Send and receive cheques where no strike can ever prevent delivery
Over 40 financial institutions offer Interac e-Transfer to their personal banking clients but Scotiabank, RBC, CIBC and TD Canada Trust, along with a few Credit Unions, also offer Interac's e-Transfer to their business clients. One of the biggest complaints our members had in the most recent postal strike was their inability to either receive cheques from customers or send cheques to suppliers. This service makes the problem go away not only now, but forever!
- A client can send their money directly from their bank account to yours, or you can send a remittance directly from your account to your supplier. It's all done through online banking. Notifications are sent by email or text.
- The deposit is almost immediate.
- Once you deposit the money into your account, there is no fear of a 'bounced cheque' or charge back where the money can still disappear and NSF fees added.
- If your clients agree to this method of payment, it is more convenient for them than the hassle and worry of using regular mail; an electronic record is made to help them in their book keeping.
- The cost is a per-transaction fee, depending on the financial institution, of between $1.00 and $1.50; there is no extra charge based on interchange or percentage of amounts sent/received.
- Each financial institution has a set transaction limit.
Bottom Line: This is a cost-effective way to assure payment and remittance. This allows you, your suppliers and customers a new level of comfort that come rain, wind, snow, hail, or postal strike, your cheques will get through.
Contact Interac or your financial institution for more information on this service.
For this and everything else there is Business Resources. Contact your Business Counsellor today at 1-888-234-2232.