Payment integration with Interac E-Transfer

One of the most cost-effective ways to collect online payments in Canada is to use Interac e-Transfers.

However, tracking all the payments can be a headache when dealing with hundreds of registrations, such as dance studios, gymnastics clubs, or swim schools.

So many turn to credit cards with their much higher fees.

But what if you could get all the streamlined benefits of credit card payments with the low fees of Interac transfers?

In this article, we’ll discuss;

• Offering multiple payment options
• Lower fees than credit cards
• Leveraging Interac e-Transfer auto-deposit
• Automatic payment settlement
• Implement Interac e-Transfers in your registration form
• Offer discounts for payment methods other than credit cards
• Auto-cancellation if someone fails to send Interac E-transfer

Offering Multiple Payment Options

Multiple payment options are essential to ensure a better registration process and accommodate different customer preferences. That’s why including Interac e-Transfers is beneficial:

• Flexibility for Clients: Clients have different payment preferences. While some may prefer credit cards, others might find Interac e-Transfers more convenient. Offering both options accommodates a wider audience.
• Reduce Abandonment Rates: When clients encounter payment methods that only offer credit card payments or in-person registration, they might abandon the registration process. By providing Interac e-Transfers, you reduce the likelihood of losing a client at checkout.
• Broader Appeal: Offering Interac e-Transfers can attract clients who are accustomed to using this service (think how we pay when we buy something on Facebook marketplace).

Comparing different payment methods

	Interac	Credit card	Bank transfer	Offline
Processing fees*	0%	2.9% + 30c	1% + 40c	Yes
Payout	Instant	1-3 days	5 days	Client dependant
Settlement	Automated**	Automated	Automated	Manual

*Excludes all fees charged by registration software and can vary from bank to bank. Credit card fees and bank transfer fees are based on stripe fees. Note that Activity Messenger charges a 1% fee on all transactions.
**Activity Messenger is the only registration platform that can automate Interac settlements.

Lower fees than credit cards

Cost efficiency is a major advantage of using Interac e-Transfers for your registration forms:

• Lower Transaction Costs: Credit card transactions often involve high fees, including processing fees and merchant fees. Interac e-Transfers generally have lower fees, which can lead to significant savings for you organization.
• No Chargebacks: Unlike credit cards, where chargebacks can occur, Interac e-Transfers do not have chargeback risks. This reduces the potential for disputes and associated costs.
• Improved Profit Margins: By saving on transaction fees, you can either lower registration fees for clients or reinvest the savings into enhancing your services.

Leveraging Interac e-Transfer Autodeposit

Now offered through Interact, Autodeposit is a powerful feature that can streamline payment processing even further:

• Automatic Deposit: Payments sent to your Autodeposit-enabled email address or mobile number are automatically deposited into your account without manual intervention.
• Reduced Administrative Burden: With Autodeposit, there is no need to manually check and process each payment, freeing up time for other critical tasks.
• Faster Fund Availability: Funds are available almost instantly, improving cash flow and allowing you to allocate resources more efficiently.

Automatic Payment Settlement

Integrating Interac e-Transfers into your registration form facilitates automatic payment settlement, providing several benefits:

• Real-Time Processing: Payments are processed and reflected in your financial records immediately, ensuring up-to-date information on payment status.
• Accurate Reconciliation: Automated settlement reduces the risk of errors associated with manual processing, leading to more accurate financial records.
• Efficiency Gains: By automating payment settlement, you streamline your financial operations, reduce administrative overhead, and minimize manual entry errors.

Auto-cancellation if someone fails to send Interac E-transfer

 

 

Implement Interac e-Transfers in your registration form

To maximize the benefits of using Interac e-Transfers on your registration forms, here are a few crucial steps:

1. Select the right registration form builder: Not all registration software or form builders are created equal. Make sure you choose one located in Canada that helps streamline the administrative process of collecting payments through Interac.
2. Integrate Payment Options: Make sure your registration form includes Interac e-Transfers as a payment option, among other methods.
3. Set Up Autodeposit: Configure your Interac e-Transfer Autodeposit feature to automate payment processing and eliminate the need to enter a password.
4. Communicate Clearly: Provide clear instructions on how to make an Interac e-Transfer, including details such as the email address or mobile number to use and any specific payment reference information required.
5. Automatic Payment Settlement: The worst part of getting paid by Interac is tracking payments. Use a platform like Activity Messenger that does it for you.
6. Monitor and Optimize: Review your payment processing regularly to ensure it’s running smoothly and make adjustments as needed to address any issues or inefficiencies.

Offer discounts for payment methods other than credit cards

You can incentivize clients to use Interac e-Transfers to reduce transaction costs and encourage e-transfer payments. Here’s how you can leverage rebates to promote alternative payment options:

• Offer Discounts: Provide a small discount on registration fees for clients who choose to pay via Interac e-Transfer instead of credit cards. .
• Communicate Savings: Clearly display the rebate information on your registration form and payment options page. Make sure clients are aware of the benefits of choosing Interac e-Transfer.

Using Interac e-transfers can result in huge cost savings in transaction fees. But it also comes with the burden of manually processing each transfer and following up with parents who have registered but not yet paid for their session.

Activity Messenger is designed to help you keep the savings from using Interac, but also streamline the process and save you hours tracking payments – it’s the best of both worlds!