Sage 50 Accounting Direct Payments Comparison Chart

Compare for yourself and choose the best payment option for your business, customers, employees, and vendors.

			Sage 50 Accounting Direct Payments
Features	Paper Cheques	EFT Direct	Employee Direct Deposit³	Customer Pre-Authorized Debit & Vendor Direct Deposit³
Payments	Employees, Customers and Vendors	Employees, Customers and Vendors	Employees	Customers and Vendors
Cost Per Transaction	$2.11 per transaction (estimate)¹	Bank service fees² per transaction	$1.50 per transaction; Plus, 1 bank service fee per batch of transactions	$0.69 per transaction⁴; Plus, 1 bank service fee per batch of transactions
Annual/Monthly Fees	None	Bank monthly fee² may apply; Plus, annual $180 software license fee	$12.00 per month (includes 8 free transactions)	$18.00 per month (includes 24 free transactions)
Setup Costs & Time	No setup fee; Same day setup	Bank setup fee² may apply; Setup time varies by bank	$79 Setup takes 3-5 days	$79 Setup takes 3-5 days
Cut-off Time	No cut-off time Same day payments	1 business day before payment due date	3 business days before payment due date	3 business days before payment due date
How to Access	Integrated with Sage 50 Accounting	Must install a separate application	Integrated with Sage 50 Accounting payroll	Integrated with Sage 50 Accounting AR & AP
Payment Currency	Supports Canadian dollar and US dollar payments	Single currency	Supports Canadian dollar and US dollar payments⁵	Supports Canadian dollar and US dollar payments⁵
Purchase Information	Cheques and Forms	EFT Direct	Employee Direct Deposit	Customer Pre-Authorized Debit & Vendor Direct Deposit

For additional questions regarding fees and sign-up, refer to the FAQ page.

For information on volume pricing, please call us at 1-888-261-9610.

There are several costs associated with paper cheques, including the cost of the paper cheque form, envelope, postage, and a bank transaction fee. In addition, more time is spent in signing, assembly, and bank reconciliation compared to electronic payments. For our estimate, we only considered the costs with a high level of certainty: $0.72 per paper cheque form and envelope, $0.54 per postage and $0.85 for processing a paper cheque at the bank.
Contact your bank/financial institution for details. Additional fees may apply. Note: RBC, TD Canada Trust, Bank of Montreal, HSBC, Scotia Bank, Desjardins and Alberta Treasury Branch are just some of the banks that support EFT Direct. Please check with your bank to ensure it works with EFT Direct.
All inclusive (Employees, Customers, & Vendors) pricing is available for $0.50 per transaction and $50 per month.
Effective rate of $0.75 for the first 24 transactions each month. In excess of 24 transactions, the rate is $0.69 per transaction.
Cross-border payments are not supported. Both payor and payee bank information must be in the same country (Canada or US).