Adagio by Softrak

The Adagio EFT solutions (Adagio EFT and Telpay for Business) integrate with Adagio Payables. The Adagio EFT solution allows users to pay to a variety of financial institutions and will produce payment files compatible with most financial institutions (all Schedule 1 banks); and will produce a standard CPA 005 file format. Some financial institutions may require modifications to the standard file format. When using Telpay for Business for electronic payments, Adagio users are not required to manage bank file formats.

Like Telpay for Business, the regular EFT module with Adagio will allow for single or dual payment approvals. Unlike Telpay for Business, it does not allow for remote email approval. Many businesses have signing officers that are regularly away from the office, reside in separate buildings (or even different floors), or for not-for-profit organizations, have signing officers who are Board members and have irregular availability; remote email approval functionality brings efficiency and flexibility to payment processing.

Adagio EFT by Softrak requires users to collect bank account and email/fax information for their supplier payments. With Telpay for Business, users can input bank account information for their suppliers, however, if they do not have the bank account information they are not required to contact suppliers to request it. Telpay’s unique ‘pay anyone’ technology eliminates the resource intensive task of collecting bank account information for existing and new suppliers, allowing businesses to be ‘cheque-free’ from moment they decide to pay electronically.

With Adagio EFT by Softrak, your business will not have the ability to pay large utilities, telephone companies, government remittances, or credit card companies. These organizations will not give out their bank account information. Telpay for Business will allow your business to pay utilities, Telco’s, credit card companies, and government remittances electronically.

Your relationship with your suppliers/payees

Many suppliers today prefer to receive payments electronically. However, when they receive too many single EFT deposits (similar to the deposits generated from Adagio EFT by Softrak) it can be difficult to reconcile payments. Suppliers usually prefer to receive electronic deposits from Telpay systems because Telpay consolidates payments each day and accompany the deposit with a single remittance report with full payment details. Telpay works with your suppliers to ensure they receive payment information the way they need it; whether they require invoice number, customer account numbers, or both, delivery by email, fax, or electronic file.