Category: Accounts Payable

Despite transformative innovation in accounts payable software like AI-driven optical character recognition (OCR) and workflow automation, 69% of Canadian SMBs still feel that invoice processing and vendor payment needs to be more efficient. The accounts payable system that today’s growing businesses rely on stifles operations. Twenty-seven percent of Canadian SMBs report that their most pressing challenge is delays in incoming and outgoing payments while 18% report that cash flow management issues are their biggest obstacle. 

In this article, we’ll discuss why today’s businesses need better solutions for AP automation and how to choose the best accounts payable automation software in 2025. 

What is accounts payable software? 

Accounts payable (AP) software solutions automate invoice and bill intake, GL coding, matching, validation, and approvals to streamline the process of paying your suppliers and vendors. 

Business leaders often look into investing in accounts payable workflow software when their teams get fed up with tedious manual data entry and when their current approvals and payment processes create frustrating bottlenecks. But beyond just saving you time and labour, the right AP software solutions also give you greater control over your expenses, provide more accurate invoice validation and help you close your books quickly. 

The best accounts payable automation software have embedded payment and business options, so you can make EFT payments to your vendors and contractors or pay them via ACH, international wire transfer, cheque or credit card without having to navigate through your online banking portals every time an invoice comes due.

Why Canadian businesses need accounts payable automation software

Your AP strategy is where you put your budget into action. Accounts payable automation software is an essential tool for monitoring and controlling where your cash is allocated so you can keep your business running and invest wisely in growth-driving opportunities. With AP automation software, businesses can:

Eliminate manual data entry. The best AP software solutions offer OCR that automatically transfers information from invoices and receipts into the system and applies appropriate general ledger (GL) and tax codes.

Enhance security and reduce fraud. Two- and three-way matching automatically check invoices against purchase orders (POs) and goods receipt notes (GRN) to ensure you’re paying the right person.

Improve vendor relationships. If you’re trying to figure out how to pay an invoice faster for a valued vendor, you can schedule transactions and track payments with an AP solution to reduce days payable outstanding (DPO), build trust with your vendors, and take advantage of early payment discounts.

Control spend and manage expenses. Track spend in one place to get insights into your budget. With an AP automation solution like Float, you can also proactively set limits (not just company handbook policies) on corporate card spending to keep everyone on track. 

Make global payments. Leading AP solutions allow you to seamlessly pay US invoices and international invoices within the platform. 

Close the books faster. Automatically reconcile invoices in your AP solution with your accounting software.

Make EFT Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Get Started for Free

Learn More

What to look for in accounts payable software in 2025

Today, the status-quo accounts payable system for a Canadian businesses includes a patchwork of point solutions that breeds bottlenecks and holds businesses back.

The best accounts payable automation software provides holistic, end-to-end workflows, speedy payments and cash flow management, facilitating financial momentum so you can grow your business. Look for an AP software solution with key features like:

✓ AI-driven OCR for automated receipt and invoice intake

✓ Automatic GL and tax coding

✓ Automatic two- or three-way invoice matching and validation 

✓ Employee expense management and reimbursement capabilities 

✓ Customizable approvals controls and automated approvals processes

✓ Multiple ways to pay invoices including EFT and ACH, wire, credit card or via platform-based account

✓ International payment capabilities plus low- or no-fee FX

✓ Payment tracking for both you and your vendors

✓ Reliable two-way sync integrations and automatic reconciliation with accounting software 

Does accounts payable workflow software handle employee expenses?  

Most AP software workflows lump employee expenses—like travel, meals, fuel, and supplies—in with vendor invoices, even though they should be treated differently. Typical AP solutions focus on facilitating vendor payments and most businesses opt to (or have to) reimburse employees through payroll. 

With an AP automation platform like Float, corporate card spending and reimbursements happen seamlessly in the same place as invoice management and vendor payments. 

Float lets you see how spending across all your corporate cards impacts cash flow as transactions happen. You can also customize spending limits in real time, giving you total control over when and how your team spends. You can use Float to process same-day reimbursements, but with corporate cards, you don’t have to worry about reimbursements at all. 

6 best accounts payable software for Canadian businesses in 2025

Float Bill Pay is an accounts payable software small business teams love to use, but there are other options out there. To help you make an informed decision about the accounts payable software that fits your business, here’s how Canadian AP software solutions stack up.

1. Float Bill Pay

Float Bill Pay is an intuitive financial management platform built in Canada for Canadian businesses of all sizes. Designed for efficiency, it offers seamless invoice and receipt capture workflows powered by leading-edge AI data extraction. With automated GL and tax coding, custom approval workflows and embedded EFT/ACH and wire payments (CAD and USD), managing payments has never been easier. Float also includes built-in FX services, ensuring smooth international transactions.

Payments made through your Float balance arrive within one to two business days, with real-time payment tracking for vendors. The platform integrates effortlessly with QuickBooks, Xero and Netsuite through two-way sync, along with HRIS and Slack integrations.

Float Bill Pay is available at a SaaS pricing of $0 to $10 per user per month, with enterprise pricing options. EFT/ACH transactions are just $1 per transaction. Additionally, Float combines best-in-class accounts payable automation software with corporate and virtual cards for employee spend management. Businesses can also benefit from 1% cashback on corporate card purchases and earn 4% interest on CAD and USD business balances.

2. Plooto

Plooto is an AP and accounts receivables (AR) automation software. It’s a good point solution for SMBs looking for status-quo AP software. 

The platform offers automated invoice processing alongside customizable automated approval workflows so that invoices are routed to the right person at the right time. The platform also provides in-depth payment history with a comprehensive audit view of transactions. 

Plooto subscriptions cost between $32 and $99 per month. It offers EFT and ACH payments at $0.50 per transaction and enables international payments to over 40 countries with no FX fees. However, payments can take between 4 to 5 days to process and customers report that payments often take far longer to go though. Limited customer support and a poor payee experience are also common issues with this platform. Plooto is purely an AP/AR solution and doesn’t handle employee spend or reimbursements. 

3. Dext

Dext is a bookkeeping automation software with a focus on record-keeping. Its strength is its OCR intake functionality. Dext provides multiple convenient ways for employees to upload receipts on the go with real-time expense tracking for the back office. Like Plooto, it offers robust approvals controls. It also provides automated reporting to help get the books closed quicker. 

Currently, Dext doesn’t offer payment features. You’ll need to manually make payments through your bank or another platform. Dext may offer payment features in the future, but for now, it only provides a point solution that must be integrated with other platforms. 

A Dext subscription costs between $30 and $107.50 per month. 

4. Loop

Loop is a banking platform focused on streamlining cross-border payments. It’s built more like a digital banking app than an AP software solution. Loop  delivers on flexibility and speed for making global payments, but it’s not the best choice for end-to-end AP automation. It doesn’t integrate with accounting software or automate invoice intake—you’ll need another solution for collecting and storing invoices. You’ll also have to manually validate and reconcile payments made through Loop with other systems.

Similar to Float, Loop does offer corporate credit cards in CAD and USD, as well as GBP and EUR with no annual fees, rewards points up to $1 million credit limits and a 55-day repayment grace period. The corporate card makes it easier to track and control employee spend alongside vendor payments for a more holistic view of your cash flow.

Loop has a free version, but its paid tiers cost between $49 and $199 per month. EFT/ACH payments cost between 0.25% and 0.5% per invoice plus $1, which means that the bigger the invoice, the more you’ll pay. Loop provides real-time payment tracking and payments typically arrive in 1 to 3 business days. 

5. Quadient accounts payable automation by Beanworks

Primarily a mailing and customer experience solution provider, Quadient also offers a AP automation by Beanworks. Quadient might be a good option for larger, global mid-market businesses and enterprises, but it’s not flexible (or affordable) enough for SMBs. It offers comprehensive AP features like automated purchase order (PO) and invoice processing as well as automatic GL coding.

You can make payments through an integration with your online banking portal or via cheques, e-cheques, ACH or virtual credit cards which offer 1.1% cash back. Payments are automatically reconciled with your accounting software—Quadient offers custom integrations in addition to its long list of financial and enterprise resource planning (ERP) integrations. 

