Jimmy is a Product Marketing Manager at Flinks. He simplifies the complexity of Open Banking, and articulates the value of Flinks' Open Banking solutions.

Simplify, Manage, Convert: Flinks Pay Supports EFT and Holistic Payment Experience

By Jimmy Chung on June 13th, 2024

Reading Time: 2 min

With the launch of Flinks Pay in December 2023, Flinks has been steadily establishing itself as a solid player in the payments space. Today, we’re excited to share that Flinks Pay now supports Electronic Funds Transfers (EFTs). Furthermore, we’ve introduced an improved payment workflow that unifies the experience from onboarding to account activation. Alongside a seamless experience for account funding with EFTs – in a landscape where options tailored specifically to Canadian lenders are scarce – Flinks Pay effectively provides a solution for Canadian lenders and borrowers to validate, track and manage their payments within a single, simplified process.

Unifying the fractured experience for lenders

In conversations with clients in the lending industry, we’ve seen that the process flow from loan application to receiving funds and setting up payment schedules has been less than optimal for both lenders and their borrowers. 

For lenders, the manual nature of managing payments often requires multiple tools to complete actions such as bank account fund validation, setting up repayment schedules, or tracking the status of repayments. This results in missed opportunities to service and convert more customers, vulnerability to fraud, and the risk of administrative errors or missed payments occurring from managing multiple tools. To overcome these common challenges, providing users with the simplest and most cost-effective solution for receiving and making payments is necessary.

Convert more borrowers with a seamless experience

Flinks Pay provides a single workflow experience that enables easy validation, authorization and payment setup for funding and repayment, including repayment scheduling, with just a few clicks. Moreover, Flinks validates account information against details from a given bank connection – this helps minimize EFT payment risk and potential fraud.

Improve your team’s operational efficiencies

Fund, request, track and adjust payments in real-time with a single, consolidated dashboard, greatly reducing the need to implement multiple solutions and rely on manual processes. 

Through our client dashboard or integration with a loan management system (LMS) solution, lenders can build custom workflows and automation, such as payment reminders, adjustments, and reattempts. Designed with lenders in mind, the dashboard supports further operational efficiency, and ultimately, helps you and your team focus on providing an exceptional client experience.

EFT for account funding: an optimal end-to-end payment experience for your users

Flinks is dedicated to providing your users with the simplest and most cost-effective way to open and fund their accounts, whilst reducing common risks associated with account funding. Flinks Pay enables a consistent account funding experience where users can now fund their accounts using EFT and set up recurring payments with custom pre-authorized debit (PAD) agreements, maximizing conversions and initial funding of new accounts.

Elevate your payment experience with Flinks Pay

Improve operational efficiencies, watch your conversion rates steadily climb and reduce fees while you’re at it – Flinks Pay is the next major step towards offering a complete solution designed with lenders and fintechs in mind.

With our commitment to providing an intuitive payment solution that works for your organization, we’re excited to share that we are one step closer to bringing to market Guaranteed EFTs, an even more robust and comprehensive instant payment solution to help businesses process payments faster and address many of the common risks associated with processing payments (e.g. disputes, non-sufficient funds, and settlement times). Stay tuned for more on this! Reach out to partner with Flinks to tailor a payments solution to your needs

You might also like

Payments in Canada – Everything You Need to Know

Get an in-depth understanding of payment methods in Canada, with key insights on the state and future of payments for Canadian businesses.

Flinks EFTs in Canada Banner

EFTs in Canada – The Table Stakes of the Cashless Economy

Discover Electronic Funds Transfers (EFTs) and its impact on the Canadian financial landscape.

Stay up to date