Hi,

[email protected] said:

How does it works with bank (my banker is TD Bank)? Will the sage make the disbursement happen or I have to negotiate a plan with the bank as well? 

EFT creates a specially formatted electronic file containing the transfer information.  That file is uploaded to the bank, and they process it and make the payments.

[email protected] said:

I am considering to use Sage EFT services for payroll disbursement and vendor payment

The easiest (but not perhaps least expensive) may be to use a payment service, such as Telpay or BeanStream.   These systems also integrate with Sage 50, only you transmit the information to them, and they process a single bank withdrawal or transfer into multiple vendor or payroll payments.  

The total cost of using a payment service may be more, or may be less than direct EFT EFT, depending on the payment services fees vs possibly reduced bank fees, and Sage Software's EFT add-on fee. 

Thanks.

So when I upload the specially formatted electronic file to the bank, will the bank (TD in my case) charge me fees to process it. May be some one who has the Sage EFT add on and using TD bank would be in better position to answer the question. 

You have to buy the EFT software from Sage, they can tell you what the current price is.

Most banks charge a setup fee + a transaction fee, only your bank could tell you what the cost is.

Most consultants will charge by the hour to set up your system and troubleshoot it when it doesn't work. 

The advantage of electronic payment services like TelPay is they collect payees' payment information for you, and are responsible for getting the information exactly right. 

Saduad

Yes, TD will charge you fees to process it. Every TD account's fees are different depending on the type of account you have with TD to as what fees will be charged.  

You will also have to add to your Sage 50 service EFT Direct. EFT is directly integrated into Sage 50, but in order to use it you must pay Sage a yearly fee for use of it throughout the year, and will be charged a fee each year.