Canadian EFT Suite for Acumatica ERP

Companies are rapidly digitizing the way they do business, and payment transactions are no exception. If you haven’t already, it may be time to consider ridding of soft costs associated with traditional methods, increasing payment efficiency, and improving workflow with Electronic Funds Transfer (EFT). No cheques, no mail delays.

Acumatica Cloud ERP provides a ready-to-use EFT application designed explicitly for Automated Clearing House (ACH) transactions prevalent in the United States. This meant it could not initially submit payments to Canadian banks.

Evron Computers Systems offers a new EFT package so that Canadian businesses can maximize their investment in Acumatica Cloud ERP. Evron’s Canadian EFT Suite combines both Accounts Payable (AP) and Accounts Receivable (AR) capabilities so that businesses are equipped to both receive electronic payments from customers and consumers, as well as pay vendors, business expenses, and payroll.

Our EFT applications are compatible with Payments Canada (also known as Canadian Payments Association or CPA) requirements so that payments can go through all major Canadian financial institutions, including BMO, CIBC, RBC, TD, and Scotiabank. 

Though the AP and AR EFT modules are available individually, the Canadian EFT Suite package enables Canadian businesses to utilize both modules at a discounted rate.

As Gold Certified Acumatica Partner, Evron has some of the best Acumatica ERP Consultants and Acumatica ERP Developers on staff. We can assist you with all aspects of Acumatica Implementation, Integration and Customization.

To learn more about our EFT subscriptions or to receive a quote, please contact a consultant.

To get a feel for the Canadian EFT feature, watch the demo below:

Is the Canadian EFT Suite Right for You?

If your business doesn’t use EFT, it may be time to assess if your company can benefit from the advantages the Canadian EFT Suite brings. To do this, it’s helpful to understand the two modules that this package encompasses: AP and AR.

If your business makes payments, then you need to consider EFT for AP. Acumatica’s AP monitors cash flow by tracking all invoice payments, and automation ensures that all invoices are paid in the correct amount and in a timely manner. Evron’s Canadian AP EFT module adds the Canadian EFT option to Acumatica’s existing Payment Method screen, processes invoices through Canadian banks and sends vendors a receipt of payment via email.

If your business invoices customers for repeating charges, particularly if you receive recurring payments, then you’d benefit from EFT for AR. Acumatica’s AR shows current charges and a list of all paid and unpaid invoices with balances carried forward, pre-payments, and background data. Automation options simplify the process of collecting payments, and customers can see a list of open invoices, payments, credits, and pre-paid balances. Evron’s Canadian AR EFT module automates the acceptance of pre-authorized payments through Canadian banks and can send automated confirmation emails to customers. To learn more about how AR may benefit you, read this success story.

If your business handles both aspects, then you can benefit from the Canadian EFT Suite.

Canadian EFT plans start at $1500 per year. To learn more about our EFT subscriptions or to receive a quote, please contact a consultant.

Canadian EFT Suite Features

All-in-One Solution

Covers EFT direct deposits and debit charges — AP and AR applications, so payments can be conveniently processed or sent to vendors, suppliers, or even employees

Secure and Safe

Applications and processing are compatible with Payments Canada requirements as well all major Canadian financial institutions and banks, including BMO, CIBC, RBC, TD, and Scotiabank.
Added security measures, including PAD agreements, to help prevent fraud or improper withdrawals

Fast and Efficient

Processing time for transactions is 25% faster than PayStation
File transfer allows 60 transactions per minute
Option to generate payments automatically based on configurable criteria, which is more efficient than manual data entry
Offers email confirmation notification with remittance slip in email attachment
Option to automatically or manually release funds
Copy of generated EFT file saved in Acumatica’s File Storage for reference

Seamless Setup and Integration

Canadian EFT option is added to the existing Acumatica Payment Method screen
Easy installation that can take as little as a few hours
Compatible with all recent versions of Acumatica Cloud ERP, including 2021R2
Included User Guide lays out installation and training
One-time account set up

Saves Money

Receive two applications (AP and AR) at a reduced rate
No cheque fees minimize processing costs

Since 2019, Evron is continually developing Canadian EFT, adding enhancements to optimize transactions and improve user experience. If you have any specific requirements or customizations, our consultants would be happy to discuss them. For further information, please contact a consultant.

Getting Started

If interested in Canadian EFT, it’s essential to understand what’s involved in getting started:

Contact a Consultant: Speak to a consultant about your business needs and they will help you find a suitable solution.
Attend a Personalized Demo: Before committing to purchasing an application or software, have a practical understanding of how it works. Request a demo from your consultant to assess how it’ll actually benefit your business.
Request a Detailed Quote: Evron offers several EFT plans and can tailor the application to better suit your business and system requirements.
Purchase a Solution: Once satisfied with the proposed solution, speak to a consultant to arrange installation.
Install Modules: Installation can vary from business to business. Remember that our team is always here to assist every step of the way, whether you choose to set it up internally or through one of our experts.
Set Up Canadian EFT Application: Once installed, you will need to set up the application.
1. For AR, you will need to sign a Pre-Authorized Debit Agreement (PAD). For more information about PADs, visit the Payments Canada website.
2. For the AP application, you will need EFT transaction authorization agreements with your vendors as well as their account information. After the one-time account setup, direct deposits can be sent automatically.
3. With the Canadian EFT Suite, you would need to set up both the AR and AP modules so that you can send and receive payments. These accounts are a one-time setup so once it’s done, it’s ready!

Check out our videos Receiving EFT Payments from Customers and the Canadian EFT for Acumatica demo.

Evron’s consultants are always here to assist customers at every stage. Evron also provides demos and a User Guide that employees can reference.

To receive a demo, get a quote, or learn more, please contact a consultant.

Learn More About EFT

Here are some resources about Canadian EFT: