The term “Interac” is a very popular one in Canada. It’s the company that essentially ushered in the era of the debit card. Today, “Interac” is synonymous with “debit card” although the company offers numerous services such as e-transfers. “Whether buying your morning coffee, paying back a friend or evolving your business payment system, Interac helps you stay in control of your money so you can get the most out of life,” reads the Interac website.
Debit cards, of course, refer specifically to rectangular pieces of plastic. They allow Canadians to both make purchases at stores and withdraw money from their bank accounts using ATMs. With an Interac debit card, a consumer can make a purchase by immediately using the money he/she has in the bank. Unlike a credit card, no money is borrowed. It is immediately deducted from the purchaser’s balance.
Debit cards make shopping easy.
Paying for a purchase with a debit card is as simple as inserting the card and punching in a PIN code. In many cases, tap or contactless payments can be made as well. Debit cards make the entire checkout process quick, easy and safe. Especially as we continue to endure this pandemic, it’s reassuring to know that shopping can be made a touch-free process at the cashier.
“Debit cards are popular financial tools because they make it easy to purchase goods and services without cash,” writes Gaby Pilson on Koho.ca, “In a society that’s becoming rapidly cashless, getting a debit card is a must for all newcomers to Canada. In fact, you’ll often get issued a debit card automatically when you open a Canadian chequing account.”
Debit cards are easy to access.
As long as you have a bank account, you can get a debit card. There is no long and drawn out application and approval process necessary. Unlike applying for a credit card, no credit check is necessary. A debit card represents one’s access to his/her money in the bank. Credit card applicants are generally requested to prove that they are trustworthy enough to pay back the money they borrow to pay for purchases.
“In Canada, debit cards are one of the more accessible financial tools,” explains Pilson, “That’s because nearly anyone with a chequing account in Canada is eligible to get a debit card for daily payments. In many cases, your bank will issue you with a debit card as soon as you open a chequing account. This is particularly true if you open a bank account with a financial institution that offers special services for newcomers to Canada.”
Do you accept debit cards in your store?
The majority of Canadian consumers use debit cards. It can be argued that accepting debit cards as methods of payment in your store is vital to its success. At Unity Payments, we believe that the easiest and most convenient way for merchants to accept debit cards is with the Poynt Smart Terminal. To learn all about this revolutionary payment processing option, please don’t hesitate to call us at 1-800-661-3761. You may also email us at info@unitypayments.ca.
