What is EFT?

Electronic funds transfer (EFT)is the electronic exchange, transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

Can the vendor make payment by cheque rather than by way of electronic payment?

No, the system is setup on a two week payment cycle which requires all monies that the vendor has received for licences less their vendor commissions to be received at the end of the cycle so that the funds can be deposited in a timely manner.

If the Vendor already has an EFT account with SNB, does the vendor have to open a second account just for e-Licensing transactions?

No, only one account is necessary as long as all relevant information is correct including bank account number, the person responsible for authorizing electronic transfers, business name and address, etc.

The Vendor may elect to have a second EFT account for purposes of e-Licensing.

Does the Vendor have to submit an invoice to SNB or NRED in order to get paid for commissions on licences sold?

No, the system will automatically calculate the commissions owing to you on all licences that you have sold during the sales cycle and will only transfer the difference between the selling price of the licence and the commission earned.

How does the Vendor get paid for commissions on licences or services that have a zero selling price?

Every licence or product is assigned a commission rate regardless whether there is a selling price or not. Commissions are generated and will be deducted from the gross amount of the fund transfers at the end of the cycle. If you have not sold sufficient licences during the cycle to allow your commissions to be netted against the amount being transferred,  then there is nothing to transfer and your commission will simply be  held on account until the end of the next billing/sales cycle. If there are insufficient licences sold during the next billing /sales cycle to cover the commission, the Vendor may request a payment for the commission to be transferred to their bank account.

Will the Vendor's bank charge for every electronic funds transfer?

Banks may allow a number of funds transfers each month without charge. The vendor should contact their bank to determine if there will be a charge.

Will Service New Brunswick or the Department of Natural Resources and Energy Development charge the Vendors for any fees related to the transfer of fund or calculation of commissions?

No, there are no fees payable by the Vendor associated with these services.

What happens if the date of the funds transfer falls on a weekend or holiday?

Funds transfer will always be processed on the second work day after the end of the billing/sales cycle.  Weekends and holidays are not included in this calculation.

What happens if the balance in the Vendor's bank account is insufficient to cover the amount of the fund transfer?

It is the Vendor's responsibility to make sure that sufficient funds are in their bank account by the end of the sales cycle to cover the amount of the transfer so that the EFT is not returned "unpaid" by their bank for any reason. Failure to meet this responsibility will initiate the following action:

You will be contacted by SNB as soon as the "Returned Item" notification is received in order to arrange an immediate payment of the amount of the returned EFT plus a $25.00 processing fee.

Will SNB or the Provincial Government transfer funds from my bank account for other types of payments?

Funds will only be transferred from the Vendor's bank Account for payments authorized by the Vendor. ERD e-Licensing transaction payments will be transferred according to the authorizations granted to SNB on the account application completed by the Vendor.

How will the Vendor know how much will be transferred from their bank account?

The Vendor will receive daily invoices by email of all transactions processed in the e-Licensing system including commissions earned.
An Electronic Fund Transfer Statement will be forwarded by email to the Vendor the day after the end of the billing/sales cycle indicating the net amount that will be transferred and the date on which the transfer will be done.

What does the Vendor need to do if they discover an error on their daily invoice?

The Vendor needs to contact SNB immediately as soon as they discover the error so that it can be corrected (if possible) before the end of the current billing/sales cycle. DO NOT wait until the end of the cycle to try to get corrections processed.

Who should sign the EFT account application?

The person(s) designated by the business to authorize financial and legal documents on behalf of the business should sign the account application. If two signatures are required on cheques issued by the business then two signatures are required to authorize the Preauthorized Debit (PAD).

How do I fill out the EFT Account Application and PAD agreement if the Vendor is a proprietor operating under the name of the owner and not a formal business name?

Complete the form with the name of the owner that is being used for the operation. Usually this is the name that is used on the bank account and on government forms and should be the registered name that ERD has been provided under the e-Licensing agreement.

Will Vendors be able to have different billing/sales cycles?

No, billing cycles will start and end on the same day for all Vendors. Vendors starting the process may enter the billing cycle part way through the cycle but will end on the regular pre-set day.

How will Vendors receive their daily invoices of licences sold and commissions earned?

Daily invoices will be sent electronically by email, the day after the transactions took place.

If the Vendor does not receive or loses their daily invoice or the transfer statement can they request another copy?

Yes, a copy of the daily invoice and transfer statement can be requested by contacting SNB Financial Services. The Vendor should have the person who would normally receive the electronic invoice or statement request a copy by email.

How long does it take to get an EFT account set up?

Once your Vendor Agreement with ERD has been signed and processed, your EFT account is normally functional in 1-2 days from the time that the EFT application is received by Financial Services. A confirmation email will be sent to you stating that your account has been set up.

What is the procedure when the Vendor wants to change banking information or the email address to which invoices and statements are sent?

The Vendor should complete a new EFT Application (Part 2) which is available online under Service New Brunswick, Authenticated Client Services at the following address: https://www.pxw1.snb.ca/snb7001/e/1000/1001e.asp

A voided cheque or bank specimen must also accompany the signed revision which is faxed or mailed to the address indicated on the form.

Who does the Vendor contact if they have a question or problem with setting up the EFT Account or with the Funds Transfers?

If you need additional assistance with setting up your EFT account or with Funds Transfers, please contact SNB Financial Services  - Lily Powers (Bilingual) at (506) 457-6848 or email [email protected] or Richard Shupe (English) at (506) 444-3007 or email at [email protected]