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If your organization collects regular, recurring receivables such as rent cheques, bill payments, insurance premiums or subscription fees, pre-authorized payments can improve your cash flow and reduce administration.
Electronic Funds Transfer (EFT) services make it easy to collect funds in Canadian or US dollars from your customers’ accounts.
Features
Choose your access to Scotiabank’s EFT services:
- Take advantage of ScotiaConnect® online banking to initiate EFT’s online.
- Use your own business applications to generate the pre-authorized payments file and send it securely to Scotiabank for processing.
Benefits
With pre-authorized payments you'll not only save your customers the time and expense of writing and mailing cheques, but you'll also reduce your company's administration costs.
- Minimize payment errors, delays and NSF cheques.
- Reduce outstanding receivables with pre-authorized payments.
- Eliminate costly and time-consuming manual processing.
- Get more of your capital working for you and reduce carrying charges.
- Improve cash forecasts with more predictable cash flows.
- Reconcile and track EFT transactions that have been returned to you.
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