Manage Your Business

Managing your Business

Managing your company’s finances can be challenging. We’re here to help make your life easier. At GFCU we offer an ever-evolving range of products and services designed to maximize the potential and efficiency of your business banking. Our Business Account Managers are here to help you find solutions to meet your cash management and banking needs, allowing you to spend more time and focus on your business operations and less on day-to-day banking.

 

Cash Management Services

At GFCU, we offer a wide range of cash management services that can help you run your business successfully. These are offered by us or through our partners, and include:

 

  • Debit and Credit Card Processing
  • Electronic Funds Transfer
  • Direct Payroll Deposit
  • Foreign Exchange
  • Payroll Services
  • Wire Transfers
  • Unlimited Deposit Insurance


Debit and Credit Card Processing Expand/Collapse

Also known as merchant services, the importance of offering this service is becoming greater. More and more consumers are demanding flexibility in payment options such as Debit Card, VISA, MasterCard, American Express, and gift/loyalty cards. Choosing the right payment solutions for your business is vital to maximizing your sales potential. Through our partnership with Moneris Solutions, among other providers, GFCU will help you to offer the payment options your customers expect while providing you a full range of terminal options, training and the ability to easily track your credit card and direct payment sales online and via monthly statements.

Providing merchant services also means less hassle for you. Depending on the service you choose, you could reduce or even eliminate the need to visit your branch to make deposits as they can be directed electronically to your GFCU Credit Union account within 24 to 48 hours. Additionally, you can easily track your credit card and direct payment sales online and via monthly statements.

Direct payment, or point of sale, allows your customers to pay for purchases directly from their bank account using their debit card at your retail operation. Debit card use continues to rise at an exceptional rate, and we want to make sure you are equipped to accept this method of payment.

Moneris also offers merchants multiple options for mobile payment solutions. If your business would benefit from the ability to process credit card and even debit card transactions on the road, or at locations such as trade shows and craft shows, there are multiple solutions available to enable you to provide this service through smartphones or tablets.

Some of the benefits of direct payment are:

    • You can feel safe knowing payments are guaranteed;
  • NSF cheque frequency is reduced;
  • Deal with less cash and paper processing;
  • Service is improved as this technology provides faster service for your customers;
The need to visit your branch to make deposits is reduced, as the deposits are directed electronically to your credit union account within 24 to 48 hours.

 

About Moneris Payment Processing

Moneris® offers innovative payment processing solutions for your business.

Moneris has helped over 350,000 business locations be payment ready. And we can help you too. From innovative payment solutions to integrated business and inventory management tools, Moneris has everything you need to help you successfully run your business.

Get Moneris working for you with:

    • Payment solutions designed to meet the needs of your business
  • Reliable and secure payment processing
  • End-to-end service and support including consulting, installation and more
Moneris gives you more – processing with Moneris provides these added benefits, all while delivering a great customer experience:
    • Reward your customers with the Moneris Gift and Loyalty Program to help drive repeat sales
  • Reduce checkout time
  • Offer more payment options to help increase your sales and customer base
  • Funds deposited directly into your business account
  • 99.9% system reliability1
  • 24/7 bilingual customer service
Other merchant services provided through Moneris include:

 

Point of Sale (POS)

Everything you need to accept credit, debit, gift and loyalty cards today. We provide POS options for all types of merchant requirements, and offer value-added solutions that can help businesses grow.

 

E-commerce

Whether your customers are ordering concert tickets, browsing pictures of handbags, or paying for a new sofa, they expect the convenience and flexibility of making online payments. Moneris has everything you need to grow your business online.

 

Mobile

Transform your mobile phone or tablet into a POS device and process payments whenever and wherever you want. Fast and simple, PAYD Pro™ allows you to accept Interac® Debit and credit payments and close sales on the spot.

Learn how you can Be Payment Ready. Visit Moneris.com/my500 or talk to your GFCU representative today.

Electronic Funds Transfer Expand/Collapse

Can your business benefit from the ability to automatically collect or submit electronic payments such as payroll deposits, payments to suppliers and from customers, or automated fee collection for things such as strata payments or gym memberships? With GFCU’s Customer Automated Funds Transfer (CAFT) system, you can automate all of these transactions and more, streamlining your account operations and helping to reduce transactional costs.

Some fees and conditions apply.

Direct Payroll Deposit Expand/Collapse

Your employees can arrange to have their pay automatically deposited to their GFCU Credit Union account. As well, they can use pre-authorized payment to have any regular payments – including RRSP transfers – made automatically after their payroll has been deposited. Some of the benefits of direct payroll deposit are:

    • Less paperwork
  • Avoid writing cheques and reduce the expense of business cheques
Your employees have immediate access to their pay rather than carrying a cheque around waiting to make a trip to an ATM or branch.

Foreign Exchange Expand/Collapse

We recognize that doing business today is not restricted to a single currency. And, being so close to the US border, we understand many of you often deal in US dollars. GFCU carries US dollars, British pounds and the Euro at our branch, with the ability to order virtually any currency your business requires. We also have US Business Chequing accounts and US term deposits so you don’t have to continually exchange your US funds.

Wire Transfers Expand/Collapse

With GFCU wire transfers, your business can send or receive a small or large sum of money quickly and securely. Wire payments can be made to almost anywhere in the world and in almost any currency. Money and wire transfers in domestic and international funds can be transmitted electronically to a specified payee’s account, benefitting you by ensuring the timely and secure arrival of funds. The funds can take anywhere from same day to three days* to arrive, depending on the time of day you arrange the wire.

 

Sending and Receiving Wires

When sending or receiving a wire, it is important that all information is correct. Errors in spelling or routing information may result in the wire being rejected, or in additional fees being incurred.

 

A few things to make your wires easier:

    • If sending a wire please confirm all information, including spelling and routing information, with the recipient.
  • If receiving a wire please contact us to confirm that you have all the necessary routing information to provide the sender.
  • Whether you are sending or receiving a wire, please make sure that we have the most up-to-date information regarding your legal address, occupation, and name on our banking system.

     

    *Wire transfers may be subject to fees charged by the receiving financial institution, as well as any intermediary financial institutions. These fees are regulated by other institutions and will be taken from the funds being transferred. Please note timing indicated above depends on the amount and accuracy of the information provided, as well as the destination of the funds.

Unlimited Deposit Protection Expand/Collapse

Credit unions are a safe place to deposit. Deposits are 100% insured by the Credit Union Deposit Insurance Corporation (CUDIC) of British Columbia. For more information on deposit insurance please visit cudicbc.ca.