There’s no publicly available pricing, but costs are tied to transaction volume, so it’s not ideal for rapidly growing companies.

6. RBC PayEdge

RBC PayEdge is an AP platform from RBC Royal Bank. It’s a good option if you want to make payments through the traditional banking system. The platform allows you to pay invoices from multiple Canadian bank accounts or credit cards and also offers EFT/ACH and cheque payments. You can also pay multiple vendors from a single payment order. RBC PayEdge offers tracking for global payments. Both domestic and international payments can take between 1 to 7 business days to arrive. 

The platform doesn’t offer robust expense management features or reporting. As you might expect from a bank, the user interface is outdated and customers report that it’s not intuitive to use. It does integrate with accounting and ERP software.

RBC PayEdge has a free version, but its paid tiers cost between $89.95 and $219.95 per month (woof). EFT transactions cost $1 while ACH transactions cost a whopping $9.99, which means it’s not an ideal solution for businesses that need to make cross-border payments on a regular basis. 

Accounts Payable Software: Quick Comparison Chart

Solution	Costs & Fees	Standout Features	Limitations
⭐️ Float Bill Pay	SaaS: $0–$10 per user/mo. (+ enterprise pricing options) EFT/ACH fees: $1/txn.	AI-powered invoice and receipt captureAutomated GL and tax codingCustom approval workflowsEmbedded EFT/ACH & wire payments (CAD, USD)Built-in FX servicesPayments in 1–2 business daysReal-time vendor trackingTwo-way sync with QuickBooks, Xero, Netsuite	Focus on incorporated businesses vs. freelancers or sole proprietorsBuilt for Canadian-based companies
Plooto	SaaS: $32–$99/mo. EFT/ACH fees: $0.50/txn.	Automated invoice processingEFT/ACH, cheque payments via credit cardNo FX fees.Payments (might) arrive in 4–5 business daysAR automation and payment processingTwo-way sync with QuickBooks, Xero, and Netsuite	Customers find that payments take far longer than 5 business daysLimited customer supportPoor payee user experience Doesn’t handle employee spend and reimbursements
Dext	SaaS: $30–$107.50/mo. EFT/ACH fees: N/A	Leading OCR receipt and invoice intakeMultiple ways to upload receiptsReal-time expense trackingRobust approvals controlsAutomated reportingQuickBooks, Xero, Sage, and other accounting software integrations	No payment functionalityDoesn’t handle employee spend and reimbursements
Loop	SaaS: $0–$199/mo. EFT/ACH fees: 0.5-0.25%/ invoice + $1	Global payments Multi-currency corporate credit cardsRobust approval controlsReal-time payment trackingPayments arrive in 1–3 business days	No invoice intake or storageNo accounting software integrationsPercentage-based pricing punishes growthNo cash backNo interest
Quadient accounts payable automation by Beanworks	No public pricing available. Pricing is based on monthly invoice volume and purchase order and payment requirements.	Automated PO, invoice processingAutomatic GL codingReal-time spend trackingRobust approvals controls1.1% cash back with virtual credit cardsTwo-way sync with QuickBooks, Xero, Sage and moreERP software integrations	Expensive and over-built for SMBsComplex user interfaceFrequent issues with integrationsTransaction volume-based pricing punishes growthDoesn’t handle employee spend and reimbursements
RBC PayEdge	SaaS: $0–$219.95/mo. EFT fees: $1/txn.ACH fees: $9.99/txn.	Pay out of multiple Canadian bank accounts or credit cardsSet approval controlsEFT/ACH, cheque payments via credit cardPay multiple vendors in a single payment orderTrackable global paymentsPayments arrive in 1–7 business daysQuickBooks Online, Sage, Xero, ERP software integrations	No robust expense management features No reporting featuresOutdated user interface Limited customer supportDoesn’t handle employee spend and reimbursements

Choosing the accounts payable automation software that’s right for your business

Migrating your AP processes to a new system is a major investment, so it’s important to choose software that’s easy to add into your existing workflows and is intuitive to use. Find a solution that can deliver tangible, measurable results—like reducing DPO and time saved closing the books—as well as intangible benefits like employee satisfaction. If you’re doing business across borders, select a solution that allows you to easily make EFT or ACH payments, wire transfers or no-fee FX payments in your required currencies. 

The solution you choose should also address your business’s unique needs today while pushing your operations forward by boosting efficiency and reducing costs. Float’s Bill Pay provides accounts payable software small business owners and their accounting teams can use to manage employee spend and pay vendors for total control over AP. It’s designed by Canadians to support the nuances of Canadian accounts payable systems. 

But don’t just take our word for it. Try Float for free and take the headache out of your accounts payable software processes, once and for all. 

Make EFT Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Get Started for Free

Learn More

Electronic payments have become commonplace in modern business transactions, but it can be tough to figure out which method is best. Are you wondering about ACH vs EFT? What about wire transfers? And does it even matter? 

Spoiler: Oh, it matters.

Your chosen payment method can impact every area of your accounts payable process: cash flow, transaction costs and operational efficiency. What does the right choice mean for you? You can confidently pay your employees on time, suppliers receive what’s owed and customers experience seamless transactions. 

Since growing businesses need reliable online payment options, most have embraced some form of EFT payment. Just over 60% of Canadian businesses surveyed accept EFTs. 

Let’s take a closer look at the options available. In the past, payment options for Canadian businesses were relatively straightforward: Electronic Funds Transfers (EFTs) for domestic transactions, Automated Clearing House (ACH) payments for U.S. transactions, and wire transfers for cross-border payments. 

However, with the rise of modern financial providers, some Canadian businesses now have more flexibility, including the ability to send ACH payments depending on their bank or payment provider. You may have heard of Wise, a payment platform handling online payment processing in the U.S. Now Canadians can also explore a variety of options to streamline their accounts payable processes.
 

In this guide, we’ll review your options to help you understand these payment methods and determine what’s best for your business.

What is an EFT payment?

Electronic Funds Transfer (EFT) is a broad term that covers all digital payments that move money from one bank account to another. Traditionally, EFT was the standard for Canadian businesses, used for payroll, vendor payments and online bill payments. 

While this remains true, some modern financial providers now allow businesses to send payments across borders using EFT-like methods, making it essential to check with your financial institution to understand your options. It may be time to weigh EFT vs ACH to see how the comparison checks out.

Unlike traditional cheques or cash transactions, EFTs leverage digital networks to facilitate transfers quickly and securely. Depending on the payment type (see common types below), processing times for EFT payments can range from one to four business days. 

Online payments have been trending upward, with EFT payment values in Canada growing 40% in the past five years. EFTs are widely used across Canada, enabling businesses to send and receive payments without visiting a physical branch or filling out paperwork like it’s 1925.

It makes sense. Most of us aren’t carrying around a lot of cash, because we find it faster, easier and more secure to pay online for everything from coffee to home renos. Online payments help your business do the same thing.

So, what is an EFT payment exactly?

Common types of EFT payments include:

• Direct deposits: Used for payroll processing and vendor payments.
• Debit card transactions: Funds are withdrawn electronically at the point of sale.
• ACH payments: Cross-border transactions that use a batch processing system with predictable timing.
• Wire transfers: Typically used for large payments (both domestic and international wire transfers).
• Online bill payments: Automated payments for utilities, leases and subscriptions.
• Interac e-transfer: Commonly used for quick peer-to-peer and business transactions.

EFTs provide a secure way to manage cash flow with automation options that reduce administrative overhead—and ease frustration. Since transactions occur electronically, there is also a lower risk of errors and fraud compared to traditional paper-based payments.

Best practices for using EFT payments

Here are a few quick tips on how to make an EFT payment quickly and securely. 

1. Verify recipient details
   Always double-check recipient information, including bank account numbers and names, to prevent payment errors and delays.
   
2. Use secure banking platforms
   Ensure you use a secure banking portal or trusted payment provider to minimize fraud risks.
   
3. Schedule payments in advance
   Set up EFT payments ahead of time to ensure timely processing and avoid unexpected delays.

What is an ACH payment?

Automated Clearing House payments, or ACH payments, are a specific type of EFT that processes transactions in batches through an Automated Clearing House payment network. Unlike other types of EFTs that process transactions individually, ACH transactions are grouped together and processed at set intervals throughout the day.

