EFT Credit
Overview
An EFT credit is a type of electronic funds transfer where funds are deposited or credited into a bank account. This is often used for payroll direct deposit, vendor payments, or any scenario where a business needs to send money directly to another individual or business's bank account. It's a fast and secure way to transfer funds, eliminating the need for paper checks and streamlining payment processes.
How it works
Payment Flow
- Customer Authorization: The customer initiates the process by providing you with their bank routing information. VoPay can manage this entire process with the customer via eLinx Connect.
- Payment Initiation: Your application sends the payment instructions (amount, bank account details, etc.) securely via our EFT Withdraw endpoint.
- Payments Canada Network: VoPay processes payment instruction through the Payments Canada network, which facilitates electronic funds transfers between financial institutions in Canada.
- Funds Settlement: The funds are transferred from your VoPay account to the customer's bank account.
Timing
With EFT Credit, the funds are debited from your VoPay account immediately, but it may take a few business days for them to appear in the recipient's bank account due to processing times within the banking system.
Make the Cut: EFT Payment Deadlines
Avoid delays - check the cut-off times
EFT Credit Transaction Statuses
| Status | Description |
|---|---|
| Pending | Transaction received by VoPay |
| In Progress | Transaction being processed by the FI |
| Successful or Failed | Funds have cleared or transaction was unsuccessful |
| Cancelled (by VoPay) | Transaction cancelled by VoPay’s risk team before it was submitted to the FI |
| Cancelled (by merchant) | Transaction cancelled by the merchant before it submitted to the FI |
Need information on how to cancel payments?
Visit Refund and cancel payments.
EFT Credit Failures
| Code | Edit Reject | Bank account information cannot be validated. |
|---|---|---|
| 902 | Cannot Trace | Account cannot be located. |
| 903 | Payment Stopped/Recalled | Payment stopped or recalled by account holder. |
| 905 | Account Closed | Account is closed. |
| 909 | Currency/Account Mismatch | Transaction currency doesn't match the account currency. |
| 910 | Payor/Payee Deceased | Account may be closed or frozen due to death. |
| 911 | Account Frozen | Account is frozen, no transactions allowed. |
| 912 | Invalid/Incorrect Account No. | Account number is incorrect or invalid. |
| 914 | Incorrect Payor/Payee Name | Payor/payee name doesn't match transaction details. |
Updated 3 months ago