The Buzz

Digital payment platforms are taking off. Here's why — and how they can make your life a lot easier (Sponsored by Telpay)

If there was any doubt about the growth of digital payments — and the decline of paper ones — take a look at this recent Payments Canada report. From 2020 to 2021, the number of debit card, credit card, EFT, and online transfer transactions was up by over 40% when taken together. Over the same period, the number of cash and cheque transactions declined by 9% and 6%, respectively.

This digital shift is nothing new, but the pandemic has definitely accelerated it, and now 86% of all transactions in this country are digital. For consumers, the main reasons for the shift are what you'd expect: ease and convenience. Businesses report something similar, plus the added benefits of lower costs, better reporting, and higher efficiency. 

Not all digital payment platforms are created equal, though. One common complaint from businesses and bookkeepers is that some of these digital tools just don't have the capacity to easily handle everything from payroll to bills to government remittances and beyond.

But that's changing, especially as more cloud-based payment solutions come online. Rather than needing physical hard drives or devices to deal with payment data, the cloud is virtual, so there aren't any limitations on capacity. That means businesses can scale when needed, and bookkeepers can quickly share and access the digital resources they require to make, authorize, and reconcile payments wherever they are.

The new Telpay for Business Online

Telpay's new cloud-based payment platform is one of the leading solutions in this space. It was developed by industry payment experts who worked with accountants and bookkeepers to build it. A result is an all-in-one tool that lets you pay supplier and vendors, including payroll, or collect receivables with pre-authorized debits.

Here's how it works. Through Telpay's online platform, users can enter payments directly, make next-day bill payments, schedule receivable collections with Pre-Authorized Debits, and access full reporting and payment histories from a central single sign-on. And there's no need to collect suppliers' bank account information or even manually group payments by biller and consolidate them.

The platform seamlessly syncs with QuickBooks Online. Plus, with its built-in import mapping tool, you can import from major accounting/payroll software such as Sage 50, Sage 300, and QuickBooks Desktop.

In short, it was designed to make the lives of bookkeepers as efficient, transparent, and stress-free as possible.

1. Simplify payment management

Bookkeepers have enough to keep track of without having to deal with multiple logins to manage their clients' payments. With Telpay, every client — and their payments — can be managed from a central single sign-on.

2. Tap into Canada's largest billers list

Whoever you need to pay, chances are they're already in Telpay's biller database. With over 150,000 business listings and counting, Telpay has the most extensive billers list of any payment platform in Canada. And if for some reason, a biller isn't listed, you can add them with just a few clicks.

3. Maximize productivity

Making a payment is quick and easy, too. You need to enter the payment details on the platform and/or sync with your accounting software. Then, fund it by transferring funds from your financial institution to your Telpay Trust Account.

4. Accounts receivable

Many businesses prefer to offer their customers a pre-authorized debits (PADs) payment option rather than credit cards or manual cheques. Payments through PADs improve cash flow, costs, and your ability to collect receivables. With Telpay, you can collect recurring payments such as mortgages, loans, subscriptions, fees, dues, or charitable donations, to name a few.

5. Make collaboration a cinch

Unlike paper-based systems and even some digital payment platforms, you never have to wonder what's happening with pending payments with Telpay. Everything is visible in real-time, and users can add comments to pending payments to ensure issues are resolved as quickly as possible. Plus, with the platform's remote authorization feature, signing officers can approve payments from anywhere.

6. Save time

Efficiency and accuracy in bookkeeping depend on a unified flow of information from invoice to payment to reconciliation. Telpay seamlessly syncs with QuickBooks Online, allowing real-time updates and transactions to be synced, simplifying month-end reconciliation.

7. Save money

The costs of cutting and sending cheques aren't getting any cheaper. Neither are wire transfer rates or credit card fees. This is one of the main reasons why platforms like Telpay Online are taking off. With Telpay, bill payments are 60 cents apiece, and payroll direct deposit transactions are as little as 25 cents per employee.

Discover how the new Telpay Online can make your life more efficient and stress-free. Visit telpay.ca to learn more, or contact Telpay directly at 1-800-665-0302 or sales@telpay.ca.