Notch's PAD Pull offers a secure and reliable payment solution that helps businesses reduce Days Sales Outstanding (DSO). By eliminating the need for paper cheques, PAD Pull automates the accounts receivable process, streamlining payment collection. The setup process in Notch's portal is quick and easy, ensuring faster and more efficient payments for your businesses.
What is PAD Pull?
Pre-authorized debit (PAD) payments allow you as the business to withdraw funds directly from your customer’s bank account when their payment is due. PAD Pull is especially useful for customers who frequently pay you on a regular basis. They’re a great replacement for time-consuming cheques or expensive eTransfers.
With Notch's platform, you can:
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Easily migrate existing PAD Pull agreements and initiate new ones
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Convert physical cheques into seamless bank transfers
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Automatically send PAD Pull agreements to your customers for approval
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Keep payments on a fast, secure, and reliable platform
How to set up PAD Pull for my customers?
1. Get a void cheque or this information from your customer
2. Go to the "Customers" page in the Notch portal and click into a customer, then click the "Edit Details" button on the top right corner
3. Go the the "Payments" tab and select the "Set up CAD or US Bank Account" option
4. Enter your customer's bank account information
5. Then click the button to send your customer a digital PAD agreement.
6. You will be able to process payments once your customer accepted the agreement!
The payment method status will display as "Agreement Pending" initially, and it will disappear once the customer has accepted the agreement.
You can choose to resend the agreement or remove the payment method.
What bank account details do I need to collect from my customers for PAD Pull?
- Branch number
- Institution number
- Account number
What should I do if my customer wants to change their bank account details?
Currently, there isn't an option to edit existing bank account details. The best solution is to add a new payment method and remove the old one.
For a smooth transition, it's recommended to make this change when there are no outstanding bills for that particular customer.
Benefits of Notch’s PAD Pull payments
Why is Notch’s accounts receivable automation software the best for PAD Pull payments?
Faster bank transfer payment processing: Process payments in T+2, not T+5, so money hits your bank account faster, and you can mark invoices as paid immediately.
Access automation features: PAD Pull payments and other online payments allow you to unlock key automation features like auto-pay, automated digital invoicing, customer payment portals, surcharges, integrations, automated overdue invoice follow ups, bulk invoice uploads, and more.
No processing fees: Unlike credit cards, PAD Pull is free and unlimited.
Instant reconciliation: Notch integrates with your existing accounting software and ensures all payments are closely tracked and reconciled, automatically.
Secure: PAD Pull is more secure than cheque, cash, and even credit card. Notch’s platform is fully PCI compliant.