The wide variety of Electronic Funds Transfer (EFT) formats for electronic payments and the requirement to handle multiple currencies from a Canadian bank can sometimes pose a challenge for organizations in Canada using Microsoft Dynamics 365 Business Central.
Our new app, ODT EFT 365, available now on Microsoft’s AppSource here provides these capabilities and more. ODT EFT 365 can help you simplify and better automate the process of transferring regular payments to multiple vendors.
An easy EFT solution
By using the standard Business Central data exchange framework and data definition, ODT EFT 365 provides an easy solution for EFT and also supports one bank account with multiple EFT export formats and different currencies.
ODT EFT 365 works through your Canadian bank to send batch payments to your Canadian Vendors, as well as to Canadian Vendors in USD and US Vendors (if permitted and supported by your bank).
Features and benefits of ODT EFT 365:
- Exclusive to clients with an account at any Canadian bank
- Provides you with an easy solution for your regular EFT
- Supports one bank account with multiple EFT formats and different currencies
- Always sends one record per payee to the export file
- A cost-effective yet powerful solution to help you streamline daily business operations
An enhanced EFT process
The ODT EFT 365 app works with either the Premium or Essentials user licenses. It utilizes a wizard to set your system up for the appropriate bank and the types of payments to be sent. The resulting enhanced EFT process is virtually identical to the standard Business Central integration to the Royal Bank of Canada.
The EFT formats do not support Demand Credits, only Demand Debits, as ODT EFT 365 is intended to pay vendors, not recover funds from customers. Also, be aware that the app is not designed to process payments from a bank based in the USA, but will process US funds from a Canadian-based bank.
Contact us here to learn which banks are supported and to chat about how this add-on would benefit your unique business.
*Your business may need more than what just a rental software specialist can offer. Consider an ERP software vendor with rental functionality to add flexibility and expertise to your organization. Read our previous blog here to learn more.