Executive Summary
From INTERAC®
- What if I don't have online banking?
As INTERAC® Direct Payments (IDP) have become the standard in consumer point of sale (POS) transactions
(over 50% of all transactions), INTERAC® Online Payments (IOP) are destined to become the standard for
online commerce in Canada.
Currently, with the unraveling of our world-wide financial systems, indications are that future credit will be
more expensive and less accessible. Some major credit cards have already raised their interest rates by 5% to
an annual rate of 24.95%!
The entire world is examining what role credit should play in our future lives. A broad consensus of consumers
believes that easy credit breeds irresponsible financial behaviour, which in turn, is the cause of our current state
of affairs. Given the choice, an ever increasing percentage of consumers are choosing debit over credit.
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- Additional payment options result in increased sales
Online consumers do not like to submit personal financial information on the internet. This observation can be
easily borne out by the number of purchase (cart) abandonment experienced on most web sites. Of the more
than 3 billion consumer financial transactions taking place annually in Canada, 50% are completed via debit card.
The remaining 50% is evenly split between credit card and cash transactions. If you are not offering INTERAC® Online,
significant sales on your site are being lost to your competition.
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- Broaden your market reach
Youth market. Many young people may not own a credit card, but each one of them does own a bank account,
and most bank account holders do have a debit card. This market segment is tech savvy and very comfortable with
online commerce.
No credit card. Whether through financial mishap or philosophical opposition or any number of lesser reasons,
there are millions of consumers without credit cards. Almost all of these consumers have a debit card.
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- INTERAC® Online integrates seamlessly with your existing online infrastructure
To offer INTERAC® Online, a merchant simply offers the consumer another payment choice during the checkout process
on his website. Clear and detailed instructions are provided for merchant site configuration, with extensive support
resources available, should the need arise.
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- Debit transactions are a merchant's best choice
A debit card transaction is essentially a cash transaction. Within seconds of initiating a transaction, a merchant will
see the payment in his Debitway account. As long as a merchant fulfills his obligation to the consumer, there will be
no chargebacks. The customers bank guarantees payer identity, so there are no authentication costs. Debit transactions
are less complex, resulting in lower discount rates.
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- Reduce merchant overhead
The customer's bank guarantees payer identity and payment. The online merchant doesn't even see the customers
personal financial information, eliminating the need to store and safeguard something that he doesn't have, reducing
costs.
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Read more: http://www.interac.ca/merchants/productsandservices_ol_main.php
From DebitWay
- We Offer innovative online payment solutions exclusively
Rather than being a jack of all trades, master of none, we prefer to focus on our area of expertise and offer you industry
leading products and services. In Canada, in collaboration with INTERAC® and Emergis, we offer INTERAC® Online which we believe
will rapidly become the preferred method of payment for online transactions. INTERAC® Direct is already the preferred method
of payment at POS terminals .In the US, a ubiquitous, national payment network similar to INTERAC® does not exist; however we
offer a truly unique solution for nation-wide online transactions. If you sell into the US, please visit our American website
at: http://www.247debit.com.
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- Our client set-up team will have you operational in days, not weeks
Within hours of opening an account online, you will have access to your merchant control panel which will assist you in
completing your application form for an INTERAC® Online merchant account. Once your documentation and site preparation
is complete, Emergis, on behalf of Debitway and INTERAC®, will complete the website integration process.
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- Our Online Reporting tool gives you 24/7 access to all your data in real time
Our proprietary, custom designed database and reporting tools have been refined over the past five years to provide the
most comprehensive data set imaginable. Should you require additional data from the database, we will gladly modify
your reports at no charge.
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- Our self-regulating risk assessment tool results in lower transaction costs
In the transaction processing industry, risk assessment is the key determinant in calculating the cost of transactions. As a
DebitWay client, you will know how our risk assessment algorithm is constructed. With this knowledge, you will be able to
fine tune your business processes to optimize your discount rate.
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- We are fully compliant and exceed almost all industry-wide security standards
We strictly follow PCI DSS (Payment Card Industry Data Security Standards) regulations
Our entire system is tested daily for security integrity, and is certified by Trust Wave
Our client support services are available to our client's customers as well
Need a shopping cart Our DebitWay cart is included with your account.
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- Our customer support services are always live
Our offices are open during the following times, and you will always be able to reach a live Client Care specialist.
Monday to Friday 9:00 AM - 7:00 PM
Saturday 10:00 AM - 4:00 PM
Outside of the above hours, our offices are closed, but we do have staff available at all times to handle emergencies.
Off-hours staff is contacted by email
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Research Facts (2006)
- 86% of Canadians have an INTERAC® (bank/debit) card. (35 million cards)
- 87% of cardholders have used INTERAC® Direct Payment (IDP) to make a purchase.
- 26 % of Canadians stated they use IDP five or more times per week
- 62 % of Canadians have used IDP within the last week
- Canadians reached a milestone, using the INTERAC® (IDP) service 3.3 billion times in 2006.
- On Dec 22 & 23, 31 million INTERAC® transactions were processed, an all-time record.
You can read more research facts at: http://www.interac.ca/media/researchfacts.php
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