All posts by Telpay Incorporated

How to Manage Accounts Receivable with Pre-Authorized Debits

by Andre Glicenstajn, Sales Manager

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). We are known as a leader in electronic payments and direct deposits, but we can also help our partners and clients with collections with PADs.

Payments Canada has a set of PAD rules and standards that all businesses have to follow. These rules protect the account holder from any abuse. However, as long as requirements are met, this is a service of significant advantage to everyone. It is always important to remember that giving one’s permission to withdraw funds from a bank account is serious business and at Telpay, we ensure your rights and responsibilities are always clear. For example, to help protect account holders from improper withdrawals, PAD samples used by our clients are reviewed to make sure they meet the requirements established by Payments Canada.

PADs are probably 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 services fees, professional and club dues can also be collected. Also, again, it is important to remember that you must have your customer’s permission to debit their accounts. Telpay can help you with the forms and rules.

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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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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The Cost of Processing Cheques

One of the questions that may come up with businesses you speak to is – “What are the cost savings when you eliminate cheques from your business payments?”

For your convenience, we have a simple Savings Calculator to show your clients just how much they can save.

Using this calculator will help give a perspective not only of the overall payment process but how many pieces go into each cheque sent out in the mail.

The Savings Calculator considers elements such as postage and the cost for cheques, but then comes other factors such as bank fees and forms, along with intangibles such as assembly and the actual mailing. Quickly, you will see how the cost of continuing with cheque payments adds up.

We also take into consideration another aspect – time. If businesses are writing cheques or balancing books with a ledger and chequebook, they spend more time than needed to keep records up to date.

This time, particularly for emerging business owners, can better be spent planning and growing their company. For those who have led or been part of a company for a longer period, well, it goes without saying just how much more time is needed in a day.

Bearing in mind these factors, you can easily show what payments through Telpay’s processing system can do for their business. Whether it’s a regularly-scheduled amount that goes to a supplier or a one-off, they will save time and money thanks to Telpay for Business payment software.

To learn more about how Telpay saves your company’s bottom line, call one of our representatives today at 800-665-0302 or email sales@telpay.ca.

Easy Payments in the Summer

The signs of summer are all around us. Street vendors are out, signs for festivals are going up around the city, and the smell of barbeques are permeating everywhere.

Yes, summer is a relaxing time of year, but just because you’re taking a couple of weeks vacation doesn’t mean that your payments are also. Amid the rush to get out to the cabin or shutting down your office early on a Friday, it’s easy to forget to make a payment.

The good news is that with Telpay, you can authorize payments from anywhere you receive email.

Yes, you read that right. Whether you’re at the farmer’s market or on your boat, if you’ve got a signal, you’ve got a payment made, thanks to Telpay’s remote authorization email capabilities.

How does it work?
The bookkeeper or accountant on your Telpay account sends an email directly from the Telpay for Business software with payment details that you as a signing officer require for approving payments.

The benefits of remote authorization include:

  • Increased productivity – No need to wait for your signing officer to come back from their holidays. Your office can progress with projects that involve supplier payments.
  • Financial savings – Don’t let payment deadlines lapse and incur interest cost. Take advantage of advantage of sales that your suppliers may have over the summer.
  • Getting greener – Don’t worry about pre-signed cheques in the office. Keep the space clean – and green – in your office for the summer months.

To learn more about remote authorization, join us for one of our upcoming webinars. As a bonus, you’ll receive a gift card for Starbucks or Dairy Queen so you can further enjoy summer with a special treat, courtesy of Telpay.

Register today by clicking here.

 

Get Your Electronic Payment Questions Answered

Conversations with clients about accounting and bookkeeping practices can be challenging at the best of times, but proposing to the long-time cheque faithful that it’s time to go electronic can be one of the most nerve-wracking dialogues you’ll ever have.

Of course, you know the advantages – the time and financial benefits of transitioning to an electronic payment system – but communicating this to your client, particularly if they are steadfast on keeping cheques, may be a struggle.

In preparing for these conversations, bear in mind the questions they may bring to the table. They’ll be concerned about making sure that payments are going through to their suppliers correctly and securely. For your clients, getting into the digital world, inundated with press stories about security alerts and missing payments, is an intimidating prospect; but arming yourself with the answers to their questions will help with easing their businesses into electronic payments.

Consider these questions that you may receive:

  • How is supplier bank account information collected?
  • How is this information maintained? How is it updated?
  • How is this information secured?
  • What happens if a payment is rejected or returned?

You and your clients have the questions, and we’ve got your answers. As a trusted and valued Telpay partner, we want your business to thrive, and we are here to help you thrive. Contact  a Telpay representative at 1-800-665-0302 or use our online form and you’ll receive a response within one business day.

2017 Ramon John Hnatyshyn Award for Voluntarism

It is with great excitement that Telpay announces that our founder, William H. Loewen, has been named a recipient of the 2017 Governor General’s Ramon John Hnatyshyn Award for Voluntarism in the Performing Arts.

Mr. Loewen receives the award in recognition of his 30-plus years of dedication to the arts in Winnipeg, particularly with the Winnipeg Symphony Orchestra where the foundation that he and wife Shirley began has donated over $1 million; but his support of the famed organization goes far beyond financial contributions. Bill has also been a volunteer with the Symphony for over 40 years.

More than anything, we have valued his advice, his friendship, and his genuine love for symphonic music,” WSO Executive Director Trudy Schroeder wrote in a guest blog on the Telpay website. Continue reading