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GrandMaster Suite EFT Module: Employee Direct Deposit Made Easy

This EFT module allows direct deposit of employees’ paychecks into multiple accounts, supports various financial types, and offers features like multiple account transfers, third-party payments, and ESOP and CSB support. It is flexible, secure, and efficient for all businesses.

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GrandMaster Suite EFT Module: Employee Direct Deposit Made Easy

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  1. GrandMaster Suite EFT Module Employee Direct Deposit Made Easy

  2. Perfect for All Businesses • The EFT module allows you to deposit your employees’ paychecks directly into one or more accounts at their financial institution.

  3. Secure EFT Data Control • Use this module to generate the funds transfer data files that are transmitted to your bank or data centre for processing.

  4. Supports all Financial Types • The module supports a wide variety of file formats including those required by chartered banks, credit unions and most other financial institutions.

  5. The EFT module offers these benefits: Transfer to Multiple Employee Accounts Third Party Payments Supports Most Financial Institutions Process Multiple Payrolls Print Employee Pay Stubs Pay Employees by EFT and/or Cheque Employee Share Option Plan (ESOP) Canada Saving Bonds (CSB) Features and Benefits

  6. Transfer to Multiple Employee Accounts • The multiple employee accounts feature allows you to apportion an employee’s pay and electronically distribute it to multiple bank accounts (e.g. their savings, mortgage account and chequing accounts).

  7. Third-Party Payments • Easily set up deductions for Canada Savings Bonds, RRSP, home insurance and life insurance. • Transfers can be even set up to be performed automatically.

  8. Supports Most Financial Institutions • Most chartered banks, credit unions and other financial institutions have developed their own specific formats - the EFT module is flexible and will support them all.

  9. Process Multiple Payrolls • The EFT module is flexible and allows for multiple payrolls to be included in the same EFT run. It performs this action by combining multiple payrolls into a single EFT file.

  10. Print Employee Pay Stubs • Once the EFT file has been processed, you can print the pay statements for distribution to each employee. Each pay stub will contain the pay information for the period and serve as a record for the employee's deposited funds.

  11. Pay Employees by EFT,by Cheque, or both • Pay your employees by Direct Deposit, cheque, or even a combination of the two. • Employees can receive a printed cheque or an EFT payment in the same pay run.

  12. Employee Share Option Plan • The ESOP profile allows you to create EFT data files that include information for employee share option plans. The funds will be drawn from each employee's net pay and stored in an account you specify.

  13. Canada Saving Bonds (CSB) • The CSB profile allows you to create EFT data files that transmit the employee Canada Savings Bond deductions to the Bank of Canada. The resulting file will meet the specifications laid out by the Bank of Canada.

  14. System Requirements • Windows XP or greater. • 1GB of RAM or greater. • Approximately 150MB of hard disk space for complete GrandMaster Suite installation (all modules).

  15. Ready for Improved EFT? • Download GrandMaster Suite today from www.canpay.com and install the program. • Read our Getting Started Guide to learn the basics of the program. • Contact the CanPay Support Team if you have any questions!

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