Acceptance of Payments of Account (APA)
Making bill payment collection easy and convenient.
CIBC Acceptance of Payment of Account (APA) service offers your clients multiple options for making their bill payments. With APA service, payment information is consolidated and the funds are deposited to your account via Electronic Funds Transfer (EFT), giving you access to your money sooner.
Benefit from single point of contact
- CIBC acts as the lead bank and assists in making arrangements with other Financial Institutions (FIs) to accept your paper bill payments.
- CIBC provides you with an implementation specialist dedicated to assisting you with the setup process.
Simplify your receivables
- EDI and FTS compatible users can automatically update their accounts receivable ledger with the remittance information provided by CIBC.
- Eliminate the manual entry of account receivable data through electronic reporting.
- Choose from having your remittance information delivered via EDI, FTS or fax.
Reduce your administrative costs
- Reduce time spent on manual processing - including opening mail, sorting payments, preparing a deposit and going to the bank to make your deposit.
- Eliminate the need to supply return envelopes to help keep costs down, save time and reduce operating costs.
Flexible payment options
- Payments can be made through ABMs, on-line banking, telephone banking and through the branch network, making paying bills more convenient for your clients, increasing customer satisfaction.
- Accept paper payments with remittance stubs over-the-counter or at ABMs of participating Financial Institutions (FIs).
- Electronic bill payments without remittance stubs can also be accepted at paperless ABMs, telephone banking, online banking and over the counter at participating FIs.
Eliminate Returned Items for Non-Sufficient Funds (NSF)-Electronic Payment Only
- Prior to making an electronic payment, your clients must have the funds available in their account. Payments will not be returned as NSF or Funds Not Cleared. Note: Payments made by your client in error, other than paper payments made over-the-counter with remittance stubs, can be reversed from your account up to 90 days after the payment date.
Is it right for my business?
Consider APA if you:
- Want an inexpensive and simple way to receive payments from individuals or businesses in Canada.
- Want to save time and money.
- Want to improve customer satisfaction.
- Prepare multiple deposits.
Information you need to know
| Feature | Description |
| CIBC Acts as Lead Bank | CIBC assists you in making arrangements at other FIs to accept paper bill payments of account and acts as the single point of contact for all service-related issues. |
| Dedicated Implementation Support | An implementation specialist is assigned to assist you with the setup process; please note it can take a minimum of four months to complete implementation. |
| Electronic Settlements between FIs | All participating FIs exchange settlements electronically, accelerating the deposit of funds to your account. |
| Delivery methods | Paper payments – remittance stubs are sent to CIBC by FIs accepting payments, and CIBC then sends the remittance stubs and related advices from EFT credits to your specified location. Electronic payments – If H6 compliant, both settlement and remittance information is sent to CIBC via EDI only. CIBC forwards remittance information to you via EDI, FTS or fax and settlement is done via FTS. |
| Service Hours | Over-the-counter payments can be made during regular business hours maintained by the participating FI. All other payment access points are available 24 hours a day. Remittance stubs are generally stamped with the business day’s date on which the payment is made (except if paid via ATM). |
| CCIN | The Corporate Creditor Identification Number (CCIN) is assigned by the Canadian Payments Association (CPA) to identify APA clients across all FIs that accept payments on their behalf. This is a mandatory APA requirement, helping ensure the efficient consolidation of data and processing of funds to the correct business account. |
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
- Call the CIBC Business Contact Centre at 1 888 947-7736
Additional CIBC business banking solutions
When it comes to your business banking needs, we want to ensure you get value, convenience and control. That's why CIBC offers a range of banking and cash management solutions designed to save you money, provide convenient access to your accounts, and give you more control over your cash flow.
Electronic Funds Transfer (EFT) Direct Deposit
EFT Direct Deposit service gives businesses a fast and simple way to make electronic payments and avoid the costs associated with preparing, distributing, and reconciling cheques.
CIBC Business Operating Account™
The CIBC Business Operating Account is a Canadian dollar account for the day-to-day operation of your business. It offers you value and control to help manage your company’s everyday business transactional needs.
CIBC Government Payment & Filing Service
All businesses are required to remit taxes to Federal and Provincial government agencies. Government Payment and Filing Service was designed to provide a simpler and faster way to remit payment to give you more control over your cash flow.
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The above is intended to be only a general description of this product and its features. Some conditions may apply. CIBC reserves the right to change or discontinue this product or any of its features at any time. This product and its features shall be subject to the terms and conditions of the applicable agreement governing its use.
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