Historically, ACH was exclusive to the U.S., with Canadian businesses relying on EFT for domestic transactions. However, some modern financial providers (like Float) now offer ACH payment capabilities for Canadian businesses, enabling cross-border payments without relying solely on wire transfers. 

If your bank or payment provider supports ACH, it could be a cost-effective way to send funds to U.S. businesses. For Canadian SMBs with a U.S. entity, this is good news.

So, a smart first step is an exploratory check-in with your financial institution and alternative providers to evaluate the options available.

What is an ACH payment’s key benefit?

ACH payments get a gold star for cost-effectiveness. Since they are processed in bulk, businesses can reduce transaction fees compared to wire transfers or credit card payments. ACH transactions are also reliable and predictable, making them ideal for regular payments where timing consistency is crucial (e.g. anything that makes payroll easier is a big win-win).

However, because ACH payments process in batches, they may take longer than individual EFT transactions. Timeframes can vary, but most ACH payments are completed within one to three business days, with some financial institutions offering expedited processing options. This means ACH is best suited for payments that do not require immediate settlement but benefit from lower costs.

Best practices for using ACH payments

Here are a few tips to keep in mind when sending ACH payments.

1. Ensure proper authorization

Obtain written or electronic authorization from payees before initiating ACH payments to comply with banking regulations.

2. Monitor transactions regularly

Keep an eye on ACH payments to quickly identify and address any errors or failed transactions.

What is a wire transfer?

A wire transfer is a fast and secure method of electronically transferring funds between financial institutions, both domestically and internationally. Unlike ACH and EFT payments, wire transfers are processed in real time, ensuring that funds are available to the recipient the same day they are sent. 

In Canada, domestic wire transfers are processed through Lynx, the country’s electronic wire payment system.

When are wire transfers used?

Wire transfers are commonly used for high-value transactions, urgent payments or cross-border transfers where real-time settlement is required. Businesses often choose wire transfers for:

• Large supplier or vendor payments that require immediate clearing
• International transactions where ACH or EFT is not an option
• Time-sensitive financial obligations

What you should know about wire transfers

Once sent, wire transfers cannot be reversed. However, while wire transfers offer the advantage of speed and certainty, they also tend to be more expensive than other payment methods. Fees can vary widely between banks, and are often much steeper per transaction than other options, with additional costs for currency conversion if sending funds internationally. 

To avoid delays, businesses must ensure that recipient details, including banking information and currency specifications, are accurate before initiating a transfer.

ACH vs EFT vs wire transfers: Understanding your payment options

While both EFT and ACH payments offer efficiency and security, the differences in cost, processing time and transaction flexibility can significantly impact your financial workflow. Understanding these differences is one key accounts payable strategy that can help you manage your financial workflow. 

Below, we break down each method’s advantages and drawbacks to help you decide which is best, whether you need to manage payroll or pay a U.S. invoice.

As outlined, traditionally, Canadian businesses have used EFT for domestic transactions, while ACH was reserved for U.S. bank transfers. Wire transfers were the primary solution for cross-border payments. However, newer financial providers now offer Canadian businesses access to ACH payments, meaning the landscape is evolving.

Step 1: Check what your financial institution offers

Before deciding between EFT and ACH, the first step is understanding what’s available to you. Not all banks in Canada offer ACH payments, meaning your options may be determined by your financial provider.

If your bank only supports EFT: You’ll use EFT for domestic payments and wire transfers for cross-border transactions.

If your bank or payment provider supports ACH: You may have the ability to use ACH for payments to U.S. businesses, potentially reducing costs compared to traditional wire transfers.

If neither option is available: You may want to explore modern financial providers that enable cross-border ACH or EFT payments as an alternative to expensive wire transfers.

Step 2: Compare costs and processing times

Once you know your available options, compare fees (we’ve got an international money transfer calculator for that!), speed and transaction processes to determine the best method for your business needs.

EFT: Best for Canadian transactions, typically low-cost, with convenient processing times.

ACH: A cost-effective option for paying U.S. vendors, but processing times can vary depending on batch processing schedules.

Wire Transfers: Typically the fastest cross-border option but comes with much higher fees.

Step 3: Consider a modern payment provider

If your current bank doesn’t offer ACH, but you want to explore alternatives, newer financial providers offer ACH and EFT options beyond traditional banking. These providers may offer lower fees than wire transfers, but it’s important to check for additional costs, including currency exchange fees.

By following these steps, you can determine whether you should continue using EFT, explore ACH, or seek modern payment solutions that align with your business needs.

Learn more with Float: Modern business expense management and corporate cards

While EFT, ACH and wire transfers each still serve specific roles, the online payment landscape in Canada is evolving. Many businesses still rely on traditional EFT payments made through their AP software or directly with a bank, but those working with alternate payment providers such as Float may have access to ACH for U.S. transactions, offering a potentially more affordable alternative to wire transfers. 

Both EFT and ACH payments provide businesses with efficient ways to send and receive money, but their differences make them suitable for different use cases. EFT may be the better option if speed and versatility are your priority. However, if cost savings and predictable recurring payments are more important, ACH is likely the best fit.

Understanding the options available and the key differences between them allows business owners to make informed decisions that optimize cash flow, reduce transaction costs and improve financial management.

Make EFT Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Get Started for Free

Learn More

Managing business expenses can quickly become chaotic without the right systems. From vendor invoices to employee reimbursements, keeping track of payments is a critical part of maintaining healthy cash flow. 

This is where accounts payable (AP) comes in—the core of your company’s financial operations. But traditional AP processes are often slow, error-prone and a major headache for finance teams. So, how can you streamline your AP process and free up time for what really matters?

In this guide, we’ll break down everything you need to know about accounts payable: what it is, how it works and how modern automation tools like Float can transform your AP workflow. Whether you’re a finance leader aiming to eliminate gruntwork or a business owner seeking better visibility into company spending, we’ve got you covered.

What is Accounts Payable (AP)?

Accounts payable (AP) refers to the money a company owes to its vendors for goods or services received but not yet paid for. It’s recorded as a liability on the balance sheet and includes payments such as supplier invoices, contractor fees and utility bills.

Examples of accounts payable:

• Invoices for supplies and equipment (e.g. office supplies, computer hardware, raw materials, etc.)
• Professional services payments (e.g. legal fees, marketing retainers, consultant invoices, etc.)
• Recurring bills (e.g. rent, utilities, subscriptions, etc.)

Why is AP efficiency so important?

The way your business manages accounts payable can make or break its cash flow, vendor relationships and bottom line. In fact, 65% of SMBs report long processing times for financial transactions, which ties directly to cash flow problems and missed opportunities for growth.

Imagine a missed invoice leads to a late fee and a frustrated vendor who pauses your deliveries. Or maybe your finance team is scrambling to fix a double payment, wasting hours chasing down refunds. Meanwhile, slow approvals stall an important purchase, putting a critical project on hold. There are just a few ways inefficient AP processes can cost you time, money and trust.

Accounts payable vs. accounts receivable

While accounts payable tracks what your business owes, accounts receivable (AR) tracks what others owe you. AP is a liability, whereas AR is an asset. Both are important for understanding cash flow and maintaining financial stability.ment fees.

What is the accounts payable process? 

Accounts payable management involves outlining the journey from invoice to payment, offering a clear framework for how to pay an invoice efficiently and accurately.

Here’s how it typically flows:

• Invoice receipt: Capture invoices via email, mail or automated systems.
• Invoice review: Verify charges and ensure they match purchase orders.
• Approval workflow: Route invoices to the right team members for swift approval.
• Payment processing: Settle bills via EFT transfers, credit cards, or cheques.
• Record-keeping: Log payments into your accounting system.

When your AP process runs smoothly, payments are on time, vendors stay happy and your cash flow stays clear.

6 common challenges in traditional AP management

Traditional accounts payable processes can feel like a time sink—slowing operations, frustrating finance teams, and leaving room for costly mistakes. Without modern tools, businesses face a range of issues that can quickly snowball into bigger problems.

