The Rise of Interac e-Transfers

Did you know Canadian consumers and businesses are using Interac e-Transfer services at record levels? According to an article in Payment Business, more than 158 million transfers were made over the Interac e-Transfer platform in 2016. Over the last few years, the use of e-Transfers has been on the rise. In 2018, Interac’s stats revealed a 54 percent increase in transactions from the year before. More than 371 million Interac e-Transfer transactions occurred in Canada in 2018, compared to the 241 million e-Transfers from 2017. 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With Interac, a sender’s funds are withdrawn from their account immediately upon making a payment of transfer.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, and you know that the funds have to be available to be used for the transfer. 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. Now, you can even set up Auto-Deposits, where a security question is no longer needed to complete a transfer.

Uncategorized

Amazon Pay and the Reinvention of Frictionless Transactions

Uncategorized

COVID-19 and its Effect on Traditional Sports

Uncategorized

UberEats Launches Contactless Order Application for Restaurant Dine-ins

Uncategorized

MasterCard Announces Free Cybersecurity Assessments for Small Businesses

Uncategorized

Visa Token Service Champions Secure Transactions Through 28 New Partners

Associations

TIAC
CIFFA
ttc

Card Brands

visalogo
mastercard
amex
Interac-logo
discover-logo
maestro-logo
JCB-logo
union-pay-logo
diners-club-logo

Contact Us

CANADA OFFICE
Merchant Broker
1 King St. West. Suite 4903
Toronto Ontario M5H 1A1

USA OFFICE
Merchant Broker
2450 St Rose Pkwy
Henderson, Nevada
89074
USA

T 1-888-668-0733
info@merchantbroker.com

©2019 Merchant Broker Inc. All rights reserved. Merchant Broker Inc. is a Registered MSP/ISO of the Canadian branch of U.S. Bank National Association and Elavon Merchant Broker Inc. is an Elavon Payments Partner & Registered MSP/ISO of Elavon, Inc. Georgia [a wholly owned subsidiary of U.S. Bancorp, Minneapolis, MN] Merchant Broker is a registered referral partner of Bambora. Registered Preferred Partner of Ingenico e-Payments International. Referral Partner of Global Payments.