A Complete Guide to Take Payments Online (EFT)

For business leaders, payment infrastructure is a strategic lever, and not just an operational detail. The way your company accepts and disburses funds directly affects customer experience, working capital efficiency, and compliance posture.

Electronic Funds Transfer (EFT) has emerged as the preferred option for Canadian businesses that want to reduce friction and cost while improving transparency. Unlike paper cheques or expensive card networks, EFT is designed for scale, offering speed, predictability, and lower overhead.

This guide explores the essentials of EFT and provides a roadmap for businesses planning to implement it effectively.

What Is EFT?

Electronic Funds Transfer (EFT) refers to the electronic movement of funds between bank accounts, replacing physical cheques with secure, digital transactions. EFT covers a range of payments including:

• Direct deposits for payroll

• Vendor and supplier payments

• Customer recurring billing

• Loan disbursements and refunds

For finance managers, the key advantage is efficiency. EFT removes manual processing, minimizes error-prone steps, and provides real-time visibility into the movement of funds.

The Business Benefits of Accepting EFT

Before diving into the “how,” it’s worth recapping why EFT adoption is accelerating:

• Lower transaction costs compared to cards and cheques.

• Faster settlement improves cash flow predictability.

• Enhanced security with encryption, authentication, and monitoring.

• Compliance-ready records simplify AML, KYC, and FINTRAC requirements.

• Scalability that grows with business volumes.

The question for most leaders is no longer why EFT but how best to implement it.

How to Accept EFT Payments: A Step-by-Step Guide

Step 1: Select a Payment Partner

Choosing the right partner is foundational. A reliable EFT provider ensures not just functionality but long-term scalability. Here are the top considerations:

• Pricing Structure – Look beyond headline fees. Assess transaction costs at scale, monthly platform charges, and potential hidden fees.

• Integration Capabilities – Can the provider connect seamlessly with your ERP, payroll, or accounting platforms? APIs and plug-ins reduce IT overhead.

• Compliance Support – Evaluate whether the provider offers tools to meet AML, KYC, and FINTRAC obligations. Built-in compliance saves time and reduces risk.

• Security Standards – Confirm encryption protocols, fraud monitoring tools, and multi-factor authentication options.

• Scalability and Reliability – A partner should handle your current volumes while being prepared for growth or seasonal spikes.

• Customer Support – In payment operations, downtime is costly. A partner with dedicated onboarding and responsive support teams is invaluable.

For many Canadian businesses, Accept/Pay Global has become the go-to partner because it balances compliance rigor, integration capabilities, and customer support.

Step 2: Integrate With Your Core Systems

EFT is most valuable when it integrates smoothly with the systems that run your business. Integration considerations include:

• ERP and Accounting Systems – Look for automated reconciliation features that eliminate manual entry.

• Payroll Platforms – Ensure employee and contractor disbursements are streamlined into existing HR workflows.

• AP/AR Processes – Automate vendor invoices and customer collections for efficiency.

• Custom APIs – For businesses with proprietary platforms, ensure the EFT provider offers API documentation and developer support.

Integration minimizes human error, accelerates reconciliation, and ensures financial data is accurate across the enterprise.

Step 3: Set Up Authorization Processes

Collecting and managing customer or vendor banking details requires care. The right authorization setup protects your business legally and ensures compliance. Best practices include:

• Standardized Authorization Forms – Whether digital or paper, collect clear consent for debits and credits.

• Data Security – Sensitive information like account numbers must be encrypted and stored securely.

• Audit Trails – Keep detailed records of when and how authorizations were obtained.

• Customer Communication – Provide clear instructions so payers understand when funds will move.

Authorization done properly reduces disputes and strengthens trust.

Step 4: Configure Compliance Controls

Payment compliance is not optional. Regulators such as FINTRAC expect businesses to implement AML and KYC controls. When evaluating compliance readiness:

• Transaction Monitoring – EFT providers should flag unusual transaction patterns.

• Identity Verification – Ensure processes are in place to confirm the identity of payers and recipients.

• Recordkeeping – Retain digital records for the time periods mandated by regulators.

• Policy Alignment – Integrate EFT processes into your broader compliance framework.

Partnering with a provider that embeds compliance into its platform reduces internal workload and protects against regulatory penalties.

Step 5: Train Teams and Establish Workflows

Technology alone is not enough. For EFT adoption to succeed, finance and operations teams need clarity and training. Consider:

• Workflow Documentation – Create step-by-step SOPs for how EFTs are initiated, approved, and reconciled.

• Role-Based Permissions – Assign appropriate access levels to minimize fraud risk.

• Training Sessions – Ensure employees understand compliance requirements, security protocols, and escalation processes.

• Change Management – Communicate clearly with stakeholders about why EFT is being adopted and how it will benefit the business.

A well-trained team reduces operational friction and ensures consistent use of the platform.

Key Use Cases for EFT in Business

EFT payments are not limited to payroll. Canadian businesses are applying EFT in multiple ways:

• Payroll and Contractor Payments – Reliable, automated deposits.

• Vendor Payments – Faster disbursements enhance supplier satisfaction.

• Customer Billing – Simplifies recurring or subscription-based charges.

• Refunds and Reimbursements – Quick, secure, and trackable.

• Lending and Financial Services – Secure disbursement of loans and payouts.

These use cases demonstrate the flexibility of EFT in supporting both internal operations and external relationships.

Why Accept/Pay Global Is the Right Partner

Accept/Pay Global (APG) has over two decades of expertise in EFT for Canadian businesses. The platform offers:

• Seamless ERP and accounting integrations

• Enterprise-grade security and fraud prevention

• Compliance-ready reporting aligned to FINTRAC

• Scalable infrastructure for high-volume transactions

• Dedicated onboarding and customer support

For CFOs and finance managers, APG is more than a payments processor. It is a strategic partner helping businesses reduce costs, improve cash flow, and simplify compliance.

Conclusion

Accepting EFT payments is not just a tactical decision — it is a strategic investment in financial efficiency, security, and scalability. By choosing the right partner, integrating systems, setting up proper authorization, embedding compliance, and training teams, businesses can unlock the full benefits of EFT.

With Accept/Pay Global, Canadian businesses gain the confidence of a platform built to handle complexity while driving measurable value.