Ch. 1, Ep. 6: Pay and get paid…fast

So far, we’ve provided tips that involve payment terms to know, keeping track of your incoming and outgoing income, and all there is to know about invoicing. In our final tip of the Pay and Get Paid Chapter of Interac’s “From Dollar One” series, we’re talking about  secure and convenient ways you pay and get paid.   

Now, managing payments can often come with some kind of cost, either in interest rates, paperwork, or time.  

That’s why using products like Interac Debit and Interac e-Transfer can help make this process simpler for both you and your customers.  

Whether you have your own physical location or sell your wares while out and about at markets, conventions, and events, you can set up Interac Debit Contactless Payments, so all your customers have to do is tap their debit card or digital wallet on your payment terminal like this:  

And just like that, you can enjoy the confidence of knowing the customer is checking out with their own funds. 

Now, say you have a payment of your own to make: A variable cost to a supplier who won’t send the items you need until they have payment. There are many possible solutions to this, but with Interac e-Transfer you can choose to send payment to the supplier within minutes after receiving the invoice.  

With Interac e-Transfer all you need is a mobile phone number or email address, and you can send money right from your account. For easy filing, you can also include invoice numbers and references in the “message” section.  

Interac e-Transfer has other features that can help with your business as well. You can use Interac e-Transfer Request Money to help take away the awkwardness of having to ask for your payment, and setting up Interac e-Transfer Autodeposit will ensure that your payment will go right into your account without the need for a security question and answer. 

Did you know that Interac e-Transfer can also scale with you as you grow? With Interac e-Transfer for Business you can access additional enhanced features like high transaction limits of up to $25,000, bulk disbursements to make multiple payments, like paying staff, and rich remittance data to reconcile transactions with less reliance on paperwork. Check out Interac.ca/business to for additional terms and conditions and to learn more.  

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 That’s all for the tips in our Pay and Get Paid chapter. Thanks for listening! We’re not done yet, though. Keep listening to learn more about the ins and outs of staying calm and in control of your business. And be sure to sign up for our newsletter at Interac.ca/dollar one.