fbpx

The Advantages of Auto Deposit

The Advantages of Auto Deposit

Written by Bryan Petersen, Chief Virtual Accountant

Do you receive payments through Interac e-transfer? If you do, my suggestion is to make sure that you set up auto-deposit. Auto-deposit allows you to receive payments from your customers without the need to give them a password. This prevents the risks that come from choosing generic security questions and lost emails. 

I once got the question, "What colour is the sky?". Obviously, that's not a very secure question for your e-transfer.

It also eliminates the need for your customers to actually give you a password, and it also increases the security. If you have an email address set up for auto deposit for your Interac e-transfer, then the money will go directly into your bank account and save you from having to log into your banking information. If you accidentally forward it to the wrong email address, someone could potentially log into their own bank and put that money in their own account, especially if there's a security question like, "What color is the sky?".

For most banks, you’d log into your online banking, go to the Interac e-transfer portion of the website. You’d then type your email address in, and it will send you a confirmation email. Confirm that email, follow a couple of prompts and there you have it, you’re all set up.

If you have different business accounts, or you want to keep your personal and your business stuff separated, make sure you use separate emails so it doesn’t get confusing. 

youtube-video-thumbnail
Subscribe to our YouTube Channel

Bryan Petersen is an accountant and entrepreneur with over 20 years of experience mentoring small and medium businesses across Alberta. Learn more about working with Bryan and the dedicated team at Alberta Wide Virtual Accounting.

accountant in medicine hat using AWVA software for bookkeeping in a cafe

Let's Chat

Invalid Email
Invalid Number
Please check the captcha to verify you are not a robot.
Scroll to Top