You can let your suppliers know that you are processing electronic payments by using our Customer Supplier Direct Deposit Template. This template informs your suppliers about Telpay's payment service and can also help you collect banking information for electronic payments.
Best Practices for Collecting and Update Your Supplier's Banking Information
Make sure to follow these tips to ensure that your payments get to the correct bank accounts, as well as to protect you and your supplier from payment fraud.
When accepting banking information from a supplier:
- DO NOT accept new account information sent in the body of email communication. If account details are sent by email, there's a risk the email could be intercepted and the supplier's payment instructions revised to redirect funds into the wrong hands.
- DO always confirm banking notification of supplier/vendor banking information, including account changes provided over the phone. Call the supplier to verify the change.
- DO ensure they have documentation to verify the banking information, such as a void cheque or PAD form from their financial institution. Today, these documents can be obtained easily through online banking and submitted together with our Supplier Direct Deposit Payment Form.
- DO send confirmation of the account information change, once it has been completed, to the vendor but be sure not to include the actual account numbers in the body of the email.
Practicing the safe transmission of sensitive account information makes it easier for you and your suppliers/vendors to maintain a smooth working relationship and mitigate the risk of fraud for everyone.
Note: Your suppliers will also receive an email or fax remittance from Telpay once they have received an electronic payment to make reconciling payments easy.