1. Manual workflows

First, there’s the chaos of manual workflows. Paper invoices, spreadsheets and email chains create confusion, waste time and make it easy for documents to slip through the cracks. Finance teams end up chasing receipts instead of focusing on strategic work.

2. Approval bottlenecks

Then come the approval bottlenecks. Payments stall when they’re stuck in endless sign-off loops. The longer the delay, the greater the risk of late fees—or worse, strained vendor relationships.

3. Frequent errors

On top of that, errors run rampant with manual processes. It’s easy to enter the wrong numbers, pay the same invoice twice or miss a payment altogether.

4. Poor visibility

There’s also the issue of poor visibility into spending. Without a centralized view, finance teams are left in the dark, scrambling to piece together where money is going and struggling to catch unwanted expenses in real time.

5. Decentralized tools

Compounding these problems is that many businesses still rely on disconnected tools to manage the AP process—55% of SMBs say financial tools that don’t integrate well with each other are a top inefficiency driver. Often, this looks like using one system for bill intake, another for approvals, an accounting platform to track unpaid bills and a separate bank portal to process payments. 

When integrations between tools break, it causes delays and wastes time on troubleshooting. Even if you’re processing high volumes of payments every month, this patchwork approach can waste time rather than save it.

6. Fraud

What’s worse, all of these challenges compound to increase your fraud risk. Loose controls and outdated systems can leave the door open for unauthorized payments or fake invoices to slip through unnoticed, costing your business money and damaging trust.

When these challenges pile up, they can have real-world consequences. But with a modern, automated accounts payable process, you can gain the visibility and control you need to make payments simpler. 

Benefits of automating accounts payable management

From speeding up payments to improving visibility, accounting automation helps your business move faster, smarter, and more securely.

Here’s how:

1. Faster invoice processing
   Manual invoice processing is slow and clunky, often dragging payments out for days or even weeks. Automation can capture invoice data instantly and route approvals with a click. Payments that once took days can be completed in minutes, keeping your vendors happy and your operations running smoothly.
2. Reduced errors and fraud risk
   Manual data entry is a breeding ground for costly mistakes: duplicate payments, missed invoices and misfiled records. Automated accounts payable systems use built-in validations to catch errors before they happen, reducing the risk of costly slip-ups. With proper controls and approval workflows in place, you’ll minimize the chance of fraudulent activity or unauthorized spending.
3. Improved cash flow management
   With automation, you get real-time insights into every outgoing payment—what’s due, what’s paid and what’s pending. Clear visibility into your liabilities helps you forecast expenses, avoid late fees and take advantage of early payment discounts. 
4. Increased visibility and control
   No more chasing down receipts or wondering where an invoice stands. Automation centralizes your AP data into one dashboard, giving you a complete, real-time view of every transaction. You can track approvals, spot spending patterns and enforce policies, all without digging through email threads or spreadsheets.

Modern accounts payable strategies 

Focus on these accounts payable strategies to reduce delays, eliminate errors, and gain better control over your AP processes.

1. Automate invoice processing

Manual data entry is a productivity killer that leads to errors and slows down your entire AP workflow. Automating invoice processing is one of the fastest ways to make your AP process more efficient and accurate.

Here’s how to do it right:

• Digitize invoices with OCR technology. Optical character recognition (OCR) technology scans and converts paper invoices into digital records. This eliminates manual data entry, reduces errors, and speeds up processing—especially if you’re dealing with high volumes of invoices.
• Automate invoice-to-PO matching. Set up rules to automatically match invoices to purchase orders (POs). With automated matching, any discrepancies like price differences or unexpected charges are flagged for review. This helps catch errors early and prevents overpayments.
• Schedule recurring payments. For vendors with regular billing cycles, such as utilities or monthly service providers, automate recurring payments. This ensures that predictable bills are paid on time without the risk of missed deadlines or late fees.

2. Optimize approval workflows

Bottlenecks in the approval process slow down payments, frustrate vendors, and create unnecessary delays. Streamlining your approval workflows keeps payments moving and eliminates confusion.

Here’s how to do it:

• Establish clear approval hierarchies. Define who needs to approve invoices based on payment amounts, vendor types, or departments. With clear guidelines, everyone knows their role, and invoices don’t get stuck waiting for the right sign-off.
• Set spending limits for team members. Create thresholds for automatic approvals to reduce unnecessary reviews. For example, purchases under $250 can be pre-approved, while anything above requires manager review. This keeps small expenses moving without bottlenecks.
• Route approvals digitally. Use an automated system to assign invoices to the right approvers, notify them instantly, and track every step of the process. Real-time updates and digital records eliminate back-and-forth emails and make it easy to follow the status of each invoice.

3. Transition to electronic payments

Paper cheques are slow, costly and prone to error. Switching to electronic payment methods speeds up your accounts payable process and reduces administrative headaches.

Here’s how to make the shift:

• Prioritize virtual cards for all online payments. Virtual cards are single-use or limited-use payment numbers tied to your corporate account. They’re easy to track, help prevent fraud and are perfect for one-off payments or online purchases (especially software trials). Many vendors prefer virtual cards because they process instantly and don’t require banking details.
• Use electronic transfers for domestic payments. For all other domestic transactions, EFT (Electronic Funds Transfer) payments are faster, more secure and often cheaper than traditional cheques in Canada. An EFT payment is ideal for recurring payments and bulk transfers, cutting out mailing delays and lowering processing costs.

💡 Pro tip: Understand the difference between ACH vs EFT. Automated clearing house payment (ACH) is a specific type of EFT used primarily for domestic payments within the US. Some more modern providers do offer cross-border ACH payments, but you’ll need to check with your bank. Or, try making international payments with Float.

New to digital payments? Start by learning how to make an EFT payment, from setting up vendors to scheduling transfers. 

Looking to pay invoices from Canada to other countries?

Check out our articles on how to pay invoices from the U.S., Mexico, Philippines, EU and India..

While this may seem overwhelming at first, modern tools have come a long way. Solutions (like Float) will allow you to implement all of these strategies in one place. 

Accounts Payable Metrics to Track

• Days Payable Outstanding (DPO): measures the average time it takes to pay vendors
• Invoice processing time: tracks the efficiency of the AP process from invoice receipt to payment
• Early payment discount capture rate: shows the percentage of available discounts captured
• Electronic invoice adoption rate: indicates the level of automation in the AP process
• Vendor satisfaction score: assesses the strength of vendor relationships based on timely payments and communication

Tips for choosing the right accounts payable software

Accounts payable software should simplify your processes, not complicate them.

Here’s what to look for.

Start with automation. Capabilities like invoice capture and approval workflows will save your team time and reduce errors. Look for features like OCR technology to digitize invoices and automatic matching to purchase orders to streamline your process.

Next, prioritize integration. Your software should connect seamlessly with your accounting system, keeping your records accurate without extra manual work.

Visibility matters, too. Real-time dashboards and easy-to-read reports help you track spending, catch errors and make smarter financial decisions.

Don’t forget security. Built-in safeguards like multi-factor authentication and role-based permissions protect your payments from fraud and unauthorized access.

Last, choose software that grows with you. Look for a solution that can handle increasing transaction volumes, add users easily and adapt to your changing needs, all while offering responsive support.

Why Float fits the bill 

Float offers fast automation, real-time insights and secure, seamless integrations—everything you need to manage your accounts payable process without the headaches. With built-in tools like bill pay to automate invoice payments, you can process transactions faster and reduce manual work. Plus, it’s built to scale with your business, supporting your growth every step of the way.

Simplify business spending with Float’s smart AP & corporate cards

“Float’s Bill Pay has become our main AP solution for Canadian business expenses. They built a product that is better than anything else on the market in Canada.”

Thomas Kwon
Head of Finance & Operations

Accounts payable management doesn’t have to be complicated or costly. Float brings everything you need into one easy-to-use platform, helping you automate your AP workflows, track spending in real time, and process payments faster—all while keeping complete control over your finances.

With Float, you get a smarter way to manage every dollar your business spends. 

