If you run an independent small business, we don’t need to tell you the holidays are one of the busiest times of the year. It’s every small business owner’s goal to hustle through the season in the most efficient, hassle free way — while also maximizing profits.
But how? With Interac Debit, small businesses can create a low-friction checkout solution, keep their interchange fees low, and many can sell to customers whether they are doing their holiday shopping online or in-person.
Let’s look at how Interac Debit can help and support your business on its most bustling days:
Interac Debit offers you an economical option for accepting payments
At Interac we’re committed to providing small businesses with low-cost payment solutions. Interac Debit offers a single flat fee regardless of purchase price. This helps limit the amount of transaction fees you’ll pay during your peak periods. For example, if you make a sale of $500, other payment methods could set you back around $10 in interchange fees. But Interac Debit will only cost around 10 cents per transaction. Over time, that difference really adds up.
Learn more about the fee structure of Interac Debit.
Interac Debit allows you to offer a fast, low-friction checkout experience
Interac Debit helps independent and micro businesses avoid losing out on sales from people who don’t carry cash, or who don’t (or can’t) pay with credit. When those customers see a “cash only” sign, or are told they have to pay with credit, that’s friction. They can decide not to make a purchase (or abandon their cart, if shopping online).
Interac Debit gives those customers another choice in how to pay, whether online or in store. With Interac Debit they can pay using their debit card or a mobile wallet (i.e., Apple Pay or Google Pay). Offering customers their preferred choice of payment lowers the friction level of the experience for them.
Interac Debit can also help speed up your physical checkout so customers won’t have to wait too long in line, even during the busiest days. When customers make contactless transactions using a card or mobile device, they help get checked out fast, by avoiding putting in a PIN (subject to transaction limits) — which keeps the queue moving. Just imagine how a smooth checkout could keep your holiday customers calm and happy!
And for you, accepting Interac Debit can help you avoid the hassles of counting and dealing with cash. That’s another plus.
To be able to offer Interac Debit, you have to connect with an acquirer.
Interac Debit lets you accept payments without a storefront
If you’re planning to work somewhere away from your usual home base — like a craft fair, event or party — you can still easily accept Interac Debit for customer payments using a mobile phone or tablet. One new solution for this holiday season is to accept Interac Debit contactless payments directly with your smartphone without the need for extra hardware (like a card reader). Tap to Pay on iPhone and Tap to Pay on Android give you the freedom to sell wherever you are — to help you expand the reach of your small business during your upcoming holiday season.
What about online sales? If you have an e-commerce store, it’s probably also busy during the holidays, as customers shop. Wouldn’t it be ideal to capture as many potential sales as you can? Avoid abandoned shopping carts by ensuring your customers have the option to pay by debit online through digital wallets.
Make sure you’re serving online shoppers who prefer to pay by debit.
Learn more about Interac Debit and online sales here.
With Interac Debit, there are no chargebacks
The holidays and their aftermath can bring an increased risk of chargebacks for credit transactions. Having the charges unexpectedly reversed on your holiday sales can disrupt your business’s cash flow — and given the timeframe for charge disputes, this can go on for months into the new year.
How is Interac Debit different? It works on a “good funds” model, which means funds are sent from your customer’s bank account to your commercial account in real time. And because customers are paying directly with funds that are already in their accounts, you won’t get stung by chargebacks — with Interac Debit, there aren’t any.
Interac Debit makes refunds easy
Refunds can also be quick and easy with Interac Debit — another feature that benefits both you and your customers. When it’s busy times for you, it can often be busy times for customers as well — they’ll appreciate the convenience of fast refunds. (And if you and your employees don’t have to spend too much time issuing refunds, you can focus more on sales — which is better for your business.)
If you offer refunds, you can process them through Interac Debit as long as the cardholder is there to authorize the transaction.
Learn how to offer traditional point-of-sale contactless payments with
Interac Debit.
With Interac Debit, you receive payment immediately
Interac solutions are all about getting you paid fast. When your customers pay with Interac Debit (or Interac e-Transfer), you’ll receive payment in your account right away — days faster than some other methods. Like cheques, for example: Not only do you have to wait for them to clear, they can involve a trip to the bank.
Interac Debit can also be more convenient than cash, which you have to count, manage, and bring to the bank while avoiding having it lost or stolen.
As you can see, the holidays can be lucrative without being a headache for running your small business.
And if you need a positive thought to keep you motivated: Busy times mean your business may be growing — and the benefits of Interac Debit are ready to scale up with you.
Interac Debit can keep helping you as your business grows.
* https://www.interac.ca/en/content/news/fuel-for-economic-recovery-canadians-want-to-support-local-businesses-in-their-communities-and-half-are-willing-to-pay-more-if-needed/
