Qualify Clients Part 2: Funding Payment Options

qualify2This article is part of a series on “Qualifying Your Clients.”  Learn how to properly qualify clients at the beginning of the sales process, by asking the right questions and having all the knowledge needed to ensure they benefit from electronic payments with Telpay.

As an ASP Partner, your clients trust you to be their electronic payments expert and we are with you, every step of the way. After addressing the Telpay Basics with your clients,  the next important topic to discuss is the funding payment options; this is how Telpay receives money from your clients to process their payroll and payables payments. Your clients have the option to either send money through their online banking or they can request to have Telpay debit their bank account. Each option requires different payment processing lead times.

Here is an overview of both options:

Option 1 – Sending Money to Telpay

Your clients fund their payments by sending money using their online banking system.
Payroll Lead Time: 2 business days prior to their payroll date.
For example, if payday is Friday, Telpay needs the funds sent to us on Wednesday.
Payables Lead Time: 1 business day prior to the payment date.
Payments to supplier’s account will be made as early as the next business day.

Option 2 – Telpay Debits Your Account

Your clients fund their payments by setting up a pre-authourized debit (PAD) with Telpay.
Payroll Lead Time: 5 business days prior to their payroll date.
For example, if payday is Friday, Telpay requires the payroll file submitted on the Friday prior.
Payables Lead Time: 4 business days prior to the payment date.
Telpay requires the payables file to be submitted 4 business days prior to the payment date.

Telpay’s funding options have their differing advantages and finding the right option will depend on your client’s needs. Approximately 85% of Telpay customers send money to Telpay through online banking because, it has a quicker lead time and allows for greater scheduling flexibility.  However, if your client does not have access to online banking, PAD is an alternative option. When using the PAD funding option, keep in mind it requires a longer lead time.  As your clients trusted expert, talk about both options, so they can make an informed choice.

For more helpful resources, check out our support links on How Do I Fund My Payroll  and How Do I Fund My Payables or contact your Business Development Consultant at 1-800-665-0302.