What is EFT?
EFT (Electronic Funds Transfer) is a secure bank-to-bank payment method available exclusively to Business Pro users. It allows you to deposit Canadian (CAD) payments directly into your recipient's Canadian bank account without the need for cheques or manual deposits.
EFT payments in Canada are processed through the Automated Clearing Settlement System (ACSS) and regulated by Payments Canada. ACSS operates under the oversight of the Bank of Canada to ensure payments are processed safely and reliably.
When is EFT used?
EFT can be used as a delivery method for:
Supplier payments
Payroll
In general, they are widely used for payments to suppliers, vendors, employees, and contractors, allowing funds to be deposited directly into the recipient’s bank account.
How EFT works
Enter your recipient’s banking details.
You will need their: Institution number, Transit number, and Account number.
Review and schedule your payment.
Funds are electronically transferred to your recipient's bank account on your payment's scheduled (due) date.
EFT processing times
EFTs are not instant like Interac e-Transfers. They typically settle within 1–2 business days (depending on the recipient’s bank and daily cut-off times, they can take up to 3–4 business days).
EFTs are generally more cost-effective than wire transfers, making them a reliable and economical option for business payments.
Why use EFT with Business Pro?
Secure and reliable method of payment delivery
Direct-to-bank delivery
Improve cash flow flexibility
Expand your credit card rewards earning potential across business payments