• Issue corporate cards instantly
• Automate bill payments from one place
• Close your books up to 8x faster with seamless accounting integrations
• Earn 4% interest on your Float balance
• Get 1% cashback on card spend

Float is trusted by thousands of Canadian businesses to simplify their spending, from approvals to payments—all with no hidden fees and fast, friendly support when you need it. Whether you’re eliminating approval bottlenecks or gaining better control over your cash flow, Float helps your business spend smarter and scale faster.

Ready to take control of your business spending?

Get started with Float today and experience faster payments, fewer errors, and complete visibility.

Float is Canada’s Only All-in-one AP Solution

Automate bill intake, approvals, accounting sync, and pay anyone in the world with Float’s Bill Pay — plus unlock 7% savings on your spend.

Automate intake with Float’s AI powered OCR and inbox integrations

Streamline approvals with flexible workflows and policies

Pay via Global Wires, EFT, or ACH with Float’s next day payments

Learn More

Get Started for Free

As a Canadian business owner, paying invoices efficiently is essential to maintaining a healthy cash flow and fostering strong relationships with your suppliers. By streamlining your invoice payment process, you can save time, reduce errors, and ensure compliance with Canadian tax regulations.

In this guide, we’ll walk you through the steps to efficiently pay invoices, from verifying invoice details to optimizing your payment processes. We’ll also provide tips on leveraging technology and maintaining good supplier relationships to help your business thrive.

Pay Vendor Invoices with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform for CAD and USD — plus average savings of 7%.

Learn More

Get Started for Free

What is Invoice Payment?

Invoice payment for Canadian businesses involves the process of settling outstanding bills from suppliers or service providers. This typically includes verifying the invoice details, ensuring compliance with GST/HST regulations, and choosing the appropriate payment method.

How to Efficiently Pay Invoices as a Canadian Business

Efficient invoice payment is crucial for maintaining good supplier relationships and cash flow. Here are the steps to follow:

Step 1: Verify Invoice Details

• Accuracy is key: Cross-check the invoice for accuracy, including the amount, due date, and supplier details. Ensure that the invoice includes the correct GST/HST information. Verifying these details is crucial to avoid disputes and ensure tax compliance.

Step 2: Choose the Right Payment Method

• Select the best option: Evaluate the best payment method for your business needs, such as bank transfer, credit card, or online payment platforms. Consider factors like cross-border payments, currency conversion, and the efficiency of using a best accounts payable platform.

Step 3: Schedule Payments

• Timely payments matter: Set up payment schedules to avoid late fees and take advantage of early payment discounts. Utilize automated reminders and scheduling tools to ensure payments are made on time.

Step 4: Record and Reconcile Payments

• Maintain accurate records: Keep accurate records of all invoice payments for accounting and tax purposes. Reconcile payments with bank statements to ensure accuracy. Utilizing automated invoice payment systems can help streamline record-keeping.

Step 5: Review and Optimize Processes

• Continuously improve: Regularly review your invoice payment process to identify areas for improvement. Implement feedback from suppliers and internal teams to enhance efficiency.

Tips on Efficient Invoice Payment for Canadian Businesses

1. Utilize Technology

• Leverage tools: Bill pay and reimbursements tools can automate and streamline the invoice payment process, saving you time and reducing errors.

2. Maintain Good Relationships

• Foster strong partnerships: Ensure timely and accurate payments to build trust and maintain positive relationships with your suppliers.

3. Stay Compliant

• Adhere to tax laws: Ensure compliance with Canadian tax laws, including GST/HST, to avoid penalties and maintain good standing with tax authorities.

Frequently Asked Questions

What are the steps to pay an invoice as a Canadian business?

The key steps to paying an invoice as a Canadian business include verifying invoice details, choosing the right payment method, scheduling payments, recording and reconciling payments, and reviewing processes for continuous improvement.

What are the best methods for paying invoices in Canada?

The best methods for paying invoices in Canada include bank transfers, credit cards, online payment platforms, and automated invoice payment systems. Choose the method that best suits your business needs and helps streamline your payment processes.

How do I ensure compliance with GST/HST when paying invoices?

To ensure compliance with GST/HST when paying invoices, verify that the invoice includes correct GST/HST information and maintain accurate records for tax purposes. Staying compliant with Canadian tax laws is essential to avoid penalties and maintain good standing with tax authorities.

Is there a limit to how much money I can send via EFT?

Most banks do not impose limits on the amount of money you can send via EFT. However, some banks may have daily or monthly transfer limits for security reasons. Check with your bank for specific limits.

How can Float help me pay my Invoices?

Float is an all-in-one platform for Invoice payments that includes EFT, ACH, and Global Wire payment capabilities. Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Role of Accounting Automation in Paying Vendor Invoices

Automation in accounts payable (AP) is revolutionizing how Canadian businesses handle financial processes. By automating tasks like invoice matching, data entry, and approval workflows, companies can reduce errors, save time, and improve efficiency. AP automation ensures compliance with Canadian tax regulations such as GST/HST, automatically calculating and reporting taxes accurately.

Additionally, accounting automation enhances cash flow visibility and strengthens vendor relationships by enabling timely payments. It reduces the risk of duplicate payments and fraud, while also supporting eco-friendly initiatives through reduced paper usage. For Canadian businesses, AP automation is key to boosting productivity and maintaining competitiveness.

How to Choose the Right Software to Manage Invoice Payments?

Choosing the right software to manage invoice payments is key to improving efficiency, reducing errors, and maintaining better control over cash flow. Our 2025 Best Accounts Payable Software review takes an in-depth look at the top solutions available in Canada, comparing key platforms based on:

• Automation & Efficiency – AI-driven invoice capture, GL coding and approval workflows to reduce manual work.
• Payment Capabilities – Support for EFT, ACH, credit card payments and international wire transfers.
• Integration & Usability – Seamless connections with accounting software and user-friendly interfaces.
• Pricing & Value – Transparent pricing, cost-saving features, and additional benefits like Float’s 4% interest on held funds.

It also includes a handy comparison chart of the top providers to help you easily compare costs, features and more.

How to Pay International Invoices as a Canadian Business?

Are you looking to pay international invoices out of your Canadian entity? We’ve got you covered with our dedicated step-by-step walkthrough of making payments across the globe.

• Making EFT Payments in Canada
• Making ACH Payments to the US
• Making a Global Wire Payment to the EU
• Making a Global Wire Payment to Mexico
• Making a Global Wire Payment to UK
• Making a Global Wire Payment to India
• Making a Global Wire Payment to Philippines

Also, check out our resource on ACH vs. EFT for a better understanding on the two payment methods and what might be right for your business.

Streamline Your Invoice Payments with Cutting-Edge Solutions like Float

By using a comprehensive bill pay service, you can enjoy a centralized platform for managing all your invoice payments, regardless of the payment method or currency. This streamlined approach saves you time, reduces the risk of errors, and provides greater visibility into your financial transactions.

If you’re looking for a comprehensive solution to streamline your invoice payment process, we invite you to explore Float’s Bill Pay service. With features like AI-powered Bill Intake, embedded EFT/ACH and Global Wires, and 4% interest on funds, Float’s platform is designed to simplify the way you manage and make invoice payments in Canada.

Are you looking to streamline your business’s payment processes and reduce transaction costs? ACH payments offer a secure, efficient, and cost-effective solution for Canadian businesses. In this step-by-step guide, we’ll walk you through the process of setting up and making ACH payments, helping you optimize your financial operations.

By understanding the benefits of ACH payments and following our detailed instructions, you can take advantage of this powerful payment method and improve your business’s financial efficiency. Let’s dive in and explore how ACH payments can transform the way you manage your transactions.

Make ACH Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Learn More

Get Started for Free

What is an ACH Payment in Canada?

ACH (Automated Clearing House) payment is an electronic funds transfer system that processes payments between banks. It is commonly used for direct deposits, bill payments, and other types of financial transactions. ACH payments are processed in batches and can be more cost-effective than wire transfers.

Why Use ACH Payments for Your Business?

ACH payments provide a secure, efficient, and cost-effective way for businesses to manage transactions. They offer lower processing fees compared to credit card payments and enable businesses to streamline their accounts payable processes. Additionally, ACH payments are ideal for recurring payments, reducing the need for manual intervention. But not every financial service provider offers ACH (learn more about ACH vs EFT in this article.)

