Did you know Canadian consumers and businesses are using Interac e-Transfer services at record levels?
According to a recent article in Payment Business, more than 158 million transfers were made over the Interac e-Transfer platform in 2016. This represents an increase of almost 50% in the span of just one year.
The total value of Interac e-Transfers transactions has also reached a new high, with over $63 billion transferred in 2016. The average transaction sum was $408.
This data comes to us from the Interac Association/Acxsys Corporation.
Interac e-Transfer is a digital money transfer platform, and can be used for every type of transaction:
- Person-to-person (P2P)
- Person to business (P2B)
- Business to person (B2P)
- Business to business (B2B)
The Benefits of Interac e-Transfers
With Interac, a sender’s funds are withdrawn from their account immediately upon making a payment of transfer.
This benefits users on both ends of a transaction, because the money is sent and received instantaneously.
The even-better news is Interac e-Transfers work like debit transactions, so there are no chargebacks.
You can also keep track of when the payment was accepted, and verify if it was received.
You can even cancel a transfer in the event a mistake was made.
Interac will soon be introducing further capabilities to the platform, including:
- Request Money: Sending requests for money via Interac e-Transfer;
- Recurring Payments: Scheduling future-dated or recurring transactions and money requests;
- Auto Deposit: Receiving Interac transactions and depositing funds without the need to answer a security question.
Approximately one million transactions are currently made on peak days; this number will likely rise in the years to come.
Now that you understand what Interac e-Transfers are, and are aware of their benefits, you should check out the 7 Deadly Merchant Mistakes That Kill Profits.
Over the past decade, we’ve found many businesses are currently making at least one of these seven deadly mistakes and it’s impacting their bottom line with their current merchant account.
Helping our clients avoid these mistakes has added over $936,687 to their bottom lines.
Hidden Merchant Fees Costing Your Business Thousands? Not On Our Watch.