CU Pay™ Automated Funds Transfer
CU Pay service is a quick and effective way for member businesses, churches, and non-profit organizations to process receivables, donations, and payroll transactions electronically.
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- Reduces much of the time, effort, and expense often associated with collection of receivables
- Improves customer service by making it easier for your customers to make their payments on time
- Offers a convenient, efficient, and reliable way for member organizations to receive regular donations or pledged contributions
- Increases reliability and timeliness of donation and pledge receipts, enabling organizations to plan and budget more accurately
- Eliminates the need for donors to write cheques and to complete offering/donation envelopes
Direct Payroll Deposits
- Eliminates the need for member businesses or organizations to print and distribute paycheques to employees
- While the CU Pay service is not a complete payroll service, it enables timely and efficient payroll deposits to employee accounts
How does the CU Pay service work?
- The member (business, church or organization) gathers account information and signed approval from the payor or payee (payors/payees do not need to be Kindred members)
- The member sets up a computer file with payor/payee account and payment information in the specified format
- The member initiates each transaction by sending the electronic file information to Kindred three business days prior to the specified due date
- Kindred transmits file data to Central 1 for processing—payor/payee bank or credit union accounts are then credited/debited electronically
- Kindred confirms the transaction by sending a debit or credit advice notice to the member showing the final debit or credit settlement of the CU Pay transaction