How to Make an ACH Payment as a Canadian Business

Step 1: Set Up Your ACH Account

• Contact your bank to set up an ACH account, ensuring it supports ACH transfers.
• Provide necessary business documentation and verify your identity.
• Your bank will guide you through the setup process and provide the required forms.

Step 2: Gather Required Information

• Obtain the recipient’s banking details, including their bank account number and routing number.
• Ensure you have the recipient’s full name and address as it appears on their bank account.
• Collect any additional information required by your bank, such as the recipient’s SWIFT code for international transfers.

Step 3: Initiate the ACH Payment

• Log into your bank’s online portal or use their ACH payment service.
• Enter the recipient’s banking details, the payment amount, and the payment date.
• Review the information for accuracy and submit the payment request.
• Confirm the payment through your bank’s security verification process.

Step 4: Monitor the Payment Status

• Track the status of your ACH payment through your bank’s online portal.
• ACH payments typically take 1-3 business days to process, but this can vary based on your bank and the recipient’s bank.
• Ensure that the payment has been successfully completed and received by the recipient.

Step 5: Record the Transaction

• Keep a record of the ACH payment for your financial records.
• Update your accounting software or accounts payable platform with the transaction details.
• Monitor your bank statements to verify the payment has cleared.

Tips on Ensuring Successful ACH Payments

1. Verify Recipient Information

• Double-check recipient details: Carefully review all recipient information before initiating the ACH payment to avoid errors and delays in processing.

2. Schedule Payments in Advance

• Plan ahead: To ensure your ACH payments are processed on the desired date, schedule them in advance, taking into account the processing time required by your bank.

3. Use Secure Banking Platforms

• Prioritize security: Always use secure online banking platforms to protect your financial information and ensure the safety of your transactions.

Frequently Asked Questions

What are the steps to make an ACH payment as a Canadian business?

The steps include setting up an ACH account, gathering recipient information, initiating the payment, monitoring the payment status, and recording the transaction.

Are there any specific regulations for ACH payments in Canada?

Yes, Canadian businesses must comply with regulations set by Payments Canada, including obtaining proper authorization from the recipient.

Which banks or services offer ACH payment options in Canada?

If you are looking for a modern solution for ACH payments in Canada, look no further than Float. Otherwise, many major banks in Canada offer ACH payment services, including RBC, TD, and Scotiabank, among others, however, additional fees may apply.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Best way to manage ACH payments is with Float

Using our bill pay solutions and accounts payable platform, Canadian businesses can streamline their ACH payment processes, reduce errors, and ensure timely payments. Our platform offers seamless integration with your existing financial systems, making it easier to manage accounts payable and stay on top of your business finances.

By following this step-by-step guide, you can confidently navigate the world of ACH payments and unlock the benefits they offer for your Canadian business. As you embark on this journey, remember that we’re here to support you every step of the way. Get started for free with our user-friendly platform and let us help you streamline your payment processes, saving you time and money.

As a finance professional, you understand the critical role that accounts payable plays in maintaining your company’s financial health and operational efficiency. However, managing accounts payable can be a complex and time-consuming process, often leading to delays, errors, and strained vendor relationships.

Fortunately, there are proven strategies you can implement to accelerate your accounts payable process, streamline operations, and enhance overall financial management. In this article, we’ll explore three effective ways to speed up your accounts payable cycle, leveraging automation, optimizing workflows, and transitioning to electronic payments.

By adopting these strategies, you can significantly reduce manual errors, accelerate processing times, and foster stronger relationships with your vendors, ultimately contributing to a more robust and efficient financial operation.

What is Accounts Payable?

Accounts payable refers to the money a business owes to its suppliers for goods or services purchased on credit. It is a critical component of a company’s financial operations and management, ensuring timely payments and maintaining strong vendor relationships. Efficient management of accounts payable can lead to improved cash flow and enhanced operational efficiency.

Accelerate Accounts Payable with Float

Automate bill intake, approvals, accounting sync, and pay anyone in the world with Float’s Bill Pay — plus unlock 7% savings on your spend.

Automate intake with Float’s AI powered OCR and inbox integrations

Streamline approvals with flexible workflows and policies

Pay via Global Wires, EFT, or ACH with Float’s next day payments

Learn More

Get Started for Free

Strategy 1: Automate Invoice Processing

Implementing automation tools to handle invoice capture and data entry can significantly accelerate your accounts payable process. By leveraging accounts payable automation, you can reduce manual errors and accelerate processing times, ensuring invoices are processed accurately and efficiently.

Optical character recognition (OCR) technology can help digitize paper invoices, facilitating faster approvals and reduced processing time. This eliminates the need for manual data entry, minimizing the risk of errors and delays.

Strategy 2: Optimize Approval Workflows

Streamlining the approval process is crucial for accelerating your accounts payable cycle. By setting clear approval hierarchies and thresholds, you can ensure invoices are routed to the appropriate individuals for timely review and approval.

Utilizing digital platforms to route invoices electronically can significantly reduce bottlenecks and accelerate approvals. Implementing a flexible bill approval software like Float can help track and manage approvals efficiently, enhancing accounts payable efficiency and reducing delays.

Strategy 3: Transition to Electronic Payments

Moving from paper checks to electronic payment methods like ACH transfers and virtual cards can greatly speed up your accounts payable process. Electronic payments offer improved speed, reliability, and security compared to traditional paper checks. Learn more about the difference between ACH and EFT payments.

By using fast transfers, you can ensure payments are processed quickly and efficiently. Offering diverse, faster payment options to your vendors can enhance relationships and potentially lead to discounts and reduced processing costs.

Frequently Asked Questions

What are the most effective ways to accelerate accounts payable?

• Automation: Automating invoice processing, streamlining approval workflows, and transitioning to electronic payments are highly effective strategies for accelerating accounts payable.

How can technology be leveraged to speed up the accounts payable process?

• Leveraging tech: Technology can automate data entry, enhance approval workflows, and facilitate electronic payments, reducing manual errors and processing times.

What are common challenges in accounts payable and how can they be overcome?

• Challenges and solutions: Common challenges include slow processing times and manual errors. These can be overcome by implementing automation and improving workflow efficiencies.

How does improving accounts payable impact overall business efficiency?

• Business impact: Improving accounts payable leads to faster processing times, better cash flow management, and stronger vendor relationships, enhancing overall business efficiency.

Best Way to Accelerate Accounts Payable is with Float

By utilizing advanced automation tools and streamlined workflows, businesses can effectively manage their accounts payable processes, ensuring faster payments, reduced errors, and improved financial operations.

By implementing these strategies, you can significantly accelerate your accounts payable process, enhance financial operations, and foster stronger vendor relationships. We invite you to explore how our comprehensive automation solutions can help streamline your accounts payable workflow, reduce errors, and improve overall efficiency. Get started for free with us today and experience the benefits of a modern, optimized accounts payable process.

Accelerate Accounts Payable with Float

Automate bill intake, approvals, accounting sync, and pay anyone in the world with Float’s Bill Pay — plus unlock 7% savings on your spend.

Automate intake with Float’s AI powered OCR and inbox integrations

Streamline approvals with flexible workflows and policies

Pay via Global Wires, EFT, or ACH with Float’s next day payments

Learn More

Get Started for Free

Paying invoices from the Philippines is a common task for many businesses and individuals. Whether you’re a freelancer working with clients in the Philippines or a company outsourcing services, it’s crucial to understand the various payment methods available and how to use them effectively.

In this comprehensive guide, we’ll walk you through the step-by-step process of paying invoices from the Philippines, ensuring that your transactions are secure, efficient, and hassle-free.

By the end of this article, you’ll have a clear understanding of the best practices for paying invoices from the Philippines, allowing you to maintain strong business relationships and avoid any payment-related issues.

Want to learn more about the accounts payable process more generally? Check out our AP Guide here.

Make Global Wire Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Learn More

Get Started for Free

What is an Invoice?

An invoice is a document issued by a seller to a buyer that itemizes and records a transaction. Invoices are essential for businesses to request payment for products or services provided.

Why is it Important to Pay Invoices Promptly?

