Email Money Transfers, or EMTs, have long been a popular method of money transfer amongst Canadians. Therefore, if your business still does not use them, it’s crucial you start straight away! If you still have some reservations, or if you want to learn more, we’ve compiled a list:
Top 5 Reasons Why You Should Use EMTs In Your Business.
Reason #1: EMT Settlement Time
For starters, we have settlement time. In our country, email money transfers remain the fastest method of settling money, from half an hour to as little as a couple of seconds. This can help optimize the payment side of a company’s operations; vital for the fast-pace of doing business in 2022. When you want as much cash on hand as possible at all times, being able to get paid by customers quickly makes EMTs a key payment option for your business.
Reason #2: EMTs Are Offered As An API
Second, EMTs are offered as an API. An EMT’s Application Programming Interface, or API, is a critical trait for what makes Email Money Transfers so good. So what is an API? Well, as industry leader IBM puts it, an API enables companies to open up the functionality of their applications to external third-party developers, business partners, and internal departments within their companies. What this means for your business is that your products and services can communicate with each other and those of other companies to leverage one another’s tools, creating more functionality through a unique and fully customized interface. What is key is that they can use the interface to easily communicate with other products and services from external parties. This means that you can have payments integrated seamlessly into your platform and there is no need to visit a physical bank branch to provide payments!
Reason #3: More Functionality With EMTs
The third reason you should consider an EMT is that its API has more functionality vs. an Electronic Fund Transfer (EFT). Now, do not get us wrong, although EFTs are still a good option. EMTs could be even better for your business at this time! An EMT can not only send and receive, but it can also request funds, whereas EFTs can only push or pull a payment. From an invoicing standpoint, your business would highly benefit from implementing EMTs as you can request payments from clients.
Reason #4: EMTs Are Historically Popular (In Canada)!
As previously mentioned, EMTs have been a historically popular method of money transfer within Canada for person-to-person (P2P) relationships. Given its ubiquitous nature in Canadian payments, and decades of establishment, EMTs are a surefire way to cater to more clientele for your business. Clients should not take long to adapt to the payment method. With an increasing number of firms going cashless, we can only expect the already strong attitude towards EMTs to increase.
Reason #5: Lower Chargeback Risk With EMT
Finally, and perhaps most importantly, there is a lower NSF/chargeback risk when using EMTs over other methods like EFTs. NSF stands for non-sufficient funds, and this applies to accounts from which funds are being transferred. Because EMTs determine that money must exist in the account, the potential delay due to NSF that can occur with EFTs is not an option with EMTs.
Email Money Transfers have cemented themselves amongst Canadians for many years already. Their stability, simplicity, and flexibility go hand in hand with the digitization of commerce and business in today’s market. If you wish to have success in the future, whether operating domestically or on a global scale, EMTs are a tool you should not turn away from.
Do you want to integrate send/receive/request EMT functionality on your business platform? Why not give us a shout to help you get set up!