The Vendor ACH Authorization Form (known as EFT Authorization in Canada) is a crucial document used when a company needs to establish electronic payment capabilities with its vendors through the Canadian banking system. This form is required by Canadian financial institutions and must comply with the Canadian Payments Association Rules and PIPEDA requirements. The document collects and verifies vendor banking information, establishes payment parameters, and obtains proper authorization for electronic funds transfers. It serves as the formal authorization record for recurring or one-time electronic payments and includes specific Canadian banking identifiers such as transit numbers and institution codes. The form is particularly important for organizations looking to streamline their accounts payable processes and reduce reliance on paper checks while maintaining compliance with Canadian banking and privacy regulations.

1. Vendor Information: Legal business name, address, contact information, and tax identification details of the vendor

2. Banking Information: Detailed banking information including bank name, branch details, account number, and transit/routing numbers

3. Authorization Statement: Clear statement authorizing electronic funds transfers, including the scope and nature of the authorization

4. Payment Details: Specification of payment parameters such as maximum amount limits, frequency, and timing of transfers if applicable

5. Terms and Conditions: Key terms including processing timeframes, modification procedures, and termination rights

6. Privacy Statement: Statement regarding the handling and protection of provided banking information in compliance with PIPEDA

7. Signature Block: Area for authorized signatory details, signature, and date of authorization