As most accounting firms know, dealing with banks to make payments for clients can be frustrating, to say the least. But a couple of years ago, that’s exactly what InterPaid was doing — or trying to do.
When Andrew McAuley launched his Sarnia, Ontario-based bookkeeping and business management company in 2019, he had one goal in mind: to enhance the accounting setups of small, medium, and large businesses using a full range of efficient services.
Those services would come to include full-cycle accounting, payroll, remittances, accounts receivable collection, accounts payable management, business optimization, and more. And while InterPaid quickly found early success, banks placed one significant speedbump in the company’s way.
Banking on Inefficiency
That speedbump was the same one faced by many accountants today: making payments using the direct deposit features of their clients’ banks.
“This was an extremely time-consuming and difficult task as we had to have individual logins created, signing authorities depending on the bank, etcetera,” says McAuley. “Not to mention, most banks’ direct deposit payment platforms are not designed for accountants or third-party providers.”
On top of that, each bank has its own individual processes, which meant that InterPaid couldn’t deploy one solution for all clients. The company needed a platform that would integrate with various accounting programs and its payroll software.
A Productive Search
Not long after launching InterPaid, McAuley’s team went on the hunt for a payment platform. They tried several different options, but none of them were quite right. That is, until they found Telpay.
The others just didn’t compare, says McAuley. “The major selling feature was that it’s an all-in-one payment solution. With Telpay, we were able to set up pre-authorized debits, import payroll files, and complete vendor payments directly from our software.”
One other big plus, says McAuley, is that InterPaid can use Telpay for all payment needs, regardless of company size or industry. The platform has fast processing times as well, he adds. “To be able to submit a payment batch and have it paid out the next day is outstanding.”
Time is Money
Telpay has also saved InterPaid a “ton of time and money,” says McAuley. Doing away with the banks’ unwieldy direct deposit process is one reason, but so is the elimination of physical cheques, which some of InterPaid’s clients were using before Telpay.
“Many do not realize the time and money it takes to buy cheques and stamps, prep cheques for payment, visit your client or boss to have them signed, put them in envelopes, and then take them to a local post office to be mailed,” says McAuley. “At the end of the day, time is money.”
Today, InterPaid’s average bill run takes less than an hour and can be done remotely. And across all of its clients, the company saves at least 20 hours per month by using Telpay.
“It has definitely helped us achieve the ‘wow’ that we’re known for,” says McAuley.
Find out how Telpay can help your business achieve the “wow” by visiting telpay.ca/for-business or by contacting us directly at 1-800-665-0302 or firstname.lastname@example.org.