How to Manage Accounts Receivable with Pre-Authorized Debits

One thing we probably do not focus enough on here at Telpay is our ability to let our clients manage their accounts receivable through pre-authorized debits (PADs). Imagine having all your accounts receivable collected on a single day with virtually no effort. That is what PADs can do for you.

Payments Canada has a set of PAD rules and standards that all businesses have to follow. These rules protect the account holder from abuse. However, as long as requirements are met, this is a service of significant advantage to everyone.

PADs are the best option to use when collecting recurring payments such as rents, mortgages, monthly fees, and insurance premiums. However, regular monthly billings such as bookkeeping and accounting service fees, professional and club dues can also be collected by this method. You must have your customer’s permission to debit their bank accounts. PAD samples used by our clients are reviewed to make sure they meet the requirements established by Payments Canada. Getting that permission is most often built into your agreement with your customer.

With Telpay for Business electronic payment software, you can efficiently manage your collections list, import a collection file, and maintain the collection file. If you are an existing Telpay for Business customer, to get started all you need to do is apply for the PAD service. There is a setup fee and transaction fee, but no extra monthly fee, making it even more affordable to use.

Here are some tips for a successful implementation of PADs:

1. Make sure your billings are of a type that suits the requirements of Payments Canada. Only recurring types of billings are permitted.

2. Get permission from your customers to debit their bank account using the required form.

3. Notify your customers when you are ready to begin debiting them. Telpay notifies its customers that they will be debiting approximately ten (10) days in advance of actual debit. This gives your customers time to view your bill before they are debited.

4. With our PAD service, you send us a file of your monthly debits. Telpay will then debit your customers on the day specified and forward the funds to your bank account as soon as they are cleared. Typically there is a four (4) day hold.

To learn more about PADs, contact 1-800-665-0302 or visit telpay.ca/for-business/get-paid.

Payments Canada Changes

by W.H. Loewen, President, Telpay

On Thursday, September 13, 2018, Telpay hosted a panel discussion at the Institute of Professional Bookkeepers of Canada (IPBC) National Conference in Calgary. The panel discussed the changes to the rules and procedures regarding processing payments in Canada. FinPay, a committee set up by the Department of Finance, has been working on it for some time. John Zajic, Vice President, Corporate Policy, Telpay, is a participant on the FinPay advisory panel.

Same Day Payments

We may see initial results of their work this month. We understand that an added daily exchange between banks will begin this September. This one change will be of great benefit to business generally and to Payment Service Providers especially. The proposed 9:00 PM EST exchange will mean, for example, that funds transferred to Telpay during the day can be paid out and credited to the intended recipient the same day. Deadlines for payroll payments, for example, will likely be shortened one full day. Anyone involved in payroll processing understands how beneficial this is. However, there are other benefits as well. Errors and adjustments may be reduced. We can’t say precisely how it will be implemented but you can be sure that Telpay will do so as soon as possible with payroll being our priority.

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Critical Factors to Consider Before Offering International Payments

As our world becomes smaller and globalization continues to be a reality for business, the need for international payments and understanding the requirements and nuances of this important service are crucial as your customers’ needs become more frequent and complex. International payments will be a featured series over the next several months, which will provide insight on the benefits of international payments, regulations, and how to protect your business against any risks involved. Keep an eye out for the upcoming articles and learn how to use international payments to help your business evolve and expand.

We are pleased to have Mr. Paul Rechner, MBA, President of Payline by ICE, provide his insights, thoughts, and perspectives on International Payments as part of our Telpay Expert Series. 

Critical Factors to Consider Before Offering International Payments

Being able to open up options for sourcing products, materials or services from outside of Canada allows businesses a competitive edge, both in terms of variety and potentially cost, but it can come with some intimidating steps including language barriers, customs clearing, foreign exchange accounting and management of exchange rates and payments.

It is crucial, as these needs grow, to understand what payment methods are available to make payment to vendors in different regions and to be able to assess the cost and convenience to find the right mix for your needs. Understand that there are methods that can be convenient for you, but detrimental to your vendors and methods that are convenient for your vendors but costly for you, and ultimately strive for methods that work well for both parties.

