Interac e-Transfer: Inbound

Inbound Interac e-Transfer is a fast, secure and convenient way to receive money from anyone in Canada using online banking. The participating bank or credit union allows users to transfer funds using established and secure banking procedures. Transfers are almost instant but can take up to 30 minutes depending on the sender’s bank or credit union.

With Inbound Interac e-Transfer you can receive funds from your clients into your VoPay account conveniently and securely. The client initiates the transfer of funds using their online banking account and sends the funds directly to your personalized email account created by VoPay. The transfer will be automatically posted in our system.

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Use Case

This solution is perfectly suited for lenders managing loan repayments. If a borrower cannot make their full repayment, instead of missing the entire repayment, they have the option to make smaller instalments at any time throughout the loan period.

How does it work?

• End Users simply logs into their personal online banking system and initiate the transfer using the Interac e-Transfer service
• Using the custom email address set up by VoPay, end-users send the desired payment amount
• VoPay business customers receive a payment notification once a payment is received in their VoPay account
• The payment is automatically reconciled through the accounting integration system and matched with the end-users file

How to start

First, you need to contact your account representative to activate this feature on your VoPay Account. Your Account Manager will assign a VoPay email to which your clients will transfer funds. If you are using a branded email ID from your organization you will need to enable auto-deposit and forward the email ID to VoPay designated email ID that is assigned to you.

Once the Interac e-Transfer reaches the email assigned by the administrator, you will be able to see the transaction in the endpoints or your Dashboard platform.

Please note there will be a setup fee for any email changes once the account is configured.

For more information, please contact your Account Representative.

Processing Time

Once the Interac e-Transfer has been sent by the client to the email configured by the administrator, the funds will be available in your VoPay accounts immediately.

We have a process that runs in real-time to check if any new Interac e-Transfer transactions have been created. Although this process might take longer depending on the financial institution where the e-Transfer was generated.