8 Reasons Canadian Businesses Are Switching to EFT Payments

Canadian businesses are facing increasing pressure to streamline operations, reduce costs, and improve financial transparency. With more transactions happening digitally, traditional payment methods like cheques and even wires no longer meet the needs of organizations managing high volumes.

Electronic Funds Transfer (EFT) has emerged as the clear choice for companies across industries. Enterprises are discovering that EFT is not simply a payment option — it is a foundation for operational efficiency and financial resilience.

Here are eight reasons why Canadian businesses are making the switch.

1. Lower Transaction Costs

Cheques and wires carry high direct and indirect costs. EFT transactions are more affordable, particularly at scale, making them attractive to CFOs looking to improve margins.

2. Faster Settlement Times

Where cheques take days and wires can involve delays, EFT payments typically settle within one to two business days. Faster settlement improves liquidity management.

3. Improved Security

With encryption, authentication, and audit trails, EFT reduces the risks of lost, stolen, or altered payments. Fraud exposure is significantly lower than with paper-based methods.

4. Greater Cash Flow Predictability

EFT enables recurring and scheduled transactions, giving finance teams better visibility into cash inflows and outflows. This predictability supports more accurate forecasting.

5. Enhanced Compliance Alignment

Canadian regulators expect businesses to demonstrate strong payment controls. EFT provides digital records that make AML, KYC, and FINTRAC compliance easier to manage.

6. Better Vendor and Partner Relationships

Paying vendors and partners on time strengthens trust. EFT removes the unpredictability of mailed cheques, ensuring timely and transparent payments.

7. Integration With Digital Systems

Modern EFT platforms integrate directly into ERP, payroll, and accounting systems. This reduces manual data entry, lowers error rates, and streamlines reconciliation.

8. Scalability for Growth

As businesses expand, so do payment volumes. EFT systems scale easily, supporting everything from hundreds to tens of thousands of monthly transactions.

The Accept/Pay Global Advantage

Accept/Pay Global (APG) has over 20 years of experience in helping Canadian businesses migrate to EFT. From advanced compliance tools to API-driven integrations, APG’s platform makes EFT not just an alternative to cheques but a driver of financial transformation.