EFT (Electronic Funds Transfer)

Overview

EFT is Canada's primary bank payment rail for moving funds between bank accounts through the Automated Clearing Settlement System (ACSS). It supports both debiting funds from a customer's bank account into your VoPay account (fund) and crediting funds from your VoPay account to a customer's bank account (withdraw). Transactions are denominated in CAD and typically settle within 1–3 business days.

Use Cases

• Recurring Billing — Automate subscription or membership collections on a fixed schedule without manual intervention.
• Payroll Direct Deposit — Disburse employee salaries directly to their Canadian bank accounts on payday.
• B2B Payments — Settle invoices between businesses at lower cost than card-based alternatives.
• Large or One-Time Payments — Process high-value transactions where card processing fees would be prohibitive.
• Bill Payments — Allow customers to pay utility, insurance, or service bills directly from their bank account.
• Donation Collection — Accept recurring or one-time charitable donations from supporters' bank accounts.

PAD Compliance

EFT Collect transactions are Pre-Authorized Debits (PADs) and require a valid PAD agreement under Payments Canada Rule H1 before any debit is initiated. The agreement must explicitly authorize the debit, include account holder details, specify the type and frequency of debits, and provide cancellation instructions. Records of authorization must be retained. Disputes must be handled per Payments Canada rules.