With a possible postal service disruption looming in the near future, your clients will be happy to know that their electronic payments will not be affected by the potential disruption. There may still be a few of your clients that are not making all of their payments electronically. If this is the case, now is the perfect time to prepare your clients for switching their remaining cheques payments to electronic payments. To help them get started, here are a few ways to prevent payment delays should a postal disruption take place:
Start collecting banking information from your Canadian suppliers
Collecting banking information from your suppliers is often assumed to be a daunting task; however, it is quite the opposite. Collecting banking information is as easy as sending an email to your suppliers using Telpay’s Biller Information Form. This form outlines exactly the information needed in order to process an electronic payment to your suppliers.
Let suppliers know that they will be receiving an electronic payment
Start planning ahead and letting your suppliers know now why you would like to switch from mailing a cheque to sending an electronic payment. You can let your suppliers know that you are processing electronic payments by sending them our Notify Your Suppliers form. The form is customizable (feel free to add your company logo!) and can assist in explaining to your suppliers what direct deposits with Telpay is all about. For example, let your know suppliers know that they will receive an email or fax remittance from Telpay once they have received an electronic payment to make reconciling payments easy.
Make sure all your current electronic payment details are up to date
While you are adding new suppliers to your electronic payments list, make sure that your list of suppliers that you have previously sent electronic payments to, is up to date. Be sure to confirm and update their mailing address (including postal code), ten digit phone number and their banking information. If there are any updates to supplier information that needs to be made, be sure to update this information in your accounting software as well as in the Telpay software.
When you are ready to start paying your suppliers electronically and adding their banking information to the Telpay system, you can walk through the process using our step-by-step instruction manual, attend a live training webinar or give us a call at 800-6650-0302
