AVAILABILITY

Beanworks has partnered with VersaPay to provide EFT payments to its Canadian customer base.

PRE-REQUISITES

  • Your legal entity / company is enabled for EFT. If you like to learn more about EFT, please email beanpay@beanworks.com or reach out to your customer success manager. 

  • You need either the vendors banking details or email address in order to enable the vendor for EFT. 

HOW IT WORKS

STEP 1: On-boarding / Setup with VersaPay

To following information is required to complete the account setup with Versapay.

  1. Payport Application (additional content maybe required)

  2. Versapay Bank Reference Letter

STEP 2: Vendor Enrolment

In order to onboard your vendor, please go to Settings --> List Management --> Select Vendor List --> Click on edit vendor option to edit the vendor details or read Edit Vendor option for details. 

Select payment method EFT and select 'Yes' from the Enabled dropdown. You will see the option to on-board the vendor via Email or Direct Deposit. 


2.a) On-boarding vendor via Direct Deposit
For sending direct deposit to the vendor, following details are mandatory - 

  • Vendor Email Address

  • Business Name

  • First Name

  • Last Name

  • Institution Number

  • Branch Number

  • Account Number

NOTE: Please email beanpay@beanworks.com or reach out to your customer success manager, if you want to send a form to your vendor to collect the above information.

Vendor will receive a 'Welcome Email'. 

2.b) On-boarding vendor via Email
Only the vendor email address is mandatory. 

When you choose to make an EFT payment via Email, then your vendor needs to setup an account with our payment partner - VersaPay. 

The first time a payment is released, the vendor will receive an email from VersaPay, asking them to create an account with VersaPay. Once, the vendor has signed up and entered the banking details, a penny test, which means that a small amount will be deposited in the vendors bank account and the vendor will need to confirm the amounts before payment amount can be transferred. Penny test is conducted only once, for the initial verification of the bank account. 

 

PLEASE NOTE: If your vendor does not receive the introductory email to accept EFT, we recommend asking them to check their spam folder for an email from no-reply@versapay.com. If they are still unable to find it, please contact your support representative. 


RECOMMENDATION

  • We recommend sending an EFT payment via direct deposit. With direct deposit, there is no payment settlement delay nor there is any action required by the vendor. 

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