Telpay is thrilled to announce its latest integration with Sage Business Cloud Accounting, an essential tool for small businesses offering efficient accounting features like invoicing, expense tracking, and financial reporting.
This integration combines Telpay’s all-in-one online payment platform with Sage, creating a solution that significantly improves the security and efficiency of payment processes for business owners, accountants, and bookkeepers.
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For Telpay Online customers, the security of payment transactions is not just a feature—it’s a fundamental necessity. By incorporating two-factor authentication (2FA), you not only enhance the security of your financial operations but also strengthen the trust and confidence of your clients, partners, and stakeholders. This demonstrates a commitment to safeguarding sensitive financial data, which is paramount in today’s digital world. Let’s explore how 2FA secures your transactions and bolsters trust in your financial operations.
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Money laundering is big business in Canada.
In a recent report, the Criminal Intelligence Service estimated that between $45 billion and $113 billion is laundered through the country every year. As some analysts have noted, part of the reason for those big numbers is that Canada’s anti-money-laundering laws haven’t been that strong compared with other western nations. But that’s changing.
Last year, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced new anti-money laundering and anti-terrorist financing requirements. For Money Service Businesses like Telpay, these new rules mean that we have to ensure we know who our clients are. In accordance with these requirements, Telpay has been requesting personal information of primary users and signing officers, such as their date of birth and home address.
We know there are lots of questions about this. Why are we collecting this information? What are we going to do with it? What is a beneficial owner? Let’s get to some answers.
If there was any doubt about how common electronic funds transfers (EFTs) and credit cards have become for Canadian businesses, a recent Payments Canada report put it to rest. In 2020, EFTs made up 25% of total business payment value in this country, while credit cards accounted for 24%.
That credit card number in particular was unheard of just five years previous. But as that Payments Canada report suggests, there have been four key drivers of credit card usage among businesses recently: payment acceptance, rewards, perceived convenience, and easier control of payments.
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Pre-Authorized Debits (PADs) can be the most efficient and cost-effective way for consumers and businesses to make certain payments such as a mortgage, utility, membership dues, and insurance.
Payments Canada recently proposed several amendments to the Pre-Authorized Debits Rule, last reviewed in 2008. With the increasing level of technological advancements and market demands of Canadians who want greater flexibility and choice of Payment Service Providers (PSPs), Payments Canada is proposing changes to the PADs Rule to meet these evolving needs.
