Pre-Authorized Debits (PAD) allows you to:
Add funds to your Venn CAD account from your bank.
Authorize withdrawals from your Venn CAD account when another party (like a biller) pulls funds using your EFT details.
PAD is currently only available for CAD accounts and is not yet supported for USD, GBP and EUR accounts however, PAD for USD account is coming in 2025!
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.