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Cash Management for Businesses

Alternative Cash Management Solutions

To help our business members navigate through these unprecedented times, this resource has been created to outline options that support social distancing for taking and making payments.

Payroll by Cheque

Payroll by Cheque

ADP

Benefits Considerations
  • Automated source deductions and remittances
  • 2-to-Sign controls are available
  • Includes compliance advice and support
  • HR Legal support available
  • Cost considerations
  • Must qualify for service through ADP referral

AFT

Benefits Considerations
  • Flat fee for payroll files submitted
  • Two-step authentication for increased security
  • Can be processed from anywhere with internet access and token
  • 2-to-sign controls available
  • May not be cost effective for all
  • Credit application required (may take longer than usual)
  • Application fees
  • Set up time can take up to 3 weeks
  • No payroll functionality

e-Transfer

Benefits Considerations
  • Payments are sent instantly
  • No application is required
  • 2 free transfers per month, $1 per transfer after that
  • 2-to-sign controls available
  • Mobile Access
  • Daily weekly and monthly limits 
  • No payroll functionality includedq
  • Employees may not be set up to accept
  • Not available through Business Express Internet

Paying Suppliers/Vendors by Cheque

Paying Suppliers/Vendors by Cheque

Credit Card

Benefits Considerations
  • Application is required
  • Interest borrowed on unpaid balances
  • Does not sync with accounting software
  • Annual fee on some cards

AFT

Benefits Considerations
  • Can pay large number of suppliers in single payment
  • Two-step authentication for increased security
  • Can process from anywhere with internet connection and token
  • 2-to-sign controls available
  • May not be cost effective for businesses with a minimal number of employees
  • Credit application required (may take longer than usual)
  • Application fees
  • Set up time can take up to 3 weeks
  • No payroll functionality

e-Transfer

Benefits Considerations
  • Can pay remotely
  • Instant
  • No up-front costs
  • 2 free transfers per month, $1 per transfer thereafter
  • 2-to-sign controls available
  • Daily weekly and monthly limits
  • Not available through Business Express Internet
  • Some suppliers may not accept

Cheque Deposits

Cheque Deposits

ATM

Benefits Considerations
  • Secure
  • No additional charges
  • No in-person contact
  • Hits account immediately
  • Can use any Credit Union/Exchange ATM (over 4,000 across Canada)
  • ATM holds may be applied
  • Limit of 50 cheques in a single deposit
  • Not ideal for anyone in quarantine or self-isolation
  • No foreign currency

Night Deposit

Benefits Considerations
  • Secure, can be deposited at any Westminster Savings branch
  • No limits on funds or contents that can be deposited
  • No in-person contact
  • Nearby locations could be temporarily closed
  • The use of night deposit bags and deposit slips is required
  • Deposit collection services could eventually be impacted or delayed

Deposit Anywhere

Benefits Considerations
  • Can be done from anywhere with data or WIFI access
  • Deposits included in account package transactions
  • Instant deposit
  • No paperwork or application required
  • ATM holds and exemptions apply
  • CAD funds cheques into CAD funds accounts only
  • Not available for Business Express Internet members
  • Must keep cheques for no less than 10 days and no longer than 120 days
  • Each cheque deposited counts as a transaction

Advanced Business Deposit

Benefits Considerations
  • Can be done remotely from a dedicated workstation
  • Secure
  • Instant deposits, no holds
  • Available for CAD or USD cheque deposits (USD cheques can only be deposited to USD chequing accounts)
  • Creates a physical deposit receipt
  • Device cost is $500+, Central 1 setup fee is $90, $35 monthly fee
  • Can only be used from a single workstation
  • Must keep cheques for no less than 30 days and no longer than 120 days
  • Process including device order and setup can take 2+ weeks

Cash Collection

Cash Collection

e-Transfers/INTERAC Request to Pay

Benefits Considerations
  • No charge for incoming e-transfers
  • No limit to number received
  • Can set up for auto-deposit
  • Members only need mobile phone number and/or email address to send funds
  • Daily, weekly and monthly limits
  • Some suppliers may not accept
  • Not available through Business Express Internet

ATM

Benefits Considerations
  • Secure
  • No additional charges
  • No in-person contact
  • Hits account immediately
  • Can use any Credit Union/Exchange ATM (over 4,000 across Canada)
  • ATM holds may be applied
  • No foreign currency

Night Deposit

Benefits Considerations
  • Secure, can be deposited at any Westminster Savings branch
  • No limits on funds or contents that can be deposited
  • No in-person contact
  • Nearby locations could be temporarily closed
  • The use of night deposit bags and deposit slips is required
  • Deposit collection services could eventually be impacted or delayed

Deposit Anywhere

Benefits Considerations
  • Can be done from anywhere with data or WIFI access
  • Deposits included in account package transactions
  • Instant deposit
  • No paperwork or application required
  • ATM holds and exemptions apply
  • CAD funds cheques into CAD funds accounts only
  • Not available for Business Express Internet members
  • Must keep cheques for no less than 10 days and no longer than 120 days
  • Each cheque deposited counts as a transaction

Moneris Merchant Services

Benefits Considerations
  • Multiple payment acceptance options available
  • Can be set up for website payment acceptance
  • Allows clients to pay more quickly and receive card rewards
  • Competitive market pricing
  • Application required (may take longer than normal for processing and equipment delivery)
  • Monthly contracts
  • Transaction fees

Rent Collection

Rent Collection

AFT

Benefits Considerations
  • Can pay large number of suppliers in single payment
  • Two-step authentication for increased security
  • Can be processed from anywhere with internet access and token
  • 2-to-sign controls available
  • May not be cost effective for all
  • Credit application required (may take longer than usual)
  • Application fees
  • Set up time can take up to 3 weeks