The global payments landscape
Due to a national preference for debit over credit, it is a valuable method to increase sales and attract online shoppers.
For international ecommerce players in the Canadian market, accepting Interac is a huge advantage as it provides the ability to reach a critical mass of Canadian customers with the familiar payment method for Canadian shoppers.
For customer segments which have a particularly strong preference for debit over credit, (such as younger customers who may not have credit cards) it is a potentially game-changing advantage.
By default, any online banking customer at these institutions is able to use it as a payment method – a figure that currently stands at around 9.5 million Canadians.
When a customer chooses to pay with Interac Online, he or she is redirected to the Interac web page, and asked to select their bank.
After logging in, selecting the account, and confirming the amount, the customer is returned to the retailer’s website for the confirmation page.
In terms of ecommerce, many merchants offer only credit cards as a payment option. But with a market preference for debit, Interac fills a gap in the payment industry by offering merchants and consumers a secure non-credit based alternative payment option for online shopping.
In terms of security, there are four key advantages to Interac Online:
Interac Online is currently supported by a significant number of online retailers.
If your business is seeking to grow its ecommerce footprint in the Canadian market, we advise you to consider this payment option.