In Canada, people love to use their Interac cards to pay for their purchases. And as we pointed out in one of our blogs last week, the majority of transactions made in Canada are paid for with debit cards. So it makes perfect sense for your business to accept debit cards. Being cash-only, these days, simply doesn’t cut it. Canadian shoppers prefer their plastic. If it’s not Interac, it’s credit cards.
Our blog has often discussed the ongoing debate that exists about the benefits of the two card types. Which card is better to use? Which one has more benefits? Interac has attempted to answer these questions with their recent “Be In The Black” campaign. Their TV commercials, print ads and billboards are not-so-quietly making the statement that Canadians need to use their “own money” when making purchases.
In other words, don’t buy things on credit, says the advertising campaign. But those who argue in favour of using credit cards insist that rewards points, purchase protection plans and zero-liability fraud programs making using credit cards all the more worthwhile. Interac has worked to debunk these theories, however, by broadcasting that their cards have equal or better benefits. Here are four things we learned about Interac through their Twitter account on June 11.
1. You’re limited to how much you can spend using their new Interac Flash feature. It’s great for customers that they don’t necessarily have to punch in their PIN codes to make purchases anymore. But they can only do so for smaller purchases. Interac tweeted: “A single #InteracFlash txn can\’t exceed $100. There are also cumulative limits (usually $200) requiring PIN entry when reached. #PayinaFlash”.
2. Interac purchases are protected against fraud. Hold on to your hats, credit card fans. It seems like Interac cards protect you from fraudulent usage as well. Interac also tweeted: “Consumers covered by INTERAC Zero Liability Policy which protects against unauthorized INTERAC transactions. #PayinaFlash”. A huge incentive for customers to continue using their Interac cards, if their debit cards are lost or stolen, they are not liable for unauthorized usage.
3. Interac works to protect your identity. People have never had to sign receipts or show photo I.D. when using their debit cards. There was a time when these requests were made when customers used their credit cards, however. These days, PIN codes have put an end to such requests. “#InteracFlash has txn & cumulative spend limits requiring PIN entry when reached to validate you as legitimate cardholder. #PayinaFlash”, Interac tweeted.
4. Interac employs a number of security measures. “#InteracFlash uses RF enabled smartcard technology, designed to protect your sensitive information. #PayinaFlash,” they also tweeted. Clearly, the company is making quite the effort to make sure that Canadians are aware that their favourite payment method is a safe one. This is good news for both consumers and business owners alike.
If you accept Interac payments at your business, you’re already aware of the many benefits they bring you. You’re assuring more than half of the population that they are free to use their favourite payment method in your store. If you don’t yet accept debit or credit cards, you can call Canadian POS Corporation at 1-877-748-2884 to get set up with a new POS terminal within three days!