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

To My Valentine Direct Deposit


Why do I love my direct deposit service? Let me count the ways. It is for the same reasons that I love paying personal bills with online banking – it’s easy, ultra-convenient and recipients love it!

Reason #1 – It’s Easy
Businesses should always be thinking of ways to become more efficient. Sending money with a few clicks of the mouse is certainly more efficient than dealing with the manual cheque processes – buying cheques, printing, signing, assembling – this is no longer the best way to pay employees or suppliers.

Reason #2 – It’s Ultra-Convenient
Do you ever need to drive a cheque to an employee? How about depositing a cheque into an account on their behalf? What about paying $20 for a wire transfer to a contractor! Paying employees by cheque can be a real burden and is time consuming, but often businesses put up with it because it’s “what we’ve always done”. A direct deposit to an employee’s account can be made for as little as 15 cents!

Reason #3 – Recipients love it!
In this day and age, most people don’t want to go to the bank to deposit a cheque, especially when they are only depositing one cheque – yours! Many people, or more like all, prefer to get their money deposited automatically into their bank account in the early morning on payday. Businesses often switch to direct deposits, in part to improve relations with employees or suppliers (or even to take advantage of supplier discounts). It’s rare that you will hear an employee or supplier complain about being able to get their money faster. Direct deposit will make the people you pay happier, and that’s an important part of any business!

Direct depositing payments into employee’s or supplier’s bank accounts is for everyone. On this Valentine’s Day perhaps it is time your business signed up for direct deposit. With Telpay for Business, you can deposit into employee’s bank accounts for as little as 15 cents, and into your supplier’s bank account for 50 cents. Imagine sending money into any bank account at your convenience for only pennies.

And that’s why I love my direct deposit!