TelPay Incorporated is Canada's largest independent electronic payment processor, serving hundreds of financial institutions and thousands of businesses and consumers. Last year, TelPay moved 21 million payments worth $12 billion. TelPay enables financial institutions, businesses, and personal users to make electronic payments to anyone, anywhere in Canada.
The current President is John Loewen.
Founded as a division of Comcheq Services Limited in 1985, TelPay pioneered electronic bill payment services by providing Canadians with their very first telephone bill payment experience. W. H. (Bill) Loewen, the founder of Comcheq and Telpay, notes that Telpay was the first company to process a fully automated telephone payment, as well as the first electronic payment. Telpay has continued to be a prime innovator in the electronic payments field.
During its long history in electronic payment processing, TelPay has played a critical role in the development of the technology. At one point, TelPay was processing electronic payments for all of the Canadian Credit Unions, as well as for the Canadian Imperial Bank of Commerce. As a quiet contributor to their success over the years, some of these companies went on to take the technology in-house.
Over time, TelPay has developed software products which are designed to serve the needs of accountants, bookkeeper, SMEs, and financial institutions.
The primary product offering is a software program known as "TelPay for Business". The TelPay for Business software enables companies of any size to send electronic payments via its accounts payable module. By sending payments (bill payments, payroll, government remittances, etc.) electronically, companies can eliminate many of the expenses associated with cutting manual cheques. No more cheques, envelopes, postage, or reconciliation books. TelPay claims that 100 cheques per month can equal up to $1600 in savings per year. There is an online savings calculator on the site which will help one determine what your savings will be.
TelPay offers a service known as "Get Paid Faster" which is currently being trademarked for exclusive use by the company. Get Paid Faster is an electronic payment system which features the Get Paid Faster button which allows any business to receive electronic payments from their customer. The button is placed on invoices (electronic and paper)to enable businesses to be paid electronically.
TelPay for You is the electronic payments software which allows individuals to utilize this service to eliminate or reduce paper cheques, and associated banking charges. The reduced banking charges are possible because TelPay will consolidate payments into a single debit or credit.
TelPay OTC is a software solution geared specifically towards credit unions and other financial institutions.