Telpay or Beanstream

Telpay for Business and Beanstream both provide
an integrated system to pay bills and employees
electronically direct from Sage Simply Accounting
but that is where the similarities end.

Telpay for Business is not only a software tool that gives Sage Simply Accounting users electronic funds transfer capabilities, it is also a complete accounts payable system. However, unlike Beanstream, Telpay does not require users to collect bank account information from suppliers they wish to pay electronically. When a payment file is sent, Telpay will match the suppliers to our list that we have on file. If we have the bank account information we will send the payment electronically and automatically forward all relevant remittance details to the supplier. If we don’t happen to have the banking details, we’ll send a Telpay cheque on behalf of the user and include an easy-to-complete form requesting the supplier’s banking information, so the next time a payment is made to them they can receive it electronically. Regardless of the method that Telpay uses to pay suppliers, the transaction is completely electronic to the user.

Because Beanstream only provides electronic payments to those suppliers that users have collected banking information for, they still require a cheque-based payment system to make the balance of payments due. Telpay eliminates the need to write any more cheques.

Product Comparison	Beanstream	Telpay
No need to collect banking info
Remittance advice sent automatically to vendors
Integration with Sage Simply Accounting System
Multiple payments consolidated
1 Business day funding capability

Other advantages of the Telpay system:

Funding Options – Telpay provides an option for companies to be able to send their payment file and funds the day before payments are sent to suppliers – with Beanstream users are restricted to a three-day delay.

Batch Fees – Telpay has NO batch fees – this means that a user can submit as many payment sessions as they want in a month and only be charged for each transaction.

Remittance Advice – Telpay automatically sends a remittance advice to each supplier as soon as a payment is made, providing all the necessary details for them to credit the payment to the proper account. Beanstream has no method of notifying suppliers that they are being paid electronically – the user has to remember to manually notify them each time.

* Assumes a company also has 10 employees paid twice per month in addition to the various bill payments made.