How EFT Works

How does electronic funds transfer work?

Electronic funds transfer happens when digital instructions are sent to a bank to move funds between two accounts. While EFT is among the most efficient means of exchanging funds, the surrounding processes have been cumbersome. Until now.
To realize the advantages of electronic funds transfer you need an interface to communicate your transactions with the banking network. VersaPay offers a secure web interface, automation tools, and direct integration to one of the most robust financial networks in Canada.

Move money with EFT:

  • Enter transactions. Push and pull money to any bank account in Canada. Use our automation tools for recurring or batch transactions, our secure web interface for one-time payments, or directly integrate with financial software.

  • VersaPay moves funds. Money moves instantly between accounts. Transactions can also be scheduled. Customers and suppliers are automatically notified, and prompted to provide bank account details if none were provided.
  • Check your account. Money is automatically settled from your VersaPay account or can be withdrawn manually.

Direct integration

Integrate with financial software.
Connect to the banking network through our developer-friendly API. Create custom solutions or streamline existing collection and payables processes. Our EFT enterprise integration team makes integration easy, even for businesses who process large volumes or have unique requirements.

Automation tools

Recurring and batch transactions.
Process transactions on a recurring basis or in bulk with our automation tools. Simplify repeat transactions through flexible contact terms. Manage a large number of transactions with batch files exported from popular accounting software such as Sage Accpac and SAP . Learn more about our EFT automation tools.

Secure web interface

Access features and reports.
Manage transactions, check statuses, and generate reports through our secure web interface. A friendly and intuitive interface envelopes our powerful platform. We also offer a portal for your customers to to view and manage their transactions. Take a tour of our electronic funds transfer web interface.

EFT moves money securely

In June 2008, The Aberdeen Group found that enterprises experienced significantly less payment fraud from bank to bank transfers (6%) when compared to to paper-based cheques (42%) and commercial cards (33%).

Does your organization process cheques, wire transfers, or credit cards?

You stand to benefit from VersaPay’s Canadian electronic funds transfer solutions. Request more information or get in touch with a representative today.