How To Accelerate Your Payment Processes And Eliminate Bank Fees

Posted by Sonal Mistry on 10/13/20 8:56 AM

PAD-EFTs are the leading alternative to deposits made by cheque, draft or wire payment as they speed up and simplify the process. Not only will your beneficiaries receive the funds in their account within 48 hours*, but the transfer is completely cost free for your business.

What is a PAD EFT?

A PAD-EFT (Pre-authorized Debit Electronic Funds Transfer) is an efficient and cost-effective method to move CAD and USD between your Canadian accounts or to send quick payments to your beneficiaries.

EFTs have become the desired transfer method for B2B transfers as many businesses are looking for a more efficient and lower cost alternative to paper cheques and manual processing.

The alternative to deposits made by cheque, draft or wire payment.

Key benefits for PAD-EFT
  • Eliminates the need to visiting the bank
  • Eliminates bank services charges for depositing cheques and receiving wire fees
  • Reduces operating expenses associated with writing/collecting cheques and manual processing
  • Creates a secure payment solution and reduces risks of cheque fraud and forgery
  • Efficiently manages cash flow
Associated fees

No applicable fees

Applicable currencies


How do I set up to start using PAD-EFTs with Olympia Trust CGP?

PAD-EFTs for businesses are quick and easy to set up. Simply complete the PAD-EFT agreement form and send it in to with either a picture of a void cheque, or a direct deposit/pre-authorized deposit form from the corresponding financial institution.

Sign PAD-EFT Agreement

Please note each of your beneficiaries will be required to complete a form.

Learn more

To learn more about Pre-Authorized Deposits with Olympia Trust or to get started, see our frequently asked questions or specifications for all payment and settlement methods.

Help desk

Need to make an immediate payment? Learn more about wire payments with Olympia Trust.

*Note on processing times: If your secure settlement is reconciled before 3pm MST, your EFT payment will be initiated that day. The beneficiary can expect the funds in approximately 1-2 business days, as processing times vary depending on the receiving bank.
In cases where your secure settlement is reconciled before 11:30 am MST and the beneficiary bank is a larger institution, a Canadian Dollar EFT may credit the beneficiary account the same-day.

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