Those new to dealing with international payments often tend to use their existing Canadian credit cards, and by doing so, incur merchant fees for their vendors (approx. 2.5%) and are usually paying a markup on the exchange rate of around 3.5%, meaning that there is 6% of the payment value funding the process. This is fine for smaller payments, but adds up when they grow. Similarly, there are online-oriented payment providers like Paypal, that are quick and efficient, but again, can be costly in terms of exchange rates and not suitable for growing payments or for all vendors.

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Why You Should Use an Online Payroll Provider

Our special guest contributor this month is one of our Payroll Partners, Brad Rougeau of PayTickr, a cloud-based mobile time tracking with payroll system that offers small, mobile businesses a simple and affordable system for keeping track of their employees and automating payroll runs.

It’s that time of the month again – payroll. This may well be an exciting time for your team members who are anticipating a payment, but not for you, or whoever is responsible for payroll. You know exactly how much time and effort it takes, and if the process does not go smoothly, you could end up with some issues – including ornery employees. As someone who runs payroll for multiple companies with upwards of 20 employees, I can relate.

To manage this process efficiently and effectively, I use an online payroll provider, and I think everyone should consider this type of payroll service for their business. All you need to do is supply the system with relevant employee details. Once you input the data into the software, the rest of the payroll process will essentially take care of itself.

Why should you use an online payroll provider? Here are three compelling reasons to consider it.

1. It saves you time

Manually processing your payroll can be time-consuming. We already know that. However, in the grand scheme of things, that is just the tip of the iceberg. Frustration tends to trickle down to your employees when their cheque or direct deposit takes a surprising amount of time to clear.

Last year, the Canadian Payroll Association conducted a survey and reported that 47 percent of respondents said it would be difficult to meet their financial obligations if their paycheque was delayed.

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The Right Payment Fit For You!

Telpay’s all-in-one payment system, Telpay for Business has more features than you may know. Which features are you using and which ones are you not? More importantly, which features are the right fit for you and your business?

For example, Telpay for Business not only processes payroll direct deposit but it also allows you to make payments to anyone, anywhere.

We have these and many more features to help you streamline and manage all your business payments. Join a webinar to find the right fit for you!

February Webinar Giveaway

Register and attend any Telpay webinar in February to learn all of what Telpay for Business can do for you and your business. You’ll be entered to win a Fitbit Blaze! Attend more than one webinar to increase your chances to win.

PLEASE NOTE THAT ALL WEBINARS ARE SCHEDULED IN CENTRAL TIME. Please adjust the webinar start times according to your time zone.

Giveaway Rules, Terms, and Conditions
– The Contest is open to Telpay for Business Customers and ASP Partners and Elites only. All entrants must be 18 years of age or older.
– You will receive one entry per FULL webinar attended.
– Winner will be contacted on March 5, 2018, via the email or phone number used to register for a webinar.
– The prize is non-transferable. No substitution or cash equivalent of prize is permitted.
– See complete Contest Terms and Conditions

50th Anniversary of Bill Loewen

 

BORIS MINKEVICH / WINNIPEG FREE PRESS

This year marks the 50th anniversary of our very own founder Bill Loewen in the electronic payments industry.  Interviewed by Martin Cash of the Winnipeg Free Press,

“An incessant innovator who’s always been just a little ahead of his time, even this year, the 50th anniversary of the start of his first business, Comcheq Inc.”

Read Full Article Here

 

How Telpay’s Debit Funding Option Works

You have decided to make a payment(s) using Telpay’s services; the next important decision is how you will fund the payment(s). You can either fund your payments by debit (Pre-Authorized Debit), where Telpay automatically pulls the funds from your bank account or through online banking (bill payment or direct transfer), where you push funds to Telpay.

These two options have varying benefits depending on your business needs. Most of our customers prefer the speed and convenience of next day payments which is achieved by pushing funds to Telpay through your online banking. On the other hand, some customers prefer using our PAD option because it requires no additional action. While the PAD option appears convenient, it also comes with a longer lead time of 3 to 4 business days.

Let’s take a closer look at how the Telpay debit option works.

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How to Overcome Client’s Resistance to Change

Change, as they say, is necessary in the business world. Staying at the forefront, if not ahead of the bar in your industry is crucial to your continued success.

When you think about this as a mantra for your business, you know instantly that this applies to your products and services; but it is just as necessary for your operations to be running as efficiently as you move forward. From deciding to remove your fax line to using video conferencing, the way we do business is as important as what business we’re doing.

