EFT payment method; Why would you still use Cheques and Mail?

Beep Beep

New Member
2
Here's what my bank (Caisse) said when I asked:

CAD to Canada : $9.53
CAD to other countries: $15.17
USD to US: $12.36 USD
USD to Canada or other countries: $15.17 USD
Other currencies: $10.17 CAD

Service charges for:
Wires within Canada: $15.00,
To US: $25.00
Others: $35.00

I also deal with Scotia and waiting for a reply from them.

And that is why we still send cheques in 21 days...

If we can get the costs to .50 like some other posters have said, we're on it like flies on ****
 

marylou

Active Member
10
Here's what my bank (Caisse) said when I asked:

CAD to Canada : $9.53
CAD to other countries: $15.17
USD to US: $12.36 USD
USD to Canada or other countries: $15.17 USD
Other currencies: $10.17 CAD

Service charges for:
Wires within Canada: $15.00,
To US: $25.00
Others: $35.00

I also deal with Scotia and waiting for a reply from them.

And that is why we still send cheques in 21 days...

If we can get the costs to .50 like some other posters have said, we're on it like flies on ****
Thanks, that is really good info. I am with RBC and for international wires under 3000.00 they charge me 15.00 usd to send the monies, over 3000.00 it is 20.00. For the monies I send to carriers in Canada I set them up as a vendor and it is .85 cents to transfer. The only nice thing about bank fees is that they are an expense come tax time. :)
 

Beep Beep

New Member
2
Thanks, that is really good info. I am with RBC and for international wires under 3000.00 they charge me 15.00 usd to send the monies, over 3000.00 it is 20.00. For the monies I send to carriers in Canada I set them up as a vendor and it is .85 cents to transfer. The only nice thing about bank fees is that they are an expense come tax time. :)
I forgot to mention that we do a lot of E-Transfers and banks charge us $1.00 per but they are not as secure as EFT.
If carriers want to cover my bank charges, I would gladly send an EFT but I'm not paying $25 out of my pocket...
 

Freight Broker

Well-Known Member
30
I'm with RBC as well.. As most my checks go stateside I've found the good old snail mail to be the best option. I just make sure the check goes out the day the invoice comes in to minimize days to pay. Total cost: $1.30 for the stamp.. $1.00 for the check.. $.10 for the envelope.. $2.40..
 

doxilica

Member
5
Why do they insist on cheques?
Simple ... time is money.
It takes on average 5 days for a cheque to go through the mail. The broker gets to use that money for an extra 5 days.
Still have a cheque in the mail since end of August and still waiting........crazy......
 

Beep Beep

New Member
2
ScotiaBank just came back with a deal we just couldn't pass up...
Absolutely no monthly charges for either CDN or USD EFT
EFT to anywhere in Canada, CDN and USD - $1.00 per transaction
Wire transfers to a US bank - $5.00 per transaction

The amount of time we wasted writing cheques, envelopes, paper, stamps, etc (shakes head)

We are on our 3rd week and no glitches yet. Carriers are happy :)
 

marylou

Active Member
10
ScotiaBank just came back with a deal we just couldn't pass up...
Absolutely no monthly charges for either CDN or USD EFT
EFT to anywhere in Canada, CDN and USD - $1.00 per transaction
Wire transfers to a US bank - $5.00 per transaction

The amount of time we wasted writing cheques, envelopes, paper, stamps, etc (shakes head)

We are on our 3rd week and no glitches yet. Carriers are happy :)
Thanks I just emailed our local Scotia bank to see what they can offer. The only good thing about bank fees is you can write them as an expense. ....
 

loaders

Site Supporter
30
We have gone exclusively EFT. After two cases of cheque fraud over the last ten years we only use EFT for our supplier payables. Had a few smaller carriers grumble at first but everyone is on board now. There does seem to be a lot of different plans with each different bank, based primarily on the number of transactions.
 

cayocan

New Member
1
I fully agree electronic payments is the way to go, however we just haven't found an effective way to implement it. We do offer EFT to 'preferred carriers' but it takes between 5-10 minutes per transaction for me to process. I can't imagine the time and margin of error if i had hundreds to do in one sitting. Can someone explain the step by step that would actually make it an effective tool? It is the main reason I can't work from home now.
 

Beep Beep

New Member
2
I fully agree electronic payments is the way to go, however we just haven't found an effective way to implement it. We do offer EFT to 'preferred carriers' but it takes between 5-10 minutes per transaction for me to process. I can't imagine the time and margin of error if i had hundreds to do in one sitting. Can someone explain the step by step that would actually make it an effective tool? It is the main reason I can't work from home now.
How long does it take to write cheques, run to the mail, paper, evelope, stamps, etc?
 

economy

Active Member
10
Check out TELPAY www.telpay.ca. We receive payments from numerous clients as well as using their services for EFT payments. Cost is $0.50 per payment; takes seconds to process one. So far, we have not found any other EFT payment processor that as cost effective and practically does not take time.

Telpay provides the software. Once populated with Billers bank info it's only a matter of few clicks and amount entry to process each EFT payment (it takes me longer to pull out my cheque book from the drawer).
 

cayocan

New Member
1
Check out TELPAY www.telpay.ca. We receive payments from numerous clients as well as using their services for EFT payments. Cost is $0.50 per payment; takes seconds to process one. So far, we have not found any other EFT payment processor that as cost effective and practically does not take time.

Telpay provides the software. Once populated with Billers bank info it's only a matter of few clicks and amount entry to process each EFT payment (it takes me longer to pull out my cheque book from the drawer).
I'm checking them out right now, thanks!
 
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