Interac e-Transfer Bulk Disbursement is a streamlined, secure, and cost-efficient digital payment option for today’s businesses seeking a replacement for cheques, cash, or prepaid card disbursements. Businesses and other organizations can now leverage the speed and security of the Interac e-Transfer platform to send bulk payments in a single file upload, without the need for recipients’ banking information. Recipients can receive immediate payments anytime, anywhere they have an internet connection on their mobile device or computer. It also eliminates the need to issue, track or reconcile costly cheques or handle cash payments.
Interac e-Transfer Bulk Disbursement is ideal for any business wanting to offer their recipients a secure, paperless acceptance option, for things like:
Businesses need only a recipient’s e-mail address or mobile phone number to send payments; no personal financial information is required. A single file, listing multiple individual payments, is sent to the business’ participating financial institution for processing. Notifications are sent, and recipients can then deposit their payment using online banking at the financial institution of their choice, using a secure password.
Contact a participating financial institution to register your business for Interac e-Transfer Bulk Disbursement
Businesses create a bulk disbursement file that is sent to your financial institution. This includes the payment amount and the recipients’ e-mail address or mobile phone number.
Your financial institution processes the payment file and an Interac e-Transfer notification is sent to each recipient on your behalf.
Notifications are sent out to all recipients to their email address or mobile phone number. Once a notification is received, funds can be deposited immediately to their online bank account.
Your business will receive regular reconciliation reports.