Posted by Jason Hachkowski on Mon, Jul 19, 2010 @ 03:14 PM
Electronic payments in Canada began in March of 1985 with TelPay’s first electronic payment transmission. Since that time electronic bill payments have grown in volume, and are slowly becoming as common as direct deposit payroll. However, that still does not answer the question of how electronic payments work?
First, we should examine the fundamental aspects of electronic payments. These would be debits and credits. In the world of electronic banking, a debit is used to indicate a deposit, or a “money in” transaction. A credit indicates an expense, or a “money out” transaction. This is how banks and other financial service organizations manage millions of transactions every day. A debit cannot be made without a corresponding credit and vice versa.
Electronic payments and the complex series of debits and credits which are “transmitted” between TelPay and its customers result in: bills being paid, direct deposit being made, and even transfers between bank accounts. When you use the TelPay system to send a payment to someone, the system marks that as a debit against your account, and as a credit towards the account you are sending a payment to. Likewise, when a supplier or business sends a payment to you, the TelPay system creates a debit against their account, and a credit towards your account.
Posted by Jason Hachkowski on Fri, Jun 04, 2010 @ 12:04 PM
TelPay is releasing the latest version of its business software! We've been listening to our customers, and have introduced several improvements to the way the software works.
Some of the most exciting new features of version 6.6 are:
1. Increased biller list. TelPay's biller list has gone from 4000 to nearly 40,000 billers, with new billers being added daily.
a. This means fewer biller import charges due to the larger standard biller list.
b. This will improve the speed and accuracy of bill payments.
2. Improved error-checking on biller account numbers and duplicate invoice checking will help you avoid errors.
3. More flexibility to delete payments in the "View/Transmit Payments" screen means greater accuracy, with less work.
4. Email notifications when paying individuals ensures that your payee knows when a payment has been sent to them.
5. Improved payment history gives greater visibility to past transactions.
6. Payment Method Indicator - Know which of your payments will be made via cheque, and which will be made electronically before the payment is made!
7. Greater control over banking information with QuickBooks and Simply Accounting when importing payments.
8. Expanded printing options, you decide whether or not to print, and where to print to.
We will send you an email to notify you when TelPay 6.6 is ready for download. We sincerely hope that you are as excited about this latest release as we are.
Sincerely,
The TelPay for Business Team