Cross border payments are not available in Canada. This means that funds are required to be collected and settled in the same denomination. A Canadian bank account to settle funds into is a necessity for U.S. based companies interested in debiting Canadian customers.
Implementing Canada EFT Providers is a simple and affordable solution to managing Canadian ACH. Implementing software allows Canadian based applications to debit checking accounts for one-time or recurring payments.
Integrating Canada EFT Providers facilitates the automation of payment collection and reconciliation processes, either as an independent application or concurrently with a U.S. ACH processing solution. A single system capable of managing both U.S. and Canadian e-check transactions, and reporting data for reconciliation leads to increase customer acquisition tool and more revenue.
Canada EFT Providers options are relatively scarce compared to the number of ACH processing providers available in the United States. A small number of banks are in charge of the Canadian payments domain. Since options are limited it is difficult to gain access to Canada EFT processing.
Canada Electronic Funds Transfer key benefits:
- Rejected payments notifications.
- Mitigate cheque fraud and forgery risks.
- Reduce operating expenses: Collecting/ writing cheques, Manual processing, Time spent reconciling accounts, Etc.
- Accelerate the payables process
- Control the timing of credits/debits to your account.
- Reduce employee and bank service charges.
- Reduce lost and stolen cheques.
- Reliable, predictable cash flow: Makes planning much simpler and less stressful.
- Preserve the autonomy of your business units while ensuring centralized concentration and control of funds.
- Improve cash forecasting.
- Efficiently manage cash flow
- Automation and systems are the key to scalable growth.
Canada Electronic Funds Transfer On-Boarding Process
The onboarding process is arguably the most important process in a customer’s lifecycle for any organization. During a “white label” onboarding process the third party ACH processor tends to remain in the background . It is up to the EFT integration to provide a way for the organization to send the required merchant’s data to the ACH processor’s underwriting department.
An ideal API will:
- Pass the underwriting data to the processor.
- Notify the parties involved where the application stands.
- Pass API credentials to the applicant user after the merchant application has been approved and enrolled.
- Present the application and underwriting process on their website: Give the impression that the ACH payments solution is coming from them.
The Canada EFT Providers path that an application chooses will determine how a SaaS company sends their credentials. SaaS organizations require merchant users to enter API credentials, and in some cases the API credentials are passed on behalf of the merchant to the SaaS organization for entry.