CIBC Electronic Funds Transfer - Pre-Authorized Payment
An easy and cost-effective way to collect regular and recurring payments from your customers anywhere in Canada
CIBC Electronic Funds Transfer (EFT) Pre-Authorized Payment (PAP) is an electronic payment service that provides your business with a predictable and cost-effective way to collect Canadian and U.S. dollar payments from your customers' accounts and avoid the costs associated with receiving cheques and preparing bank deposits.
Submit your electronic payment file online and your payments will be processed automatically, ensuring you get paid on time, every time.
Gain better control of your cash flow
Get paid on time by future-dating your collections
Eliminate potential delays in receiving payments through regular mail
Shorten the average collection period for non-sufficient funds (NSF)/funds not cleared (FNC) payments with PAP Representment
Save time and money
Reduce administrative costs resulting from opening mail, sorting payments and preparing deposits
Improve your customer service
Offer convenience and a cost-effective payment method to your customers
Give your customers peace of mind that their payments will always be on time
Reduce your customers' costs and time as there is no need for them to buy cheques, envelopes and/or postage
Run your business your way
CIBC Cash Management Solutions can help you take better control of your banking needs - giving you more time to focus on what matters to your business. Get started today:
Talk to your CIBC Representative for details or call our Business Contact Centre at 1-888-947-7736
Manage Your Payables.
With Direct Deposit, you can pay groups of employees, suppliers, or investors easily and cost effectively.