Change, however, isn’t easily accepted by all parties. Some companies will always be intimidated by the prospect of how their “traditional” methods will be altered. Perfectly fitting into this space is payments, and as you change your payments from cheques to electronic means through Telpay, there will be apprehension.

So how do you ease your client into this “new method” of payment? The answer may be simpler than you think.

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Pay Utilities (and more) with Telpay

Have you ever missed a bill payment deadline? Have you come into the office one morning, only to see a “Payment Overdue” email waiting for you? It happens. Busy schedules prevent us from going to the bank, or if a payment date falls on a day we’re away from the office.

That’s what makes Telpay so convenient – each and every one of your bills can be scheduled and remitted in advance when it’s convenient for you! From electricity to cell phones, all your bills are covered with your Telpay for Business all-in-one payment software.

Take for example your hydro. Just as you would do with any other supplier or vendor payment, simply import the payment details or enter it directly into Telpay for Business.

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ASP Resources

At Telpay, we pride ourselves on the resources we provide our customers, and if you’re an ASP, we’ve got everything you could want in one convenient spot.

If you haven’t surfed through Telpay’s extensive information archive, be sure to follow this link to check out our dedicated ASP Resources page. Here, you will find an incredible bank of helpful articles that will help you work with Telpay and your clients.

 

Our ASP area is broken up into the following categories:

  • Frequently Asked Questions when setting up a new client
  • Partner Pricing
  • Webinars
  • Learn how to Use Telpay for Business
  • Telpay for Business Marketing Tools to Help You Become Successful
  • Telpay for Business USD Tools

If you can’t find the information you’re looking for, we want to hear about it! Help us grow our ASP Resources by sending us a request service@telpay.ca.

Telpay Hosts a Payments Panel at IPBC Ignite 2017

We’re excited to announce that at the upcoming Institute of Professional Bookkeepers of Canada (IPBC) National Conference – Ignite 2017 – in Richmond Hill, ON, Telpay will be hosting an exciting roundtable featuring thought leaders in the payment and business industry!

IPBC is a member based association to help bookkeepers become more successful and gain better recognition within the bookkeeping profession. IPBC provides the environment, knowledge, and resources its members need to develop excellence in bookkeeping, through certification, education, networking, advocacy, information, and research.

The panel discussion aims to address Canada’s Evolving Payment Needs & Building a More Efficient Payment System for Industry. Electronic payment adoption has increased and is quickly developing to be an indispensable part of business. Accounting and bookkeeping processes are rapidly transforming, and it has become apparent that improvements are needed in the payment system to keep pace such as quicker notification of returned debits, frequent and faster payment processing between the banks, and improved oversight to protect all users.

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Who is Still Using Paper Cheques?

Guest Blogger: Our guest contributor is Douglas Dickie, President of AccSys Solutions, the world’s largest Adagio Accounting consultant reseller and has mentored over twenty Adagio Dealer Business Partners across North America. Article reposted with permission

With the emergence of new digital forms of payment such as email money transfers, use of paper cheques has been steadily on the decline in Canada, shrinking by roughly five per cent a year, according to the Canadian Bankers Association. With advancements in payment technologies that enable services like wire transfer, debit payments, PayPal and Bitcoin, electronic payment has now become ubiquitous. For regular payables “cheque runs”, e-payments are fast becoming the norm for businesses of all sizes and industries. Many businesses now only issue printed cheques when an unexpected situation arises that prompts the company to issue a manual cheque.

Small businesses that are still relying predominantly on printed cheques are also grappling with the escalating cost of paper cheque stock and the rising cost for clearing printed cheques through their bank. This is quickly forcing small business owners to reconsider employing e-payments over cheques.

Ten years from now, a paper cheque will go the way of the rotary phone and the fax machine. Technology will continue to add convenience and efficiency to business processes such as payments.

At AccSys Solutions we use and recommend Telpay for Business. Telpay features password protected single and dual payment authorization and system access, allowing you to replicate internal controls. With enhanced reporting, Telpay allows you to maintain a clear audit trail of all payments, including accounting distribution and payment history. With no outstanding cheques, bank reconciliation is easy. Telpay for Business allows you to pay 100% of your suppliers, employees, CRA remittances and international payments all in one easy to use system. We encourage you to check it out. No pun intended!