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.

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Make the Cut: EFT Payment Deadlines

Avoid delays - check the cut-off times


EFT Credit Transaction Statuses

StatusDescription
PendingTransaction received by VoPay
In ProgressTransaction being processed by the FI
Successful or FailedFunds 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

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Need information on how to cancel payments?

Visit Refund and cancel payments.


EFT Credit Failures

CodeEdit RejectBank account information cannot be validated.
902Cannot TraceAccount cannot be located.
903Payment Stopped/RecalledPayment stopped or recalled by account holder.
905Account ClosedAccount is closed.
909Currency/Account MismatchTransaction currency doesn't match the account currency.
910Payor/Payee DeceasedAccount may be closed or frozen due to death.
911Account FrozenAccount is frozen, no transactions allowed.
912Invalid/Incorrect Account No.Account number is incorrect or invalid.
914Incorrect Payor/Payee NamePayor/payee name doesn't match transaction details.