For the majority of merchants across Canada, accepting credit and debit cards is simply a part of everyday business. Many consider it to be an integral part of what makes their business function. It’s important to accept plastic, many believe, as so many Canadian shoppers choose to use either credit or debit cards when making their purchases. At Canadian POS Corporation, we certainly know that our clients enjoy doing so.
“It just makes life so much easier,” one of our clients confirmed this week, “I like not having to sift through all that cash anymore. It’s so simple. When people use their cards, I know that the funds are going to go directly into my bank account. I’m not worried about having to count up the change or thinking I’m going to lose money somehow. Accepting the cards keeps things simple.”
Interesting choice of words, we think. This is because many store owners who haven’t yet begun to accept credit and debit cards believe that the entire process is far from simple. We’ve had numerous conversations with business owners who feel that accepting plastic is “probably a big hassle” or “not worth the energy”. Well, that couldn’t be further from the truth.
On the Interac website, it is revealed just how easy it is to accept their cards. The payment process is a quick and easy one and incorporates a few simple steps: “Interac Debit purchases are passed through the Interac Network where your customer’s financial institution verifies (his or her) PIN and funds before the approval is returned to your Point-of-Sale terminal. At this point the transfer of funds to your business account will occur.”
Step #1: The customer okays the transaction amount. When customers insert their Interac cards into your POS terminal, they are asked if the amounts being charged to them are “OK”. A simple pressing of a button approves the transaction amount, so that the next step can be taken towards completing the transaction. The amount of time this takes is far less than the amount of time it takes to read about this step!
Step #2: The customer selects the chequing or savings account that is to be debited. Because a debit card transaction represents a withdrawal from a bank account, the customer is prompted to choose which account the funds are to be withdrawn from. The option of either chequing or savings is presented to the customer. Again, the simple pressing of a button makes this step complete.
Step #3. The customer enters a Personal Identification Number (PIN). This is the key ingredient to what makes accepting Interac cards such a safe and secure process. The punching in of a PIN is a security measure that is taken in an effort to prevent fraud at the hands of those who may have stolen cards. In this step, the customer is required to punch in four digits that only he or she is supposed to know.
Step #4. The customer provides a final okay to send the transaction request for approval. There is only one more button to push. The customer is prompted to confirm that the process has been completed accurately so that the transaction can go through. As Interac explains, “upon completion of a successful purchase, your customer will retrieve (his or her) debit card and a copy of the transaction receipt.”
See how easy it is to accept Interac? To begin accepting debit cards today, or to upgrade your current POS machine, contact Canadian POS Corporation at 1-877-748-2884.