EFT payment method; Why would you still use Cheques and Mail?
- Thread starter economy
- Start date
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 ****
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.
10
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.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.
If carriers want to cover my bank charges, I would gladly send an EFT but I'm not paying $25 out of my pocket...
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..
Still have a cheque in the mail since end of August and still waiting........crazy......
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
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
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. ....
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.
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.
10
How long does it take to write cheques, run to the mail, paper, evelope, stamps, etc?
I batch print cheques and we have a postage machine so from start to end maybe 2 hours without complications.
15
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).
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).
2
Waypay / RBC Payedge https://www.rbcpayedge.com/en/ is also an option. We do a CSV upload of our payments and its pretty fast. They are a little slow in sending funds out but if you plan ahead it works well. Just an option that may work. We pay a monthly fee of like 90.00 CAD for unlimited(haven't hit any overages yet) transactions. (CAD and USD efts are included in that fee but ACH pmts are extra)
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