PAD Payments (also known as Pre-Authorized Debits (PAD)) is available through Stripe and allows businesses to debit Clients through bank-to-bank transfers in CAD currency with Recurring Payments.
- Availability - For businesses based in Canada that already have Stripe enabled
- Transaction Fee - 1% + $0.40 per transaction with caps available for Select plans
- Processing / Payout Schedule - Payments are processed and settled depending on whether it’s your first payout or not, and your business’ location
- Chargebacks - See Stripe’s disputes and fraud process here
Enable PAD Payments on Invoices
PAD Payments can be enabled on any Recurring Template where the currency is in CAD ($) with the below steps:
- If you have not yet set up Stripe, complete the steps to accept online payments with Stripe first
- When creating a Recurring Template, click on the Accept Online Payments option in the Settings panel
- Under Stripe, check off the box next to Accept Pre-Authorized Debit
- Choose between Business Debit (goods and services related to your business) or Personal Debit (goods and services for consumers)
- Click Done to finish and resume creating your Recurring Template as needed.
- Click on the Pre-Authorized Debit sub-tab
- Then click on the Pay $xx.xx button
- In the Stripe payment window, enter your Email and your Name, then click on the Pay $xx.xx button
- Click on either:
Agree to confirm linking your bank account with online login credentials
- Choose your Bank
- Enter your Bank’s Username and Password, then click Continue
- Answer any security questions as needed
- Select the account to pay from, then click Continue
- Confirm your Direct Debit details then click Pay $xx.xx to finish
- Or click on Manually Verify below the Agree button to use micro-deposits instead
- Enter the Institution Number
- Then enter the Transit Number, Account Number and click Submit
- Review the micro-deposit details and click Confirm
- Then confirm your Direct Debit details and click Pay $xx.xx to finish
- Agree to confirm linking your bank account with online login credentials
- An email will be sent confirming the terms of the Pre-Authorized Debit payment.
What’s the difference between Business Debit and Personal Debit?
There are two types of PAD Payment accounts, depending on who your Clients are:
- Personal Debit - Used for goods or services provided to your Clients who are consumers
- Business Debit - Used for goods or services related to your business, like payments between vendors, distributors/suppliers, dealers/manufacturers, commercial activity and more