We are very excited to be able to offer our Canadian 🇨🇦 clients a simple and easy way to fund their Trolley account: with Interac e-Transfer®. With this new feature, you can now fund your Trolley account balance within minutes, so you can pay your global contractors or suppliers today!
With this latest feature, Trolley now offers 5 different ways for Canadian companies to fund their account with Trolley. Choose the option that best suits your business requirements, based on speed, cost and convenience.
- Bank Transfer (Push)
- SWIFT Bank Wire Transfer (Push)
- Bill Payment (Push)
- Pre-Authorized Direct Debit (Pull)
- Interac e-Transfer® (Push)
Some banks in Canada offer the ability for clients to initiate a bank transfer push from their online bank account to another Canadian bank account. Unfortunately, pricing can vary by banks, sometimes its $5 up to $25 CAD per transaction.
Pros: Reasonably fast, funds usually arrive next business day if sent by 4pm EST, and sometimes the same day depending on the bank.
Cons: Not all banks support this service. Some banks may also charge you transfer fees for it. Requires client to log into their bank account to initiate the transfer.
SWIFT Bank Wire Transfer
This is a standard method across all banks. However, it can at times be a bit painful, time consuming and require clients to visit their branch to manually initiate a transfer. Who has time for that? Should be avoided generally for domestic funding. Can cost between $20 – $45 CAD per transaction.
Pros: All banks support this method. Can receive same day or next business day.
Cons: Cost, time consuming and may require branch visit.
Bill Payment uses the traditional Bill Payments network in Canada, similar to how you would pay for your cell phone, utility bill or tax bill. There is no cost for you, and payments sent by 4pm EST will usually be credited by 1pm the next business day.
Pros: Free, Fast, Easy to setup.
Cons: Not all banks support funding via Bill Payment. You can check which banks do support it on the Add Funds page in your account. Requires you to log into your bank account to initiate the transaction.
Pre-Authorized Direct Debit
A Pre-Authorized Debit (Direct Debit) is a simple way to fund your account. Your simply link your bank account to Trolley, and each time you want to fund your account, you simply enter the amount you wish to fund, and you are done. This process takes less than 10 seconds to initiate, however it may take between 3-5 business days for us to receive your settled funds. Direct Debit is great for pre-funding a predicted payout cycle (e.g. weekly/monthly payouts). If you are an established business, we maybe able to speed this up to same day funding, contact our support team for more info.
Pros: Easy setup. No cost to client. Process to fund takes seconds to complete. Large funding limits. Does not require user to login to their bank account to initiate the transaction.
Cons: May take between 3-5 funds to clear, in order to fund your account (although this can be reduced to same day funding for some clients, contact us for more info).
Interac e-Transfer® Funding
Interac e-Transfers are fairly common in Canada when sending money to your friends or family. We are excited to offer this method as a fast and easy way to fund your Trolley account. It’s near real-time (usually between a few minutes up to 60mins), as opposed to a next day settlement. Which means, you can fund your account today, to send payouts today.
Pros: Simple process. Little to no cost to client. Account can be funded within minutes leaving you with funds in your hands longer for better cashflow. Super helpful if you really need to send some payments out today!
Cons: There is a maximum transfer amount of $10,000 per 24 hours. Requires client to log into their bank account to initiate the transaction.