2026-05-22 | Reading time: 14 minute(s)
In this article, we would like to revisit a very useful MyDaycare Plus module: the electronic funds transfer module, commonly known as EFT.
This module allows you to prepare electronic payment files that can then be sent to your financial institution. It can be used in several contexts, including pre-authorized debits from parents, direct deposits to employees and, depending on your needs, certain payments to suppliers.
The objective is simple: reduce manual data entry, save time and make payment management more efficient.
The most common use of the EFT module is for pre-authorized debits.
In this case, MyDaycare Plus allows you to generate a file containing the payments to be withdrawn directly from the bank accounts of parents or guardians. This file can then be uploaded to your bank’s website, according to its procedures.
It is important to remember that MyDaycare Plus does not withdraw money directly from bank accounts. The software prepares the required file. The actual processing is performed by your financial institution.
Before using this feature, you must:
✅ obtain authorization from the parents concerned;
✅ confirm with your bank that it offers this service;
✅ obtain the technical information required for configuration;
✅ complete any testing required by your financial institution, if necessary.
Once the configuration is complete, payment transactions created in MyDaycare Plus can be grouped into an EFT transaction. The system then generates the file that you can send to your bank.
The EFT module is directly connected to the Invoices and Payments module.
The transactions used to create an EFT file are payment-type transactions. They can be created manually or automatically, depending on your billing settings.
For example, if a parent has selected Pre-authorized Debit as their payment method, MyDaycare Plus can automatically create the payment transactions when invoices are generated. These payments can then be included in an EFT batch.
This integration reduces manual steps and helps prevent omissions.
It is important to clearly understand the role of MyDaycare Plus in this process.
MyDaycare Plus does not replace your bank. The software does not process payments itself and does not directly withdraw funds. It simply generates the file based on the information configured in your account.
The final processing, acceptance, rejection or confirmation of transactions always remains the responsibility of your financial institution.
Banking fees, if applicable, are therefore determined by your bank. On the MyDaycare Plus side, the module’s technical features are included with the EFT module, according to the terms of your subscription or configuration.
The EFT module can also be used for payroll purposes, particularly to prepare direct deposit files for employees.
In this case, payments are generally created from payroll transactions and pay stubs that have already been prepared in MyDaycare Plus. The principle remains the same: the software generates a file that you can then send to your bank to process the payments.
This feature can be very useful if you already use the payroll module, as it allows you to maintain a consistent process between payroll calculations, pay stub creation and payment preparation.
In some cases, the EFT module can also be used to prepare payments related to expenses or purchases.
This can be useful when you want to pay certain suppliers electronically while maintaining a clear record of the transactions in MyDaycare Plus.
As with other types of payments, the generated file must then be processed through your bank’s system. The available options may vary depending on your financial institution and the type of banking service you have access to.
The EFT module can save you a considerable amount of time, especially if you regularly process a large number of payments.
It allows you to:
✅ reduce manual data entry;
✅ limit transcription errors;
✅ centralize payment information in MyDaycare Plus;
✅ maintain a better record of transactions;
✅ simplify the management of recurring payments;
✅ avoid handling cheques or cash.
Once the initial configuration is complete, creating an EFT file generally becomes a quick and repeatable process.
Although the module is fairly simple to use on a daily basis, the initial configuration must be completed carefully.
The information provided by your bank must be accurate. The banking information of parents, employees or suppliers must also be entered correctly. An error in this information may cause a transaction to be rejected by the bank.
We therefore recommend carefully verifying the information before generating an EFT file, especially during your first few uses.
The MyDaycare Plus electronic funds transfer module is designed to simplify payment management in your daycare.
Whether it is used for pre-authorized debits from parents, direct deposits to employees or certain payments to suppliers, this module helps you prepare the required files in a structured and efficient manner.
As always, banking transactions remain between you and your financial institution. MyDaycare Plus provides the tool you need to prepare the data, reduce manual tasks and simplify the process in your day-to-day operations.
For more information about configuring and using EFT, please consult the MyDaycare Plus documentation.