Implementing Canada EFT Software is a simple and affordable solution to managing Canadian ACH. Implementing software allows Canadian based applications to debit checking accounts for one-time or recurring payments.
Cross border payments are not available in Canada. This means that funds are required to be collected and settled in the same denomination. ACH Check Verification A Canadian bank account to settle funds into is a necessity for U.S. based companies interested in debiting Canadian customers.
Canada EFT Software options are relatively scarce compared to the number of ACH processing providers available in the United States. High Risk ACH A small number of banks are in charge of the Canadian payments domain. Since options are limited it is difficult to gain access to Canada EFT processing.
Integrating Canada EFT Software facilitates the automation of payment collection and reconciliation processes, either as an independent application or concurrently with a U.S. ACH processing solution. A single system capable of managing both U.S. and Canadian e-check transactions, and reporting data for reconciliation leads to increase customer acquisition tool and more revenue.
Canada Electronic Funds Transfer On-Boarding Process
The onboarding process is arguably the most important process in a customer’s lifecycle for any organization. During a “white label” onboarding process the third party ACH processor tends to remain in the background . It is up to the EFT integration to provide a way for the organization to send the required merchant’s data to the ACH processor’s underwriting department.
An ideal API will:
- Present the application and underwriting process on their website.
- Give the impression that the ACH payments solution is coming from them.
- Notify the parties involved where the application stands.
- Pass the underwriting data to the processor.
- Pass API credentials to the applicant user after the merchant application has been approved and enrolled.
Key Benefits from utilizing Canada Electronic Funds Transfer:
- Rejected payments notifications.
- Reduce operating expenses
- Collecting/ writing cheques
- Manual processing
- Time spent reconciling accounts
- Etc.
- Reliable, predictable cash flow
- Makes planning much simpler and less stressful.
- Accelerate the payables process
- Automation and systems are the key to scalable growth.
- Efficiently manage cash flow
- Preserve the autonomy of your business units while ensuring centralized concentration and control of funds.
- Improve cash forecasting.
- Reduce lost and stolen cheques.
- Control the timing of credits/debits to your account.
- Mitigate cheque fraud and forgery risks.
- Reduce employee and bank service charges.
The Canada EFT Software path that an application chooses will determine how a SaaS company sends their credentials. SaaS organizations require merchant users to enter API credentials, and in some cases the API credentials are passed on behalf of the merchant to the SaaS organization for entry.We are also read for Benefits Of Outsourcing Your Code With Development Agency
