The Pay Employees and Vendors service allows you to use RBC Royal Bank Online Banking for Business to make electronic payments to employees, vendors and others at any financial institution in Canada.
Features
You can make up to $5,000 in payments daily, as long you have sufficient available funds in your account. Need a higher limit? Choose our optional enhanced security feature.
Move funds in Canadian or U.S. dollars
Easily manage your payments with:
Employee and vendor payment lists
Detailed payment reporting with export capability
Currency conversion done automatically at competitive rates
Email notification
You will receive an email each time payments are processed and completed. As well, you will receive an email to advise you of returned payments.
You may choose whether or not an email will be sent to your payee on the day the funds are to be credited to your payee's account.
For privacy reasons, banking information will not be included in automated emails.
Fees
Priced competitively at slightly lower than a cheque, the Pay Employees and Vendors service is a cost-effective and convenient alternative to cheques.
Item
Fee
Payment Transaction
$0.85
Email sent to the recipient of funds
$0.25
Returned Payment
$0.50
Reversal Request
$15.00
Payment Trace Request
$35.00
Token fee
$50.00
Getting Started
If you are an RBC Royal Bank Online Banking for Business client, you can enrol by simply completing the required steps below. This should take about 5 minutes.
Click “Pay Employees and Vendors” in the “Self Service” section on the right side
Select Continue
Review the Client Obligations
Confirm your Pay Employees and Vendors client profile information
RBC Royal Bank will use your email address to let you know when payments are completed or returned unprocessed and when advice is received regarding a change in banking information
Request a security token (optional)
Confirmation
To use the service, click on the link (see Step 2 above) any time after you have signed up.
Not an RBC Royal Bank Online Banking for Business client? Call 1-800-769-2520 to enrol.
