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 to 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 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 firstname.lastname@example.org 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.
When Canadians think of infrastructure what typically first comes to mind are the roads and bridges that are used daily to get to work, the grocery store and home. This physical infrastructure allows for the movement of goods and services across the country and internationally on a daily basis. When this infrastructure starts to show its age, it can impact this flow of goods and services that our economy relies on. Annually billions of dollars are promised by our leaders and reinvested into upgrading and modernizing this essential infrastructure.
The Canadian payments infrastructure is less commonly thought of by Canadians but no less important in facilitating and supporting the movement of goods and services in Canada. The payments infrastructure in Canada cleared $49.6 trillion dollars in 2015; so if you have initiated a bill payment, funds transfer or received your paycheque by direct deposit your transaction is among trillions that have taken a ride on a virtual payments highway maintained and operated by Payments Canada (formerly the Canadian Payments Association or CPA).
When electronic payments are initiated in most cases, they are utilizing a platform provided by a financial institution or an independent third-party payment processor such as Telpay. These front-end payment processors receive your payment instructions and then push them into the Canadian Clearing System for clearing and settlement. All payments that travel on this virtual highway are subject to rules and regulations established by Payments Canada. These rules influence your payment’s journey, for example, their speed of settlement, the timely resolution of items that are returned and the general oversight of payments processors who handle your payments.
The month of January brings with it a new year of possibilities and hopefulness for your business, but it’s also one of the critical times in the calendar as you ready yourself for fee increases.
One of the rates we’re used to seeing rise are for postage, and unfortunately 2017 continues this trend. As Canada Post has recently announced, meter prices for domestic standard letter 0-30g changes to $0.82.
One of the most interesting aspects of human nature is that very few of us are truly open to change. We establish our routines; we settle in a particular neighbourhood, and for the most part, we keep these consistent for much of our lives. This is particularly the case in our professional surroundings.
A hockey player, for example, will remain loyal to a brand of equipment for familiarity and comfort, a chef will swear by a particular knife maker whether they are cutting meat or vegetables, and an office worker will remain steadfastly loyal to Windows-based or Mac computers. Trying to get any of these workers to switch to another system is an exercise in frustration.
Recognizing this, Telpay continues to support a wide variety of accounting programs, even those from companies that are no longer producing software, or versions that have since been replaced in the market.
This time of year, your office is a hub of activity. Your holiday festivities needs to be planned, staff vacation schedules need to be carefully balanced and any closure dates need to be sent out to your clients.
For a company’s financials, this means having all ducks in a row and ensure that any outstanding payments must be completed. Fortunately, Telpay is here to help you, and we’re starting that off now with some tips to help you wrap up 2016 and stay on track for the upcoming new year.
Plan for 2017
It’s just a couple of weeks – the new year! What is your company’s electronic payment strategy going to look like? If you’re unsure, we’ve compiled “The Ultimate Electronic Payment Checklist” to help you maximize and leverage all the features and benefits of Telpay’s services.
The holidays are almost here, and we want to help ensure you have a problem-free festive season. After all, this season is for appreciating and reuniting with loved ones, not worrying about payment deadlines. It’s especially not the time to be muddled by many holidays interfering with your payment schedule.
Avoid any last-minute stress by planning your payroll and payable payments in advance. This is a perfect opportunity to remind you that Telpay will be closed on December 26 and 27, and as such will not be processing payments or accepting funding for payroll and/or payables. We have our handy Holiday Funding Schedule for you, complete with
required lead times for both payroll and payables.
We also want to thank you for your continued support and look forward to working with you again in the new year. As our gift to you, we have put together a holiday playlist, comprised of the Top 10 festive songs as selected by our staff. (Feel free to use this at your holiday party – we don’t mind!)
As an entrepreneur, it can be very exciting -and stressful -to watch your business grow. Meet Nicole Funk, Executive Director of Wellspring Support Inc, who used to worry about her payroll process or whether that vendor got paid on time.
Located in Victoria, British Columbia, Wellspring Support is a comprehensive, community-oriented service provider offering innovative day programming for adults with developmental, physical and behavioural challenges. With a new location and new staff hires, Wellspring is now a medium sized business and growing.
I had a chance to talk with Nicole about her new peace of mind on her business payments and how other entrepreneurs might find it helpful.
Nowadays, it feels like we are living in a fast food mentality. We can no longer wait for anything and want it faster. No time to cook, so you do fast food. Why go to a traditional store, when you can buy the perfect item online. What about your bill payments? How does “Next Business day, Bill pay,” sound to you? Here’s a review of Telpay’s Payables Funding Options.
Payables funding options are really important because this is how Telpay receives money from your business to process your payables payments. There are two available funding options. You can choose to send money to Telpay via online banking which has a one-day lead time or request Telpay to automatically withdraw the money from your bank account through Pre-Authorized Debit which requires a four-day lead time.
Are you tired of waiting for Government Remittance payments to get through to CRA? Concerned with incurring penalty and interest charges for late payments? With Telpay for Business software, you no longer have to wait or worry.
Next Business Day CRA Payments
Simply submit your Government Remittance separately from your payroll and your payment will be processed the very next business day. The required forms are conveniently built right into your Telpay for Business Software.
Plus, businesses can make CRA Payments to the following:
• Source Deduction
• T2 Corporation
• Excise Tax
• Excise duty
• Part XIII – non-resident withholding tax
• Nova Scotia’s Workers Compensation Board
• T1 individual
Worry-free with Telpay
Sign up for a November webinar and learn how to easily make your Government Remittance payments. We’ll even send you a $5 Starbucks gift card to say thank you. Sit back, relax and learn about Government Remittance features with Telpay.
Government Remittance Training – November 17