How to create an EFT payment in your BMO business account?
In this article, let's understand how to create EFT payments in your BMO business account. Existing articles on BMO might not be clear, and we aim to provide step-by-step instructions.
To create incoming or outgoing EFT payments, you first need to have existing EFT templates.
Stage 1: In Online Banking for Business, click the Payments & Receivables tab. Please check under Electronic Funds Transfer (EFT), and select Create Payments. Finally, choose an EFT Account ID.
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Stage 2: Click Add Templates. Pick the templates you want to use and then select Add. Choose a value date for each EFT template. Once you’re done, click Continue.
Stage 3: Review your list of EFT payments. If you’re satisfied, select Complete.
You can find the payments file under Manage EFT Payments. Once it’s fully approved, BMO processes the payments based on the value dates.
The problem with BMO’s EFT Template System
What’s crazy here is the number of templates you need to create on your BMO account. Let’s assume you have a supplier or a vendor, and you need to pay the amount 'X'. You go ahead and create an EFT payment template for this vendor, associating the amount with the template.
If you have ongoing business with the supplier and need to send an amount 'Y' next time, you have to repeat the entire process. Yes, you create a new EFT payment template with the same beneficiary details and add the new amount to the template. Alternatively, edit the existing one with the new payment amounts. The amount of manual work involved for companies with multiple suppliers and multiple bills for each supplier is just unbelievable and unimaginably hard with BMO.
There are no concepts of beneficiaries or suppliers in BMO. Every time you need to make a payment, it involves creating an EFT template and then the EFT payment. The entire process is flawed and decreases efficiency and productivity, leading to burnout for accounting and finance teams using BMO.
How is Finofo different?
The process of paying bills is simple and straightforward with Finofo. First, add the beneficiaries and their details to your Finofo account. You can create a payment without a bill to any of the beneficiaries or upload a bill, and Finofo will automatically capture the beneficiary information.
No more creating templates or re-adding beneficiaries for every payment with Finofo. Add the vendor/supplier as a beneficiary once-pay bills at your convenience seamlessly.
A smart solution should be designed to reduce manual tasks and make lives easier, not add burden. If you’ve experienced the hassle of creating hundreds of templates with similar data on your BMO account, see how effortlessly Finofo handles it.
Book your Finofo demo today!