Business Support during COVID-19

The health and well-being of our members and employees is our top priority




Alternative Cash Management Solutions for Business Members

To help our business members navigate through these unprecedented times, this resource has been created to outline options that support social distancing for taking and making payments.

Payroll
by Cheque

Paying by Cheque

Cheque Deposits

Cash Collection

Fee/ Rent
Collection




Payroll by Cheque


Alternative options for Payroll by Cheque



Ceridian
Features
  • Automated direct deposit
  • The option to set up employees with electronic paystubs and self-serve access to records, including T4s and Records of Employment
  • 2-to-sign controls available
  • Automated source deductions and remittances
  • Mobile access
  • Compliance advice, HR legal support and technical support available
Considerations
  • May not be cost effective for all
  • Must qualify through Ceridian referral




Business Online Payroll
Features
  • Self-serve with direct deposit option
  • The option to set up employees with electronic paystubs and self-serve access to records, including T4s and Records of Employment
  • 2-to-sign controls available
  • Automated source deductions and remittances
  • Mobile access
  • Technical support
  • 30-day trial with only per-employee fees
  • Single login through online banking
Considerations
  • Cost effective for most
  • No compliance or HR legal support
  • Not available on Advanced Business Online (ABO) banking platform




PaymentStream Automated Funds Transfer (AFT)
Features
  • Self-serve with direct deposit option
  • 2-to-sign controls available
  • Make remote payments secured by 2-step authentication
  • Flat fee for payroll files submitted
Considerations
  • May not be cost effective for all
  • Credit application required (may take longer than usual)
  • Application fees
  • Set up time can take up to 3 weeks
  • No payroll functionality




e-Transfer
Features
  • Self-serve direct deposit
  • 2-to-sign controls available
  • Mobile access
  • No upfront costs (2 free per month and just $1/ transfer after)
Considerations
  • Daily, weekly and monthly limits *
  • No payroll functionality included
  • Employees may not be set up to accept
  • Not available through ABO


Disclaimer Expand/Collapse

*Contact Prospera Credit Union for more details on limits.





Paying by Cheque


Alternative options to Pay Suppliers/ Vendors by Cheque



Credit Card
Features
  • Make remote payments
  • Rewards system
  • Purchase protection and extended warranty
  • Delayed payment period until bill date
Considerations
  • Credit application required (may take longer than usual)
  • Interest charges on unpaid balances
  • Does not synch to accounting software
  • Annual fee on some cards




PaymentStream Automated Funds Transfer (AFT)
Features
  • Make remote payments secured by 2-step authentication
  • 2-to-sign controls available
  • Pay many suppliers in one payment
Considerations
  • Set up time can take up to 3 weeks
  • May not be cost effective for all
  • Credit application required (may take longer than usual)
  • Application fees




e-Transfer
Features
  • Make remote payments
  • 2-to-sign controls available
  • No upfront costs (2 free per month and just $1/ transfer after)
Considerations
  • Daily, weekly and monthly limits*
  • Not accepted by some suppliers
  • Not available through ABO


Disclaimer Expand/Collapse

*Contact Prospera Credit Union for more details on limits.




Cheque Deposits


Alternative Cheque Deposits



ATM
Features
  • Secure
  • No additional surcharges
  • No in-person contact
  • Appears in account immediately
  • Account access through any Credit Union/ Exchange ATM
Considerations
  • Holds may apply
  • Deposit must be able to fit within the ATM slot
  • Canadian currency only




Night Deposit
Features
  • Secure
  • No in person contact
  • Deposit at any Prospera branch
  • No deposit limits on funds or contents
Considerations
  • Holds may apply
  • Deposit collection services could be eventually impacted/ delayed
  • Closed branches may impact accessibility




Deposit Anywhere
Features
  • Secure
  • Mobile access
  • Deposits included in monthly transaction account
  • Appears in account immediately
  • No paperwork or application required
Considerations
  • Holds may apply
  • Canadian currency only
  • Not available for ABO users
  • Only available through iOS and Android devices
  • Must keep cheques for 10 day minimum and destroy after 120 days
  • Each cheque deposits counts as a transaction




Advanced Business Deposit
Features
  • Secure
  • Remote access at designated workstation
  • Instant deposits
  • No holds
  • US currency accepted into US account
  • Automated deposit receipt
Considerations
  • Setup costs involved (Device: $500+, Set up fee: $90, Monthly fee: $35)
  • Must keep cheques for 90 days, and destroy after 120 days
  • Set up can take 2+ weeks
  • Application for service required, with strict qualification parameters.
  • Must meet minimum system requirements to support hardware and software
  • Windows based - not available for Mac users






Cash Collection


Alternative Cash Collection/ Deposits



Interac Request to pay feature for invoicing
Features
  • Secure
  • Inexpensive at $5.00/ month
  • Hyperlink on invoice for client to pay via e-Transfer
  • Reconciliation feature through online banking
  • Free 30 day trial
Considerations
  • Daily, weekly and monthly limits*
  • Not available for ABO users




e-Transfers/ Interac request to pay
Features
  • Secure
  • No charge for incoming e-Transfers
  • No receiving limit
  • Auto-deposit available
  • Only requires mobile phone number or email address to send funds
Considerations
  • Some clients may not be capable to send e-Transfers
  • Not available for ABO users




ATM
Features
  • Secure
  • No additional surcharges
  • No in-person contact
  • Appears in account immediately
  • Available through any Credit Union/ Exchange ATM
Considerations
  • Deposit must be able to fit within the ATM slot
  • Deposit collection services could be eventually impacted/ delayed
  • Canadian currency only




Night Deposit
Features
  • Secure
  • Deposit at any Prospera branch
  • No in person contact
  • No deposit limits on funds or contents
  • USD accepted
Considerations
  • Deposit collection services could be eventually impacted/ delayed




Everlink Merchant Services
Features
  • Multiple payment acceptance option available (Visa, Mastercard, mobile etc.)
  • Customer convenience
  • Website payment set up option
Considerations
  • Application required (processing and equipment delivery may take longer than normal)
  • Monthly contracts and transaction fees




Square
Features
  • Multiple payment acceptance option available (Visa, Mastercard, mobile etc.)
  • Customer convenience
  • Members receive device at a discounted price
  • Simple and fast set-up
  • No monthly fee
  • Flat fee on all card types
Considerations
  • Requires in-person payment collection
  • Higher per transaction fees than standard merchant services solutions


Disclaimer Expand/Collapse

*Contact Prospera Credit Union for more details on limits.





Fee/ Rent Collection


Alternative Fee/ Rent Collection



PaymentStream Automated Funds Transfer (AFT)
Features
  • Collect many fees in one file
  • 2-step authentication for security
  • Remote access and processing with token
  • 2-to-sign controls
Considerations
  • Credit application required
  • Application fees
  • May not be cost effective for all
  • Set up time can take up to 3 weeks




e-Transfer/ Interac request to pay
Features
  • No charge for incoming e-Transfers
  • No receiving limit
  • Auto-deposit available
  • Only requires mobile phone number or email address to send funds
Considerations
  • Daily, weekly and monthly limits*
  • Some clients may not be capable to send e-Transfers
  • Not available through ABO


Disclaimer Expand/Collapse

*Contact Prospera Credit Union for more details on limits.