Direct Deposit for Business lets eligible businesses receive permitted Canadian-dollar payments into their Shakepay business account using an institution number, transit number and account number.

Direct deposit uses electronic funds transfer (EFT) to receive payments. It is a separate funding method from a wire transfer or an Interac e-Transfer.

Direct Deposit for Business is currently in beta and available to selected verified Shakepay business accounts. Your business must have access to the feature before you can set up direct deposits.

To set up business direct deposit in the Shakepay mobile app, give the sender the account details shown in your Shakepay business account.

The Direct deposit screen displays your business account details. Sharing the details does not initiate a payment; the sender must arrange the deposit.

If the details do not appear or you receive an error, contact support through the Shakepay app.

You can get a business void cheque from the Direct deposit screen. A void cheque is a document containing the account details a sender needs to set up a deposit.

Check that the PDF shows your business name and account details before giving it to the sender. If the PDF does not open or the details look incorrect, contact support through the Shakepay app.

Use the Verified business name displayed on your business account's Direct deposit screen as the recipient name.

The recipient name supplied with the deposit must match a business name verified on your Shakepay account. A name mismatch may cause the deposit to be reviewed or rejected.

You can also use a trade name or a doing-business-as (DBA) name recorded on your verified Shakepay business profile. If the name you want to use is not on your business profile, contact support before using it for a deposit.

Yes. Your business can receive customer invoice payments by direct deposit.

Payments from third parties, including customers paying invoices, require review before they are credited to your Shakepay business account.

The recipient name must match a legal, trade or doing-business-as (DBA) name recorded on your verified business profile. A name mismatch may cause the payment to be reviewed or rejected.

Marketplace payouts and government refunds must meet the business direct-deposit requirements, including the recipient-name requirement. Depending on the sender and the payment details, a deposit may require review.

Business direct deposits must be sent in Canadian dollars (CAD). Direct deposits in other currencies are not accepted or processed.

Business direct-deposit timing depends on when the sender's financial institution processes the payment and whether the deposit requires review. Shakepay does not guarantee an exact time when funds will be available.

Shakepay does not charge a fee to receive a business direct deposit.

The sender's financial institution or payment provider may have its own charges. Check with the sender or provider before arranging the payment.

Shakepay does not currently set a standard minimum deposit amount, per-deposit maximum, or daily or monthly funding limit for business direct deposits.

Business direct deposits are still subject to eligibility, recipient-name checks and payment review. Your sender's financial institution or payment provider may apply its own limits.

The Direct deposit option may be unavailable if your business has not been given access or your business verification is incomplete.

Update the Shakepay app and check that you are signed in to your business account. If you opened Add from another currency balance, return to your Canadian-dollar balance and open Add again.

If you are asked to accept updated terms, update the app and accept the latest terms before trying again. If you have been given access and still cannot see the option or load your account details, contact support through the Shakepay app.

If your business direct deposit has not arrived, ask the sender to confirm that the payment was sent and that the business name and account details were entered correctly.

A deposit may require review or be rejected if the recipient name does not match, the business does not have access to direct deposit, or the payment does not meet the acceptance requirements.

Contact support through the Shakepay app with:

Support can investigate the deposit and explain the next steps.

Direct Deposit for Business is for incoming payments. Pre-authorized debits (PADs), which let a biller or provider withdraw money from an account, are not supported for Shakepay business accounts through this feature.

Do not use your business direct-deposit details to set up PAD bill payments or withdrawals to another financial institution.