Electronic Funds Transfer (EFT) Pre-Authorized Payment (PAP)

An easy and cost-effective way to collect regular and recurring payments in Canadian and U.S. dollars from your clients anywhere in Canada.

CIBC EFT Pre-Authorized Payment service gives your business a fast and simple way to withdraw funds from clients' accounts and get paid on time, every time. CIBC EFT Pre-Authorized Payment service makes collecting funds more predictable and cost-effective.

Improve your cash flow

• Get paid on time
• You'll know exactly what day funds will be available to you
• No need to wait for clients to put cheques in the mail

Reduce your administrative costs

• Put the time and resources that are currently used to open mail, sort payments, prepare a deposit and go to the bank to better use
• Send your payment file to CIBC, and your account will be credited on the date you request
• Reduce the cost of handling NSF payments by adding the CIBC EFT PAP Re-Presentment service option; Non-Sufficient Funds (NSF)/Funds Not Cleared (FNC) items are separated from other returned payments, and then re-presented to your client's bank in a second attempt to collect funds 3 to 5 business days after the original payment due date

Improve your customer service

• Pre-Authorized Payments are convenient and cost-effective for your customers
• Give your customers peace of mind - once they establish a PAP with you, their payments will always be on-time
• No need for customers to buy cheques, envelopes or postage to pay you

Is it right for my business?

Consider CIBC EFT Pre-Authorized Payment service if you:

• Want an inexpensive and simple way to receive payments from individuals or businesses in Canada
• Collect payments from your customers on a regular, recurring basis
• Want better control over your cash flow
• Have access to the Internet

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 by asking your CIBC representative for details.

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.

CIBC Business Operating Account

The CIBC Business Operating Account is a Canadian dollar account for the day-to-day operation of your business. With the ability to conveniently conduct all your business transactions either in-branch, over the telephone or online, you'll have complete control over all your business banking. The account offers a choice of fee packages that provide maximum value while saving you money.

Electronic Funds Transfer (EFT) Pre-Authorized Payment Re-Presentment

CIBC's EFT Pre-Authorized Payment (PAP) Re-Presentment service is a service option for the EFT Pre-Authorized Payment service. Non-Sufficient Funds (NSF)/Funds Not Cleared (FNC) items are separated from other returned payments, and then re-presented to your client's bank in a second attempt to collect funds 3 to 5 business days after the original payment due date. Using PAP Re-presentment can reduce the number of NSF/FNC payments you have to handle by as much as 50%.

Electronic Funds Transfer (EFT) Direct Deposit

CIBC's 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.

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 are subject to the terms and conditions of the applicable agreement governing its use.

™ Trademark of CIBC.

® Registered trademark of CIBC.