EFT Debit
Overview
An EFT debit is a type of electronic funds transfer where funds are withdrawn or debited from a bank account. This is commonly used for bill payments, subscription services, or any scenario where a business needs to collect payments directly from a customer's bank account. It's a secure and efficient way to automate recurring or one-time payments, improving cash flow and reducing administrative overhead for businesses.
How it works
Payment Flow
- Customer Authorization: The customer initiates the process by providing you with their bank routing information and authorizing you to debit their bank account. 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 Fund 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 the customer's bank account to your VoPay account.
Timing
When using EFT, there's a delay before funds appear in your VoPay balance. This is called the "settlement time". See the tables below for EFT settlement times.
Settlement Type | Settlement Timing | Last Cutoff Time |
---|---|---|
T+3 | 3 business days from payment creation | 6:00pm EST |
T+2 | 2 business days from payment creation | 6:00pm EST |
T+1 | 1 business day from payment creation | 6:00pm EST |
Same Day | Midnight EST on the day of payment creation | 1:00pm EST |
Make the Cut: EFT Payment Deadlines
Avoid delays - check the cut-off times
EFT Debit 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 Debit Failures
Code | Returned Item Reasons | Description |
---|---|---|
900 | Edit Reject | Bank account information cannot be validated. |
901 | NSF | Insufficient funds. |
902 | Cannot Trace | Account cannot be located. |
903 | Payment Stopped/Recalled | Payment stopped or recalled by account holder. |
905 | Account Closed | Account is closed. |
907 | No Debit Allowed | Account does not permit debit transactions. |
908 | Funds Not Cleared | Insufficient cleared funds in the account. |
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. |
915 | PAD No Agreement Existed – Business/Personal | Account holder requested to withhold payment. |
916 | PAD Not In Accordance with Agreement - Personal | Debit not in accordance with PAD agreement. |
917 | PAD Agreement Revoked - Personal | PAD agreement authorizing debit has been canceled. |
918 | PAD No Pre-Notification – Personal | Bank requires pre-notification agreement. |
919 | PAD Not In Accordance with Agreement – Business | Debit not in accordance with PAD agreement. |
920 | PAD Agreement Revoked – Business | PAD agreement authorizing debit has been canceled. |
921 | PAD No Pre-Notification – Business | No pre-notification of PAD change or no written confirmation. |
Updated 5 days ago
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