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Royal Bank of Canada

How to pay employees and vendors on your RBC business account?

Learn how to pay employees and vendors using your RBC business account with this step-by-step article. This guide offers clear instructions to fill in the gaps left by RBC's existing support, making financial operations smoother and more efficient.

In this article, let's understand how to pay employees and vendors on your RBC business account. The existing support articles on the RBC website on how to pay employees and vendors can be unclear and lack a sense of direction. Let us aim to fill that gap and provide clear, concise instructions for managing payments on your RBC business account.

Open your RBC business account and do the following:

Access the Payment Service:

  • Go to the 'My Accounts' section and find the 'Pay Employees and Vendors' service. This is a 3-step process.
  • Important Tip: To streamline the process, add your recipients before initiating payments.

Stage 1: Payment Options:

  • RBC offers three options for payments: Vendors, Employees, or Others, with notifications available through email.

Stage 2: Assigning Details:

  • Once you choose your preference (e.g., paying an employee), RBC lets you assign a unique customer number and a due date for the payment.

Stage 3: Payment Confirmation:

  • The final stage involves verification and payment confirmation, with the transaction details displayed.

Can we process multiple bills to the same vendor?

Yes, RBC has the option to select multiple bills from the same employer, with a maximum of 10 payments at a time.

Don't be surprised if you find yourself navigating different pages on your RBC business account and feeling like the interfaces are mismatched. The outdated interface is partially covered by fancier portals, but it ultimately conveys the message that RBC does not prioritize user experience or interface design.

Why use outdated banking platforms when there are robust alternatives?

Banks are still stuck in the 1980s, offering outdated software and poor tech solutions. Despite constant advancements in technology, banks refuse to improve and overcharge for their subpar product offerings.

Adding beneficiaries in Finofo is straightforward, and once added, there is no waiting time—bills can be processed immediately. The beneficiary addition includes an approval process for different Finofo users, adding a layer of security for accounting teams.

The list of added beneficiaries can be edited and updated, allowing for efficient processing of payments as needed.

Open your free Finofo account today!