Interac payment method
Interac is the local debit network of Canada. It offers customers a secure way to pay for goods and services in-store and online. It is the leading POS payment method in Canada and for some verticals, like everyday purchase categories, can represent 40-60% of transactions. Interac supports EMV, contactless (Flash) and mobile wallet payments.
For eCommerce transactions, Interac provides two payment options: in-app or mobile web payment flows where an Interac card is used with Apple Pay, Google Pay, and Samsung Pay, and "Interac Online" which is an online banking payment method that can only be used for single-branded Interac cards. We see strong growth of the Apple Pay and Google Pay payment option, driven by the fact that most banks have chosen Interac for their debit cards in those wallets.
- Cost efficient as network and interchange fees are lower than other cards
- The only way to accept most debit cards in Canada at POS and through Apple Pay and Google Pay
- Low risk of chargebacks
- Minimal effort to implement, especially for merchants already offering Apple Pay and Google Pay via Adyen
Accept Interac with Adyen
Adyen offers a full service Interac solution, including reconciliation, reporting and settlement services.
| Market | Canada |
| Settlement currency | CAD |
| Channel | Ecommerce, Point of Sale |
| Processing currencies | CAD |
| Recurring transactions | No |
| Refunds | eCom: Yes (90 days limit); POS: Customer must be physically present to process a refund |
| Partial refunds | Yes |
| Multiple partial refunds | No |
| Multiple partial captures | No |
| 3D Secure | No |
| Payouts | No |
| Settlement delay | 3 days |
| Chargebacks | Yes (in case of technical errors and goods not received) |
Pricing
The Interac network supports the Interchange++ pricing model. It consists of the following components:
- Interchange fee charged by the bank who issued the card
- Scheme fee charged by the card schemes
- Applicable acquirer markup charged by Adyen
| Processing fee | Payment method fee | |
|---|---|---|
| Interac Debit and Flash | C$0.16 | Interchange++ |
| Interac In-app and Mobile web | C$0.16 | Interchange++ |
| Interac Online | C$0.16 | International merchants: C$0.60 +2.00% Domestic merchants: C$0.90 |
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