Category Archives: Telpay News

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

Capture Summer with Telpay for Business!

Summer is short, and every moment spent inside is a moment you could have spent outdoors in the sun, capturing memories! We want to help you take your summer back.

This summer, during the months of July and August, when you sign up and attend a Telpay Webinar, not only will you learn how Telpay for Business can reduce time spent indoors administering, sending, and approving payments, but you will also be entered for a chance to win a Polaroid Prize pack!

With Telpay’s all-in-one payment system, Telpay for Business can help you streamline and manage all your business payments, saving you time that you can spend enjoying summer!

With a webinar you will learn how to:

Summer Webinar Giveaway

Instantly recapture summer this year, by signing up for a Telpay Webinar! From July to August, we’re giving away one (1) Polaroid Prize Pack each month.

To enter, register and attend any Telpay Webinar during July and August and you’ll be entered into the monthly draw. The more webinars you attend, the higher your odds of winning!

View Webinar Schedule to Register

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Giveaway Rules, Terms, and Conditions
– The Contest is open to Telpay for Business Customers and ASP Partners only.

– All entrants must be 18 years of age or older.
– You will receive one entry per FULL webinar attended.
– Winner will be contacted 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.
– There is no limit to the number of webinars you can register and attend, however, you cannot win more than one prize in the same contest.

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

Paying Bills and Receiving Payments

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.

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

Payment Industry Issues: Who Wants What?

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.

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

Payments Canada Changes

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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