At Telpay, we work hard on behalf of our customers to collect their supplier’s banking information to ensure they get paid electronically. In the last few years, electronic payments have become the accepted norm rather than the exception. However, on occasion, there is some resistance to receiving payments electronically.
A huge shift is coming in the payment world that may accelerate the adoption of electronic payments with the assistance of the Canadian Government. Canadians and Canadian businesses are being persuaded to enrol in direct deposit for payments such as Employment Insurance and GST Tax Credit by the Government of Canada. The government’s plan is to phase out the use of cheques by April 2016 and they anticipate a savings of $17.4 million dollars a year and at the same time reduce paper and their economic footprint.
The government has been actively promoting this initiative over the last few years, which we believe will result in an industry wide halo effect. In other words, it will favourably impact Telpay customers, as we foresee direct deposit payments become universally accepted by businesses as a safe, secure and reliable way to receive electronic payments.
Interested in learning more about receiving money with Telpay? Visit our Receive Money page.