Paying invoices promptly helps maintain good relationships with suppliers, ensuring they continue to provide you with the goods and services your business needs. It also ensures smooth operations and cash flow management, as late payments can disrupt your supply chain and hinder your ability to meet customer demands. Moreover, timely invoice payments help you avoid late fees and penalties, which can add up quickly and eat into your profits.

How to Pay Invoices from the Philippines

When paying invoices from the Philippines, you have several methods to choose from, including bank transfers, online payment platforms, and digital wallets. Each method has its own advantages and considerations, such as transaction fees and processing times.

It’s essential to select the right payment method based on the specific requirements of your transaction, such as the amount being paid, the urgency of the payment, and the recipient’s preferences.

Step 1: Choose the Right Payment Method

• Bank transfers: This method involves transferring funds directly from your bank account to the recipient’s account. Bank transfers are secure and widely accepted but may have higher transaction fees and longer processing times compared to other methods.
• Online payment platforms: Platforms like PayPal and Stripe allow you to send payments electronically, often with lower fees and faster processing times than bank transfers. However, not all recipients may have accounts with these platforms.
• Digital wallets: Mobile payment apps like GCash and PayMaya offer a convenient way to send money using your smartphone. These methods are fast and often have lower fees, but both parties need to have an account with the same provider.

Step 2: Gather Necessary Information

Before initiating a payment, ensure that you have all the necessary information, including:

• Invoice number: This unique identifier helps track the payment and ensures it is applied to the correct invoice.
• Payment amount: Double-check the amount due on the invoice to avoid overpayment or underpayment.
• Recipient’s bank details: For bank transfers, you’ll need the recipient’s bank name, account number, and other relevant information, such as the SWIFT code for international transfers.

Providing accurate information is crucial to avoid payment delays or failed transactions.

Step 3: Initiating a Bank Transfer

To initiate a bank transfer for paying an invoice:

1. Log in to your online banking account or visit your bank branch.
2. Select the option to transfer funds and choose the account from which you want to send the money.
3. Enter the recipient’s bank details, including their account number and SWIFT code (for international transfers).
4. Input the payment amount and include the invoice number as a reference.
5. Review the details and confirm the transaction.

Ensure that you have entered the correct bank details and reference numbers to avoid payment delays or failed transactions.

Step 4: Confirming the Payment

After completing the payment:

1. Verify that the transaction has been successfully processed by checking your account statement or transaction history.
2. Inform the recipient that you have made the payment, providing them with the transaction details, such as the amount paid, the invoice number, and the date of payment.
3. Update your records to reflect the payment and keep a copy of the confirmation for future reference.

Confirming the payment with the recipient and updating your records helps maintain accurate financial records and prevents any misunderstandings.

Tips on Securing Your Payments

1. Double-check all details before confirming payment.

Before finalizing any payment, take a moment to review all the details, including the recipient’s information, payment amount, and invoice number. This simple step can help prevent costly errors and ensure that your payment reaches the intended recipient.

2. Use secure payment methods.

When paying invoices from the Philippines, opt for secure payment methods that offer encryption and protection against fraud. Trusted online payment platforms and digital wallets often provide additional security features, such as two-factor authentication and secure socket layer (SSL) encryption.

3. Global Wires in USD is the safest option

For large transactions or high-value invoices, consider using global SWIFT wires in USD. This method offers several advantages over other payment options:

• Enhanced security: SWIFT wires are processed through a secure global network of banks, reducing the risk of fraud or unauthorized transactions.
• Widespread acceptance: Most banks worldwide accept SWIFT wires, making it a reliable option for international payments.
• Traceable transactions: SWIFT wires provide a clear audit trail, allowing you to track the status of your payment and confirm receipt by the intended recipient.

Make Global Wire Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Learn More

Get Started for Free

Streamline Your Global Wire Payments with Float

To simplify and optimize your invoice payment process, consider adopting a comprehensive payment solution that offers features tailored to your business needs. Look for a platform that provides:

• Global wire transfers in USD: Securely send international payments using the SWIFT network, ensuring fast and reliable transactions.
• AI-powered bill processing: Automate invoice data extraction and validation, reducing manual effort and minimizing errors.
• Integrated accounting workflows: Seamlessly sync your invoice payments with your accounting software, streamlining your financial management processes.

By leveraging a powerful payment solution, you can save time, reduce costs, and improve the overall efficiency of your invoice payment process, allowing you to focus on growing your business. Get started for free today and experience the benefits of seamless global payments, AI-powered bill processing, and integrated accounting workflows.

Frequently Asked Questions

What are the most common payment methods for invoices in the Philippines?

The most common payment methods for invoices in the Philippines include bank transfers like Global Wires, online payment platforms like PayPal, and digital wallets such as GCash. Choose the method that best suits your needs.

How long does it take for an invoice payment to be processed?

Processing times vary depending on the payment method used. Bank transfers may take 1-3 business days, while online payment platforms and digital wallets often offer instant or same-day processing.

Are there any fees associated with paying invoices from the Philippines?

Yes, most payment methods involve fees, such as transaction fees or currency conversion charges. Compare the fees associated with each method to find the most cost-effective option for your business.

What should I do if I encounter issues with my invoice payment?

If you experience issues with your invoice payment, first contact the recipient to confirm they have not received the funds. Then, reach out to your payment provider’s customer support for assistance in resolving the issue.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

As a business owner or financial manager, understanding how to pay invoices from India is crucial for maintaining smooth operations and strong relationships with your suppliers. Whether you’re dealing with domestic or international vendors, timely invoice payments ensure uninterrupted cash flow and help you avoid late fees and penalties.

In this comprehensive guide, we’ll walk you through the step-by-step process of paying invoices from India, covering everything from gathering necessary information to choosing the right payment method and tracking your transactions. By the end of this article, you’ll be equipped with the knowledge and tools to streamline your invoice payment process and keep your business running smoothly.

Make Global Wire Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Learn More

Get Started for Free

What is an invoice?

An invoice is a document issued by a seller to a buyer that itemizes and records a transaction. Invoices are essential for businesses to request payment for products or services provided.

Why is it Important to Pay Invoices Promptly?

Paying invoices promptly helps maintain good relationships with suppliers, ensuring they continue to provide you with the goods and services your business needs. A smooth accounts payable (AP) process also ensures smooth operations and cash flow management, as late payments can disrupt your supply chain and hinder your ability to meet customer demands. Moreover, timely invoice payments help you avoid late fees and penalties, which can add up quickly and eat into your profits.

How to Pay Invoices from India: A Step-by-Step Guide

Now that you understand the importance of paying invoices promptly, let’s dive into the steps involved in paying invoices from India. This guide will cover the essential information you need to gather, the various payment methods available, and how to track and record your transactions.

Step 1: Gather Necessary Information

Before you can pay an invoice, you need to ensure you have all the necessary details. This includes the invoice number, amount due, and the due date. You’ll also need to collect the recipient’s bank account information, such as their account number, IFSC code, and SWIFT code, if you plan to make a wire transfer.

Step 2: Choose a Payment Method

There are several payment methods available for paying invoices from India, each with its own advantages and disadvantages. Evaluate the various options, such as wire transfers, credit/debit cards, and online payment platforms, considering factors like transaction fees, exchange rates, and processing times. Choose the method that best suits your business needs and the supplier’s preferences.

Step 3: Using International Payment Methods

• Wire Transfers: Utilize wire transfer services offered by banks or online platforms to directly transfer funds overseas. This method is secure and reliable but may involve higher fees and longer processing times.
• Online Payment Gateways: Choose reputable online payment gateways that support international transactions, such as PayPal or Stripe. These platforms offer secure payment processing and often have lower fees than traditional wire transfers.
• Credit/Debit Cards: If your supplier accepts credit or debit card payments, ensure your card is enabled for foreign transactions. Keep in mind that card payments may incur additional fees and exchange rate charges.

Step 4: Enter Payment Details

Once you’ve chosen your payment method, log in to your selected payment platform and enter the invoice amount and recipient’s bank details or payment gateway information. Double-check all the information to ensure accuracy and avoid delays in processing.

Step 5: Review and Confirm the Payment

Before finalizing the payment, review all the entered information once more to ensure accuracy. Check for any applicable fees and exchange rates, and make sure you understand the total cost of the transaction. Once you’re satisfied, confirm the payment and save the transaction receipt for your records.

