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!
Tammy Lloyd began her business Tammy Lloyd Bookkeeping in June 2013 after deciding she wanted to work closer to home. She provides bookkeeping and year-end pre-audit preparation for businesses and non-profit organizations.
Before using Telpay, her clients struggled to get vendor payments in on time. She would sign up non-profit clients who needed to make arrangements with signing authorities to sign cheques.
“Volunteer board members would need to take time out of their already busy schedules to physically stop by the office and sign cheques.”
Another one of her client’s office structure had changed with some of the office team working remotely. Having two people in the office at the same time to get signatures was completely inconvenient.
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 email@example.com.
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.
Here is an example of how AccSys Solutions has helped their clients streamline their business payments.
AccSys Solutions is the world’s largest Adagio consultant reseller and has mentored over twenty Adagio Dealer Business Partners across North America. Douglas Dickie, the president of AccSys Solutions, has over thirty years’ experience in accounting and business management. He started AccSys Solutions twenty-two years ago with a team of experts in accounting software, integration and workforce management solutions.
Five years ago, when Adagio accounting software integrated with Telpay, AccSys Solutions implemented Telpay for their internal accounting before any of their clients were processing EFT’s. Telpay is an obvious improvement over manually keying in dollar amounts and payments; it is a great EFT solution. Besides quick and easy electronic payments, Telpay makes managing payment approvals a snap. Approving payments from anywhere is ideal for accountants and bookkeepers.
When clients started asking about integration EFT solutions for Adagio, AccSys Solutions was ready to highly recommend Telpay as Telpay has significant advantages, particularly with managing payment approvals. Approving payments from anywhere is a great solution for accountants and bookkeepers.
Want to learn more about how Telpay for Business and Adagio accounting software can streamline your businesses’ payment processes? Contact us at 1.800.665.0302 or email firstname.lastname@example.org.
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.
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
Summer should be shared with family and friends, not being tied down to your desk approving payments. That’s why Telpay for Business offers a secure remote authorization feature which allows you to approve payments from anywhere you receive email!
You can easily set up the remote authorization in your Telpay for Business software yourself. Once your payments are ready to be approved simply click the “send for approval” button and voila!
To help you get started with remote authorization, we invite you to attend one of our monthly webinars.
In fact, we want you to enjoy your summer so much we are offering all Remote Authorization Webinar attendees a summer treat to savour while approving payments on the go.
From May to August, register and attend a Remote Authorization Webinar and we’ll send you a $10 Starbucks Gift Card or $10 Dairy Queen Gift Card.
So enjoy your extended weekends at the lake and worry less about managing your Telpay payments and payroll.
The Federal Department of Finance recognizes that the current regulatory framework for payment service providers is focused narrowly on institutions like banks and payment card networks. As new payment options, provided by non-traditional market participants, continues to grow, so too do the number of market participants that fall outside the existing regulatory framework.
To address the oversight gap, the Federal Department of Finance is currently exploring options to expand its regulatory oversight framework based on a functional approach. A broadened focus will most importantly benefit and serve the interests of end-users.
Telpay is involved with the Federal Department of Finance’s oversight framework project and is a participating member of the department’s consultative committee, FinPay, which met in April in Ottawa to discuss industry oversight.
Spring has sprung and it’s time freshen up your Telpay knowledge. We want to ensure you’re a bright-eyed bushy tail bunny when it comes to your payments.
Sign up now as these webinars are hotter than hot cross buns because some lucky bunny will have a chance to win one of two $50 Amazon Gift Cards*.
Our customers love our webinars and you will too. Litze Boghean from Coastal Craft was our March webinar winner, here’s what she had to say;
“The Telpay webinars were very informative. I learned how to enter new Biller information, including information to pay Provincial and Federal taxes. I also learned how to provide the Biller with invoice numbers and other information. There was also lots of useful information on USD Payments, as well. I enjoyed the webinars and will use the information in my daily transactions”.
When it comes to any payment you’re making, you have options with Telpay.
