The word “Interac” is a pretty popular one in Canada. Founded in 1984, our national debit card system is one that is used by no less than 20 million Canadians at the rate of about a million times per day. At least, this is what the Interac website tells us. But, it would be hard for anyone to dispute. Do you know someone who doesn’t have an Interac card?
Paying with debit makes life very easy for both merchants and customers alike. But, as a merchant, it’s important to see things from the customer perspective. Using an Interac card means not having to worry about carrying any cash on your person. Gone are the days when a shopper had to worry about losing his or her money. A lost Interac card can easily be replaced!
What other benefits do shoppers get from using Interac to make purchases? Here are three:
1. It saves a lot of time.
When is the last time you can remember fumbling through your purse, wallet or pockets for change? As a merchant, when is the last time you’ve had to wait for a customer to do just that? Today, carrying exact change is unnecessary. With an Interac card, a transaction for any amount can literally take seconds. Tap, swipe or insert your card and moments later, the transaction is complete. Debit card use is a real time-saver.
“More than 54 per cent of businesses believe they are spending too much time on payment processing activities,” says Interac, “For small business owners, the ease of immediately requesting, sending and receiving money from anyone in Canada through Interac e-Transfer, Autodeposit and Request Money is an integral component to maintaining a strong cash flow and running a successful business.”
2. It allows you to make purchases from friends.
Interac’s e-transfer feature makes sending and receiving money easier than ever before. You don’t even need to have your card handy. And you certainly don’t need cash anymore to throw your friend $40 for covering dinner or drinks. With a few easy clicks in your bank’s phone app, you can email money to whoever you like. Within seconds, money that was in your bank account can easily be deposited in the bank account of a friend.
“Interac e-Transfer is the most efficient way to send money to another person,” Interac informs us, “All you need is access to online or mobile banking through a participating financial institution, and you can send or request money to anyone with an email address or mobile phone number and a bank account in Canada — without sharing any personal financial information.”
3. It provides a great deal of security.
When is the last time you had a cheque bounce on you? We’re hoping you can’t even remember. Accepting cheques is unnecessary. With Interac payments, you receive your funds immediately. As Interac confirms, the money transferred through Interac e-transfer uses established and secure banking procedures.
Financial institutions have been using these procedures for years to settle cheques, bank machine deposits and withdrawals. “Money never travels by email or text,” their site explains, “These are simply used to notify you that money was sent or requested, as well as provide instructions to deposit.”
At Canadian POS, we strongly believe there’s no better way to accept Interac payments than with the revolutionary Poynt Smart Terminal. Please don’t hesitate to call us at 1-877-748-2884 or email us at info@localhost to learn more!