right solution for you. But in the meantime, read more about the detailed features EFT Processing can provide you based on your current accounting software: