TelPay
for Business has been around for a
few years now and is a major player
in the electronics payment field.
The company’s over-the-counter,
telephone and internet based bill
payment systems are currently used
by hundreds of financial
institutions and thousands of
businesses and consumers all across
the country.
TelPay for Business not only lets
you pay all your employees, but all
your business bills and government
remittances, with a few clicks. And
it’s got even better. With its
latest release, TelPay has added a
number of important new functions.
The most important one is an
Accounts Payable module to
facilitate bill payments entered
from other accounting systems. With
this new module you can import
invoices entered into Simply
Accounting, QuickBooks, Microsoft
Dynamics’ GP and Adagio by Softrak
directly into TelPay for Business
for bill payment. The import for
Simply Accounting and QuickBooks is
expected in early September.
An international payment module is
also now available. The cost is $10
per month and payments are charged
at $3.00 each. To begin making
payments in all major international
currencies customers must have an
agreement with one of TelPay's
approved foreign exchange providers.
Exchange differences from the time
the transaction is entered until the
payment is actually made are
accounted for by TelPay for
Business.
The problem of requiring double
signatures on a payment is not a
problem with TelPay for Business.
Signing officers can review and
approve the list of payments to be
made by responding to an email that
includes a onetime authentication
code. Details of every invoice or a
condensed list of payees and amounts
only can be included in the email.
Emails can be directed to all of
your signing officers with the
requirement that two different
replies are required for approval...
Another benefit to using TelPay for
Business is its strong payroll
direct deposit module. You import
your payroll information into TelPay
for Business from any in-house
payroll program and then TelPay
handles the distribution. The cost
is $5.00 per payroll up to 33
employees. Additional employees are
$0.15 per employee.
Another new feature allows for a net
pay split. You simply select the
employee for which you would like to
have their net pay split, and hit
the “Split Deposit” button. You are
then prompted to allocate a portion
of the net pay, such as a credit
card, money card or utility bill;
you type in the amount or percentage
and the net pay is automatically
updated. The split details will be
entered only once and appear
automatically for future payrolls.
TelPay for Business lets you send
direct deposit amounts to four
different bank accounts, up to 3
different bill payments including
any credit or cash card, or even
handle a garnishee. The system will
also prompt you to enter your source
deduction remittances so that you
complete all of your payroll
payments electronically.
If you’re tired of going to the bank
to make deposits, existing TelPay
for Business clients can sign up for
the "Get ePaid Faster" program that
will encourage their customers to
pay them electronically. By
converting the organization to
electronic receipts and payments,
TelPay for Business customers enjoy
saving time and money.
So how does TelPay work? You first
enter the payment information into
the TelPay database. You can pay
anyone; all of your suppliers,
employee expenses, Government
remittances, and more. The TelPay’s
database includes all of the major
Canadian companies and you can add
your own vendors to your customized
database. You then enter the invoice
details for each payee and then
review the payments you have
prepared for payment. A full audit
trail is provided. If other
approvals are required TelPay
generates the approval document and
forwards it to the authorization
person.
The accounting entries for each
entry are generated, encrypted and
the batch is sent securely to TelPay,
utilizing 128 bit SSL. You receive
an immediate confirmation of receipt
of payment file, with reference and
session numbers.
Payments, including invoice details,
are sent to every supplier. If you
don’t provide the bank account of
the creditor, TelPay will send a
cheque and obtain the bank account
details for future payments.
Payments are made the next business
day after receipt of funds by TelPay.
International payments are forwarded
through a choice of foreign exchange
service providers.
Two new programs have been developed
to meet the unique needs of
accountants and bookkeepers across
Canada. For practicing accountants
the TelPay Advisor program offers a
50% discount off the TelPay for
Business signup fee for each client
they signup. For bookkeepers who
maintain records for multiple
clients, the TelPay Accounting
Service Provider program lets them
pay a single setup fee of $75 and
add as many clients as they wish.
A new TelPay for Business Reseller
program is now available for
accountants and bookkeepers. It
includes new benefits, such as a $75
fee for every client you refer that
signs up and uses TelPay for
Business, a listing of your business
at www.telpayforbusiness.ca, and
access to marketing materials and
support.
There is a $75 cost for the TelPay
software and a monthly fee of $15.
For bill payments the charge is
$0.50 per transaction. There is a
$0.40 cheque surcharge if paid on
Wednesday and a $0.75 on any other
day. TelPay provides a savings
calculator on their web site that
will determine the benefits of
implementing an electronic payments
program.
I have been using TelPay for
Business for over four years and I
find that’s its easy to use and cost
effective. TelPay is easier, faster
and cheaper to use than Electronic
Funds Transfer (EFT) provided by the
banks or payroll companies such as
ADP. There is a full audit trail.
And most important, I can pay bills
from anywhere in the world where I
happen to be.
Quick Info
TelPay for Business Payments 6.4.2?
TelPay Incorporated
298 Garry Street
Winnipeg, MB
R3C 1H3
1-800-665-0302
Sales@TelPay.ca
www.TelPayForBusiness.ca
Alan Salmon is a leading authority
on accounting technology. He is the
CEO of K2 Enterprise Canada, a North
American consulting firm providing
technology training to accountants.
In addition to his work with
consultants, accountants, and
software companies in both Canada
and the US, he is the chairperson of
the Accounting Technology seminar
series. He can be reached by e-mail
at
asalmon@salmon.ca or by
visiting
www.salmon.ca .
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