Step 6: Track and Record the Payment

After initiating the payment, monitor its status through your bank or payment platform to ensure it reaches the recipient successfully. Record the transaction in your accounting software or ledger, and keep a copy of the payment confirmation for future reference. This will help you maintain accurate financial records and simplify reconciliation processes.

Important Things to Know

What are the steps to pay an invoice from India?

To pay an invoice from India, gather necessary information, choose a payment method, enter payment details, review and confirm the payment, and track and record the transaction.

What payment methods can I use to pay invoices internationally from India?

You can use wire transfers to directly send funds overseas, online payment gateways that support international transactions, or credit/debit cards enabled for foreign transactions to pay invoices from India.

Are there any fees associated with paying invoices from India?

When paying invoices from India, you may encounter transaction fees, currency conversion fees, and other applicable charges depending on the payment method and platform you choose.

What information do I need to provide when paying an invoice from India?

When paying an invoice from India, you’ll need to provide the invoice number, amount due, recipient’s bank details (account number, IFSC code, SWIFT code), and any other relevant information requested.

Make Global Wire Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Learn More

Get Started for Free

Best Solution to Send Global Wires in Canada — Float

Float’s Bill Pay solution offers a streamlined and efficient way to manage your invoice payments from India. With features like Global Wires in USD, AI-powered bill processing, and integrated accounting workflows, Float’s Bill Pay simplifies the process of paying invoices internationally. By using Float’s Bill Pay, you can save time, reduce errors, and maintain better control over your business expenses.

At Float, we understand the challenges of paying invoices from India and are committed to simplifying the process for you. Our platform offers a comprehensive solution that streamlines your invoice payments, saving you time and effort while ensuring secure and reliable transactions. Get started for free with Float today and experience the difference in managing your business expenses.

Frequently Asked Questions

How long does it typically take for an international invoice payment to be processed?

Processing times for international invoice payments vary depending on the payment method and the banks involved, but it generally takes 1-5 business days for funds to reach the recipient.

Can I pay invoices from India in foreign currencies?

To pay an invoice using a credit card issued in India, ensure your card is enabled for international transactions, enter the required credit card details, and confirm the payment.

What should I do if my invoice payment is delayed or unsuccessful?

Contact your bank or payment platform’s customer support to investigate the issue and provide any necessary documentation to resolve the problem promptly.

How can I ensure my invoice payments are secure?

Choose reputable payment platforms that use encryption and follow industry-standard security protocols to protect your sensitive information and funds during transactions.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Does Float offer Credit Card Limit?

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

As a business owner, you’re always looking for ways to streamline your financial operations and make payments more efficient. Electronic Funds Transfers (EFTs) have become an increasingly popular method for sending and receiving payments, thanks to their speed, security, and convenience.

In this guide, we’ll walk you through the process of making an EFT payment, step by step. By the end, you’ll have a clear understanding of how to initiate and track EFT transactions, ensuring smooth and accurate payments every time.

Make EFT Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Make EFT Payments on Float

Estimate EFT Savings

What is an Electronic Funds Transfer (EFT)?

An Electronic Funds Transfer (EFT) is a digital transaction that moves money from one bank account to another without the need for physical paperwork. EFTs are commonly used for a variety of payments, including payroll, vendor payments, and personal transactions. They are an important part of a modern accounts payable (AP) process.

Why use EFT payments?

EFT payments offer significant benefits over traditional payment methods. They’re faster, more convenient, and more cost-effective than checks or cash. By eliminating the need for physical paperwork, EFTs reduce administrative work and enhance financial control.

How to Make an EFT Payment: A Step-by-Step Guide

Initiating an EFT payment is a straightforward process that requires the correct information and authorization. By following these steps, you can ensure a smooth and secure transaction every time.

1. Gather necessary information

Before you can initiate an EFT payment, you’ll need to obtain the recipient’s bank account number and routing number. It’s crucial to verify that the recipient’s name matches the bank account details to avoid any errors or delays.

2. Choose your payment method

There are several ways to initiate an EFT payment, including online banking, mobile banking, or an accounts payable platform. Each method may have slightly different steps, but they all generally require the same information.

3. Log in to your banking platform

To get started, access your online or mobile banking platform using your login credentials. Once you’re in, navigate to the section for payments or transfers.

4. Enter payment details

Input the recipient’s bank account number and routing number, along with the payment amount and any relevant payment notes or references. Double-check all information for accuracy before proceeding.

5. Review and confirm the payment

Before finalizing the transaction, take a moment to review all entered information one last time. Once you’re confident everything is correct, confirm the payment and authorize the transaction. Some platforms may require two-factor authentication for added security.

6. Track the payment

After initiating the EFT payment, you can monitor its status through your banking platform. Most platforms provide real-time updates and notifications upon successful completion, giving you peace of mind that your payment has been processed.

How Much Does an EFT Payment Cost?

EFT costs vary by financial institution, with major banks charging $1.00-$1.50 per outgoing transaction, while incoming EFTs are often free. Credit unions and digital banks offer lower fees, and third-party providers like Float provide additional flexibility, with per-transaction fees between $0.25-$1.00.

Generally, costs depend on transaction volume, banking plans, processing speed, and whether the transfer is domestic or cross-border. Compared to other methods, EFTs are generally cheaper than wire transfers ($15-$100) and business Interac e-Transfers ($1.50-$5.00), making them a preferred choice for businesses.

Use our free tool to estimate the cost of your bank transfer — Bank Transfer Fee Estimator

Tips on Making EFT Payments

1. Ensure accurate information

To avoid errors and delays, always double-check the recipient’s bank details before initiating a transfer. Even a small mistake can cause significant headaches down the line.

2. Use secure networks

When conducting EFT transactions, it’s essential to use secure internet connections to protect your financial information. Avoid using public Wi-Fi for financial transactions, as these networks are more vulnerable to security breaches.

3. Monitor your transactions

Regularly check your bank statements and transaction history to ensure all EFT payments are accurate and authorized. If you notice any discrepancies, report them immediately to your financial institution to resolve the issue promptly.

Make EFT Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Get Started for Free

Learn More

Streamline Your EFT Payments with Cutting-Edge Solutions

When it comes to making EFT payments, using a dedicated bill pay service can greatly simplify the process and provide additional benefits. A reliable bill pay solution should offer features like embedded EFT Payments, Automatically Generated Payment Confirmation Letter, ability to pay in USD and CAD, and earn interest from funds in transit.

By using a comprehensive bill pay service, you can enjoy a centralized platform for managing all your invoice payments, regardless of the payment method or currency. This streamlined approach saves you time, reduces the risk of errors, and provides greater visibility into your financial transactions.

If you’re looking for a comprehensive solution to streamline your EFT payment process, we invite you to explore Float’s Bill Pay service. With features like AI-powered Bill Intake, embedded EFT/ACH and Global Wires, and 4% interest on funds, Float’s platform is designed to simplify the way you manage and make EFT payments in Canada. Get started for free today and experience the benefits of a powerful, user-friendly bill pay solution that can help you save time, reduce errors, and maintain better control over your financial transactions.

Frequently Asked Questions

How long does an EFT payment take to process?

EFT payments typically take 1-4 business days to process, depending on the receiving bank and the time of day the transaction is initiated. With Float’s Bill Pay solution, you can pay out directly from your Float Balance, which means your money will arrive the next business day.

Are there any fees associated with EFT payments?

In most cases, EFT payments do not incur any fees from the sending or receiving bank. However, some banks may charge a small fee for outgoing transfers, so it’s best to check with your financial institution. When you process an EFT payment on Float, there is a small fixed fee of $1 CAD per transaction.

Can I cancel an EFT payment after it has been initiated?

Canceling an EFT payment after it has been initiated is not always possible. If the funds have already been released, you’ll need to contact the recipient directly to request a refund.

Is there a limit to how much money I can send via EFT?

Most banks do not impose limits on the amount of money you can send via EFT. However, some banks may have daily or monthly transfer limits for security reasons. Check with your bank for specific limits.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Does Float offer Credit Card Limit?

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.