We offer several methods to fund your payroll and payments. Each option has advantages, and you can select the one that best fits your business. Review this article to see up-to-date lead times for each institution along with our alternative funding methods for when you want to shorten your lead time.
Pre-authorized debit
Our most popular option is 'pre-authorized debit.' With this method, we automatically debit your company/source bank account for your payroll/payment obligations and then make payments on your behalf to your staff and vendors. Depending on your plan type, bank, or business, this option requires a payment submission to be completed 3, 4, or 5 business days before the payment date.
Lead times for pre-authorized debit
3-Day
Plan Types: Business Plus, Freshbooks Plus, Accountant Advanced and EVOLV.
Banks: All banks except Scotiabank, National Bank, HSBC, First Nations Bank of Canada, all credit unions and ATB.
Business: All businesses except those in the Cannabis Industry.
4-Day
Plan Type: Legacy Business 22, Business Basic, Freshbooks Green and all clients with a plan type eligible for 3-day banking with National Bank, HSBC, First Nations Bank of Canada, and any credit union.
Banks: All banks except ATB, Scotiabank and Credit Unions under institution number 809 and 828
Business: All businesses except those in the Cannabis Industry
5-Day
Plan Type: ANY
Bank: ATB, Scotiabank and Credit Unions under institution number 809 and 828
Business- Cannabis Industry
Set Up ePay
You can set up pre-authorized debit using our guide here. Once set, we'll update your payment profile and enter the details of your source bank account.
Need to change bank accounts or modify your max pre-authorized debit?
A. Settings.
B. Company Profile.
C. Payments Profile.
D. Click +Add (new application fee will apply).
E. To modify the max PAD amount, click Download PAD. Initial it and send it to us.
*Note: Some older accounts may not have a download option. If you need a copy of the PAD, please email support@paymentevolution.com, and we can provide one.
Bill payment
If your online business banking service has bill payment features, you can send us the funds for your pay run. You must fund your pay run by 3:30PM EST, at least two business days before the payment date. Bill Payment is automatically active on all accounts with ePay. An additional fee applies for this service.
*Note: while almost all banks in Canada show PaymentEvolution (Corp) as a payee, double-check your online banking before using this option in a pay run.
How to Use Bill Payment
A. First, navigate to the Payments page of your Pay Run and select Bill Payment in the bank information field.
Then, change the Employee Payment Date if needed. On the finalization pop-up, you will be notified of the amount you need to send. After finalizing, you can also get this on your ePay Direct Deposit Report. Please make a note of that amount.
Next, you must log in to your online banking and send us the funds. To do this, add PaymentEvolution (Corp) as a payee: "Payee: PaymentEvolution (Corp.)"
To find the account number, go to:
A. Settings.
B. Company Profile.
C. Payments Profile.
D. Select Bill Payment.
Refer to the bottom of the screen, and you’ll note that all account numbers are the same regardless of the bank name. Don’t worry if your bank isn’t listed; bill payment is available through almost every bank in Canada.
Finally, send the funds from your finalized payroll.
Wire Transfers
If you do not have 'bill payment' facilities or need to send us funds from international banks, you can use our wire payment option. With this method, you should fund your payroll at least two business days before the payment date. Wire is available on all accounts with ePay. You can also set this as your default payment type. An additional fee applies for this service.
How to use Wire Transfer
A. First, navigate to the Payments page of your Pay Run and select Wire in the bank information field.
Then, change the Employee Payment Date if needed. On the finalization pop-up, you will be notified of the amount you need to send. After finalizing, you can also get this on your ePay Direct Deposit Report. Please make a note of that amount.
Contact your bank for information on sending wire transfers.
To find the write transfer details, go to:
C. Settings.
D. Company Profile.
E. Payments Profile.
F. Select Wire.
Finally, send the amount from your finalized payroll via wire transfer.
Note: If you are sending a wire in USD to our US account, please contact support@paymentevolution.com for wire instructions, as they will differ from Canadian ones.
Interac e-Transfer
For smaller payments requiring a turnaround of up to the next day, PaymentEvolution is proud to provide Interac e-Transfer as a funding option. With this option, you can run payroll and send the funds until 10:30 AM EST, the business day before your desired payment date. e-Transfer is available on all accounts with ePay. Additional fees apply for this service.