All posts by Telpay Incorporated

Telpay Payment News
Bringing You Payment Insights, Trends and Best Practices

Collect Payments Faster with Telpay

Does your Business have a subscription program or any kind of regular monthly billing? Telpay for Business can help you get paid with our Pre-Authorized Debits (PADs) service.

Your customers authorize you to debit their bank account using the form that we provide. This form assures you that all the bases are covered so that you meet Payment Canada’s requirements.

It’s Payment Canada’s job to establish and enforce the rules and regulations around PADs to make sure they are properly authorized and to protect against improper withdrawals. Want more information on the rules and regulations around PAD’s, please have a look at Payments Canada’s payment guide.
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Telpay Payment News
Bringing You Payment Insights, Trends and Best Practices

Making Your International Payments with Telpay

It’s a global village, and Telpay makes international payments easy. The United Nations recognizes many currencies around the world, and so does Telpay. 

International Payments
Telpay is pleased to partner with Payline by ICE, International Currency Exchange, the engine behind our currency exchange. Payline by ICE has over 40 years of experience in custom international brokerage. Together, Telpay and Payline make international business easier, more cost-effective, and accessible to companies of any size. Payline is a Canadian neighbour, headquartered in Victoria, BC with a great track-record for community involvement as well. 

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Telpay Payment News
Bringing You Payment Insights, Trends and Best Practices

3 Ways that Telpay Makes B2B Payments Easier

At Telpay, we help build great relationships between businesses and their customers. Like every relationship, the needs can vary considerably from one organization to the next. That’s why we look at every possibility and devise custom solutions. Here are three ways that we’ve made things easier for you:

1. Error-free account number validation
Have you ever wondered how Telpay can immediately validate a customer account number?

Account numbers are often 16 digits long or more, so it’s easy to input it incorrectly. Within each account number, there is always one of the numbers designated as a verification digit. That number corresponds to a complex math formula. At Telpay, we’ve worked out all the formulas required to make sure that account numbers are correct immediately as you finish entering them. Correcting any errors at the point of entry is a lot easier than correcting it at a later stage. We have your back.
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Telpay Payment News
Bringing You Payment Insights, Trends and Best Practices

3 Reasons to Push Funds for Your Telpay Payments

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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Telpay Payment News
Bringing You Payment Insights, Trends and Best Practices

How to Manage Accounts Receivable with Pre-Authorized Debits

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.