How do payments work with MazumaGo?
Direct Deposit / EFT / ACH payments
All transactions are processed via direct debit/direct credit payments. These are considered electronic transfer of funds (EFT) through the ACH (Automated Clearing House) system. The ACH is a centralized architecture that connects banks.
With EFT, money is sent directly from one account to another. EFT is a fast, secure and convenient way to process transactions using the infrastructure built and monitored by Payments Canada (for more information, visit Payments Canada).
Direct Debit vs. Direct Credit
- A Direct Debit authorizes someone to collect payments from your account when they are due.
- A Direct Credit is initiated by the payer, which sends funds directly into the bank account of the payee.
What are the benefits of direct deposit?
Receiving your payments by direct deposit offers many benefits. It allows you to access your money faster and is more convenient as your payment will not be delayed due to unforeseen circumstances such as bad weather. It is reliable and your payment will always be deposited on time in the bank account that you supply at the time of your enrolment in direct deposit. Direct deposit is secure because your payment cannot be lost or stolen (for more information, visit Payments Canada).
Direct Bank Authorization
The best part about direct deposits with MazumaGo: No need to collect and enter lengthy routing information. You and your customers can simply authorize payments by logging in with your online banking details - once authorized, the money is transferred right from the payor’s bank account into the payee’s account.
We will email you a copy of the Pre-Authorized Debit Agreement (PAD) every time money is pulled from your account.
Sign in to your MazumaGo account to try it out.