The Business Case for Moving from Wire Transfers to EFT

Dear CFOs, Treasury Teams, if you’re still relying on wire transfers to send or receive payments, it’s time to reevaluate.

Wire transfers have long been the default for many treasury teams handling large-value disbursements or cross-institution transactions. But as payment infrastructure evolves, and cost pressures increase, CFOs and treasury leads are asking a pointed question: Are wires still worth the time and money?

In many cases, the answer is no.

Why Wire Transfers No Longer Make Business Sense

While wire transfers may seem secure and reliable, they come with hidden costs and limitations that impact operational efficiency and cash management:

• High fees – Domestic wire fees can cost up to $35 per transaction; international wires can be even more.
• Manual processing delays – Transactions must often be initiated during banking hours and may take hours or days to clear.
• Limited automation – Many systems require manual initiation or paperwork, increasing risk of errors.
• Poor reconciliation – Descriptions and metadata are limited, complicating cash flow tracking and reporting.

For a finance leader tasked with scaling operations or optimizing margins, these issues add up — quickly.

Enter EFT: A Modern, Cost-Effective Alternative

Electronic Funds Transfer (EFT) solutions, like those offered by Accept/Pay Global, offer a more efficient, secure, and affordable way to move money digitally within Canada and across global corridors.

Here’s how EFT outperforms traditional wire transfers across the board:

1. Lower Transaction Costs

EFTs cost a fraction of what wire transfers do. For companies making frequent payments — whether to vendors, employees, or customers — these savings can compound into tens of thousands of dollars annually.

2. Streamlined Cash Flow

EFT payments can be scheduled in advance, run in batches, and offer greater predictability on settlement timelines. Treasury teams gain improved visibility and control over cash positions.

3. Enhanced Automation

Accept/Pay Global’s EFT platform integrates with your existing systems, automating workflows like payroll, vendor payouts, and disbursements — all while maintaining compliance and audit trails.

4. Fast, Reliable Settlement

Most of Accept/Pay’s EFT transactions in Canada settle within one business day — and with upcoming enhancements like real-time rails (RTR), even faster processing is on the horizon.

5. Better Reconciliation

EFT payments support more detailed payment descriptors and data fields, allowing for easier integration into financial systems and clearer ledger tracking.

6. Reduced Fraud Exposure

Wire transfers are a common fraud target due to their manual nature and irreversible design. EFTs, backed by encryption and validation protocols, offer additional fraud prevention and verification steps.

Who Benefits Most From Making the Shift?

Finance teams at companies with:

• Recurring B2B payments
• High-volume disbursements (e.g., insurance, lending, education, gig economy)
• Multi-location franchises
• Reimbursement-heavy workflows

…stand to gain the most from transitioning to a modern EFT-based payment infrastructure.

Accept/Pay Global: The Strategic Partner for Treasury Transformation

Accept/Pay Global offers a robust EFT platform designed for businesses that want speed, control, and cost savings — without sacrificing compliance or security.

Our features include:

• Custom payment scheduling
• Bulk upload and batch payment tools
• Bank account verification
• Customized Dashboards and reporting
• Seamless integration with ERP systems

Whether you’re disbursing funds to 50 or 5,000 recipients, Accept/Pay Global gives your team the tools to move away from outdated, expensive payment rails.

Let’s Build Your Migration Plan

Migrating from wire transfers to EFTs doesn’t have to be complex, and the upside is undeniable.

Want to understand the real ROI of switching from wires to EFT? Contact Accept/Pay Global today and let’s start the conversation.