Service for direct deposit (not payroll)
I’ve been searching and have read through several threads on this topic - mostly payroll related though. I have checked out sites for several services - payment evolution, payweb, Transferwise, Plooto, etc.
I have an account that receives funds monthly that need to be disbursed to 25 different businesses. Up until now we’ve been writing cheques and having them signed by two individuals (joint signatures needed) and it’s a lot of work. Been working on moving this to a direct deposit - I have all the of the 25 indivudual’s Account info (inst, transit, account). Hoping to be able to send these payments directly. It’s all in CAD, and all accounts within Ontario (nothing international at all).
I did setup with payment evolution, had it all ready to go for January and every time I try to make a payment the service gives an error. Their support on the issue has been less than ideal (to put it nicely). The first month’s scheduled payments are already going to be late and I’ll likely have to resort to writing cheques which this group of individuals won’t be happy about (it took me 3 months to convince them to move to direct deposit in the first place).
When looking I noticed that Plooto may be able to do this service. Does anyone have any experience with it or any other services for these types of transactions? We have all of our banking with TD and they do not have this option at all, but I think I’ve read that RBC does.
Appreciate any feedback.