Kawartha Lakes moving to mandatory EFT payments August 31
Currently about 60 percent of businesses and contractors that provide goods or services to the City receive payment through EFT. The City’s goal is to move all Accounts Payable processing to EFT later this summer.
“This will significantly reduce costs and the chances of fraud,” explained Treasurer Carolyn Daynes. “A lot of municipalities and other levels of government are moving in this direction so this is an opportunity to remain consistent and current with best financial practices.”
As the name implies EFTs enable municipalities, businesses and their customers to exchange money between each other electronically instead of via cheques or wire transfers.
“There are a number of advantages to EFTs,” said Ms. Daynes. “In particular, payments are received on the date they are due so people aren’t waiting for a cheque in the mail and it can assist businesses with better cash flow management.”
If you do business with the City but have not yet moved to Electronic Funds Transfer to receive your payments please contact:
Senior Accountant in charge of Accounts Payable
705-324-9411 Ext. 1333
For more information please contact:
705-324-9411 Ext. 1355