Rent Collection just got faster and more convenient with Interac e-Transfer. You’ll now be able to receive your rent payments the same day or within 1 business day, offering a much quicker alternative to traditional payment methods like Pre-Authorized Debit (PAD).
Here’s How It Works:
1. Interac Sends an Email Request
Each month, your tenant will receive an email from Interac prompting them to approve a rent payment via e-Transfer. This request acts as a secure and efficient way for tenants to initiate their rent payment directly from their bank account.
2. Tenant Approves the Transfer
The tenant simply needs to click on the link in the email and follow the steps to complete the payment. No guesswork, no delays.
3. Funds Go Directly to You
Once your tenant accepts and completes the Interac e-Transfer, the rent payment is automatically deposited into your designated bank account—usually on the same day, and at most, within 1 business day.
Comparing Interac and PAD
| Payment Method | Processing Time | Best For |
| Pre-Authorized Debit | 4–5 business days | Landlords preferring scheduled auto-withdrawals |
| Interac e-Transfer | Same day or 1 business day | Landlords wanting faster payments |
Note: PAD transactions are slightly slower. If a withdrawal falls on a weekend or holiday, it won’t begin processing until the next business day.
Why Use Interac?
-
Faster Payments: No more waiting several days for rent to arrive.
-
Simple Process: Your tenant receives an email and just needs to approve it.
-
Secure and Reliable: Backed by Canada’s trusted Interac network.
Whether you’re managing one property or many, Interac e-Transfer can help streamline rent collection and get your funds to you faster.
For any questions or assistance, feel free to contact our support team—we’re here to help!
