When it comes to making payments in Canada, there is one name that consistently stands out: Interac. The homegrown debit card system and funds transfer network has achieved remarkable popularity and widespread use across the country.
As its website proclaims, Interac helps you get more out of life. “Whether buying your morning coffee, paying back a friend or evolving your business payment system, Interac helps you stay in control of your money so you can get the most out of life,” it reads.
What are the reasons that Interac has become a payment solutions staple in Canada?
It is so easy and convenient to use.
Whether it’s tapping a debit card at a point-of-sale terminal or sending money through an e-transfer, Interac’s ease of use encourages Canadians to choose it as their preferred payment method. The simplicity of Interac e-transfer, in particular, has revolutionized peer-to-peer payments. Canadians can quickly and securely send money to friends and family using just an email address or mobile phone number.
Interac, in fact, allows you to send money internationally. “We’ve collaborated with Mastercard® and Western Union® so that you can send money around the world,” announces their site.
It is trustworthy and secure.
Interac’s robust security measures include chip technology, two-factor authentication and fraud detection systems. Combined, these features have earned the trust of both consumers and businesses alike. Canadians use Interac with confidence, knowing their personal and financial information is well-protected.
“We use EMV® chip processing to store and process data securely,” informs Interac.ca, “That makes it nearly impossible to create counterfeit cards and protects consumers against fraudulent activity, including skimming, transaction repay types of fraud and tactics like electronic pickpocketing”
It offers widespread accessibility.
Interac services are available to virtually every banking customer in the country at all times of the day. This widespread acceptance means that Canadians can use Interac for a wide range of transactions. Online shopping, bill payments and in-store purchases can all be done using Interac services.
Interac’s collaboration with various payment methods, especially debit cards and mobile payment apps, further enhances its accessibility. It ensures that Canadians can easily use Interac no matter where they are.
It enables speedy transactions.
Do you need to withdraw cash from an ATM? Are you interested in making a purchase at a local store? Do you want to transfer some money to a friend? All of these transactions can be done within seconds, thanks to Interac. This immediacy aligns with Canadians’ desire for efficiency and convenience in their financial dealings.
Real-time transactions also provide peace of mind when it comes to managing finances. Knowing that your account balance is up to date and that payments are processed promptly is a significant advantage of using Interac.
It is very cost-effective.
Depending on the financial institution, most Interac transactions come with either low or no transaction fees. We’re talking point-of-sale purchases, bill payments and e-transfers. They are all very convenient undertakings that are usually free of charge.
Interac’s affordability makes it an attractive option for both individuals and businesses alike. Are you a small retailer looking to minimize payment processing costs? Are you a consumer trying to avoid high transaction fees? Either way, Interac provides a cost-effective solution for you.
Do you accept Interac payments at your store?
At Divvia, we offer many great payment terminals that allow Canadian merchants to accept debit cards! To learn all about them, please don’t hesitate to call us at 1-877-748-2884 or send us a message on our Contact Us page!