22 Sep Interac Debit or Credit Card? A $33.40 Question

Canadian businesses are fortunate to have Interac Debit for in-person, card-present transactions. Yet some businesses continue to process transactions by manually entering credit card numbers—even when there may be a less expensive and more secure alternative.

Here’s a real-world example:

A business we are currently working with processes a $1,000 transaction by manually entering the customer’s credit card information. Under their current arrangement, that transaction costs approximately $33.40 in processing fees.

If that same $1,000 transaction were processed as an Interac Debit transaction, the cost would be just $0.06 under the program we are comparing.

That’s $33.34 in potential savings on a single $1,000 transaction.

The difference can become significant when multiplied across dozens, hundreds, or thousands of transactions.

Interac Debit can also provide the added benefit of processing an in-person transaction without manually entering card information, which can help reduce the risks and administrative burden associated with keyed transactions.

If your business is manually entering card numbers for transactions that could potentially be processed in person using Interac Debit, it may be worth taking a closer look at your payment setup.

There may be alternatives that can save money, improve security, and make accepting payments easier.

You know your business. We know credit and debit card processing. Let us take a look at your current arrangement and see what alternatives may be available.