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Pre-Authorized Payment (PAP)
Pre-Authorized Payment (PAP), a network which exchanges funds among businesses and financial institutions electronically, is available for our back-end system users. This tool automates your cash receipts processes. PAP allows you to collect funds, automatically and accurately, from customers throughout Canada, improving your cash management and reducing costs.
How?
By simply entering minimal information about the transactions and passing it along to an Originating Depository Financial Institution, you and your customers can enjoy the ease of automation. The information includes the company name, financial institution identification, account number, amount and effective date for the transaction. This information will be saved and only needs to be prepared once for the life of the contract!
Furthermore, the "Automated Bill Payment" feature of PAP provides the ability to collect funds from customers and automatically updates cash receipts. Through written authorizations, the consumer grants the company authority to initiate periodic charges to their account as bills become due.
Key Benefits
Both the company and the consumer benefit with the bill payment application of PAP.
Cash processing and improved cash management will benefit your company.
elimination of check writing and check mailing.