Robert Burns, in one of his well-known poems, ends it with this:
“O would some power with vision teach us
To see ourselves as others see us!
It would from many a blunder free us.”

Those who process payables sometime forget what those who process receivables need to see. In addition to receiving the money, they need to know exactly what is being paid. Is it payment on account, payment of certain invoices, or a government payment where specific information must accompany the payment? Has a discount been deducted? If this type of information has not been provided with the payment it must be obtained by other means, often a phone call to the payer.

Another problem for the accounts receivable department is receiving a string of credits to a bank account and numerous email notifications that a payment has been made. Better is the consolidation of the payments so that one bank deposit and one email equal the deposit covers numerous payments.

TelPay has based its payment system on its ability to see both the payment process and the receivable process. As electronic payment systems evolve, the efficiencies of the systems will grow with the ultimate aim being to have all transactions automatically flow from the bill payer to the biller.

A discussion taking place among people involved in improving the payment system is whether the emphasis should be on instant or same day credit of payments. The answer is that electronic payment systems and rules should have the flexibility to provide both methods depending on the type of billing the business engages in.

Businesses such as utilities that bill monthly will likely want a daily file of payments that can easily and accurately be imported into their accounts receivable system. They want one file of payments for the day and one credit to their bank account to cover the payments.

Businesses that must deliver their goods instantly, on the other hand, must get their payments at the time of delivery. Retail sales would be an example. They reconcile their bank by matching their sales to their deposits at each of their sales points. Today, they get instant payment by cash, credit or debit card. What they want is less expensive payment mechanisms than credit cards especially. Cash and debit cards fill that requirement now except in the case of internet purchases. We foresee the digital wallet will be able to meet that need for instant, guaranteed funding of such purchases.

The Department of Finance has the aim of increasing competition and innovation in the payment field. Telpay hopes to continue to aid in achieving those goals.

It was true when Ben Franklin wrote it in the 1740s, and it’s true now: time is money. This is one reason why you should consider funding your Telpay payments via online banking rather than using your bank’s funds transfer or wire service. Doing so could cut your payment processing time by at least 75%.

Here are three more reasons.

1. It’s fast

Once you set up Telpay as a biller (payee) to fund your payments, we can process your payments as early as next business day (two for payroll). You just have to make sure that you send your payment file and funds to us one day before your payment date or two days prior to your payroll date. With this quick turnaround time, it can mean the difference between an early payment discount and none at all.

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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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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.

CPA Manitoba featured our very own founder Bill Loewen in their email newsletter.

Read the full article here.

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.

• Pay suppliers, vendors, consultants, utility bills such as phone, hydro, and credit cards.
• Make CRA payments and government remittances with approved payment details.
• Send payments overseas with our International Payments module.
• Make USD payments from a Canadian USD bank account with the USD Payments module.
• Use the Remote Authorization feature built right into our software to approve payments from virtually 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.

• Payroll Direct Deposit
• Payables and Funds Transfer
• QBO Payables Integration
• QBO Payroll Integration
• Remote Authorization Set Up
• Government Remittances
• Pre-Authorized Debits
• USD Bill Payments
• International Payments

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

BORIS MINKEVICH / WINNIPEG FREE PRESS

This year marks the 50^th 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

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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After making your first step into the world of electronic payments with Telpay, you are ready to get started with payroll direct deposit. Stepping into a new world of making your payroll payments by direct deposit instead of your routine cheques is simple.

All it takes is four steps, and you are on your way to paper payment freedom!

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