It’s something we’ve always prided ourselves on – being flexible to the methods our clients prefer. It’s what has made Telpay for Business one of the most advanced electronic payment systems in Canada.
We’d like to take a moment to tell you about the options available to you.
Option 1: Integration with Accounting Software
The first is importing through your accounts payable systems. As we’ve talked about in the past, our platform integrates smoothly with your accounting software, which helps you streamline your payment processes.
When we speak with a new client, a common question that comes up is about the breadth of bills and payments you can make using Telpay for Business.
We tell them – at times to their surprise – is that the possibilities are endless. Not only can you provide secure payments to your suppliers, but to your basic business service providers as well. Company credit cards, phone, electricity, internet providers… they are all within your sphere of payments through Telpay; and the more you do with us, the more you save!
As the number crunching, keyboard clicking and pencil sharpening for tax time continues, remember to take a minute in the midst of it all and just breathe.
Sometimes we forget about our health when working long hours. Here are some great work-life balance tips to help manage your day.
- Remove yourself from all work related items multiple times throughout your day. Take a walk, eat a snack or try a few stretches to occupy your mind with something new.
- Get in that shut eye time. Although it’s long work hours right now, getting enough sleep will allow your brain to concentrate better on the task at hand.
- Use your Telpay resources. If there’s anything, we can do to lighten your workload let us know. With our Telpay webinars, one-on-one customer care support or our online help articles, there are plenty of tools to help manage your Telpay to-do’s during tax time.
WIN A $600 BIG NIGHT OUT
Rather than just give you some tips, however, we want to treat you to a well-deserved break. Take some downtime away from the hectic financial season with a night out on the town, dinner and a play or an overnight staycation getaway.
We are giving away a $600 Direct Deposit for your Big Night Out*. From March 15 to April 30, all Telpay ASP Partners who submit an application with a valid ASP code will receive one entry to win.
So grab your significant other, some friends or your family and start planning your Big Night Out.
*The rules: Offer valid for Telpay ASP Partners only. All Telpay for Business applications submitted using an assigned ASP code will receive one (1) entry to win a $600 Direct Deposit for your Big Night Out. One (1) entry will be issued for every application received. The winning ASP Partner will be notified via email using the address we have on file. Offer valid from March 15, 2017, until April 30, 2017, at midnight.
There are several reasons that Telpay is the payment solution partner of choice – trust, security, flexible payment methods, unparalleled billers and others that we have talked about in this space.
One of the most overlooked Telpay reasons, however, is the way we collect and manage supplier’s bank account information.
With traditional EFT systems, businesses typically need to contact suppliers and ask for their bank account information. For most businesses, gathering this information is a hassle because a supplier won’t have the information at hand or they are reluctant to provide it over the phone or email. If a supplier’s bank account information is not in Telpay’s database, we will contact the supplier to get their information so that an electronic payment can be made.
Telpay not only collects supplier’s banking information, we also manage and securely store their information in our Biller database. This is to ensure payments are always sent to the correct bank account and payment information is delivered in exactly the format that they prefer, such as email, fax or efile, along with invoice and customer account numbers, if required.
Take the stress out of your transactions and simplify your supplier payments with Telpay. To learn more, contact one of our representatives by email at email@example.com or call us at 1-800-665-0302.
Are you still making some of your business payments by cheque? Are there too many steps to tracking down signatures? Does your mind race over payment deadlines, discount rates or worse, cheques lost in the mail? These challenges may bring on anxiety and stress that could lead to an increased heart rate. Stress can sometimes be a good thing, however, too much stress can cause harm to your health and increase your risk of heart disease (Source: Heart and Stroke Foundation).
Reduce stress by going electronic!
Eliminate the hassles of cheque payments by maximizing the features of Telpay’s electronic payment system. In addition to paying your employees electronically with Telpay, you can pay suppliers, contractors, utilities, credit cards, government remittances and more. Join us for a webinar to learn how your business can benefit from electronic payments.