Hi,
I was thinking of implementing the EFT utility in Accounts Payable.
We are a CIBC customer and although the how to video doesn't list them specifically it shows a variety of generic formats, one of which would probably work.
However when I go to set up the EFT provider TelPay is the only EFT batch format in the dropdown.
Does anyone know what I have to do to enable the other EFT batch formats?
Thanks!

Hi Hugh,

The CIBC format and all other major Canadian bank formats are included with the EFT add-on. You can't enable them unless the EFT add-on is installed.

copy that! Is this a paid add on?

Yes.

how muchy? I send an inquiry through the Softrak customer inquiry portal but so far no response...

I hope you have received the info you needed. If not, let me know or you could contact your consultant.

Hi,
Adagio EFT Addon is $1050 including the 1st year annual Software Upgrade Plan Maintenance, from your Adagio Reseller. Your installation cost for the software could be as much as $1000 per CAD bank. This includes setting up the software, creating a test file that needs to be certified by the bank, assisting you soliciting your vendors for their bank account information, importing with templates into Adagio Payables, creating an email stub for the EFT remitttance advice and testing your emailing of email stub remittance. If you are doing EFT or (aka ACH payments in USA), the certification process could be more extensive and you should budget at least $2500 per bank.

When you consider the soft costs of stuffing envelopes and printing and hard costs of mailing checks, the EFT and ACH payment processing Adagio Add-on payback is a no brainer compared to generating hardcopy checks. We cannot understand why people still cut checks but if it isn't broke, why fix it. Until you look at the numbers.

It's about working smarter, not harder.

Best,
Brian