While the United States and Canada share a close economic relationship, their respective payment standards exhibit notable differences and regulatory frameworks. Understanding these distinctions is essential for businesses operating in Canada or both the U.S. and Canada to ensure compliance and optimize payment processing strategies for all levels of entity involved. Below are the unique differences between the Canadian and U.S. payment processing on the Payrix platform, exploring key areas like:
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Transaction Batch Close | FBO Account Funded | Bank Account Deposit |
|---|---|---|
Monday | Thursday* | Friday morning |
Tuesday | Friday* | Monday morning |
Wednesday | Monday* | Monday morning |
Thursday | Tuesday* | Tuesday morning |
Friday | Wednesday* | Thursday morning |
Saturday | Wednesday* | Thursday morning |
Sunday | Wednesday* | Thursday morning |
| Iframe | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Note |
|---|
*= These timelines are based on the earliest possible funding time for eCheques (3 business days). Please note that eCheques can take up to 5 business days to complete settlement to fund the Merchant FBO account for later withdrawal. |
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