Pre-Authorized Debits (PAD) allows you to:
Add funds to your Venn CAD or Venn USD accounts from your banks based in Canada.
Authorize withdrawals from your Venn CAD account when another party (like a biller) pulls funds using your EFT details.
To withdraw CAD funds by sharing your EFT details for PAD setup elsewhere:
You can allow another party to withdraw funds from your CAD account via PAD by sharing your EFT payment details:
Step 1: Go to Venn "Dashboards"
Step 2: Select "CAD Account"
Step 3: Select "EFT"
Step 4: Select "Account Documents"
Step 5: Select "Download account details [PDF]" and share your EFT account payment details for authorizing pre-authorized debits.
To add CAD funds using your linked bank account (via PAD):
Step 1: Go to Venn "Dashboards"
Step 2: From the side menu bar, select "Add money"
Step 3: From the dropdown menu, select "Linked bank account"
Step 4: Select your linked bank account and add funds. You’ll receive an email with the estimated arrival date. In some cases, it may take an extra business day for bank clearance.
To add USD funds using your linked bank account (via PAD):
Step 1: Go to Venn "Dashboards"
Step 2: From the side menu bar, select "Add money"
Step 3: From the dropdown menu, select "Linked bank account"
Step 4: Select your linked bank account and add funds. You’ll receive an email with the estimated arrival date. In some cases, it may take an extra business day for bank clearance.