4 Ways Pay-by-Bank Solutions Help Online Businesses In Canada
Online service and eCommerce providers are always looking for ways to improve the customer experience. One critical factor in customer satisfaction is offering secure, simple, and flexible payment options. That’s where pay by bank solution providers in Canada come in — enabling a fast-growing payment method that benefits both customers and businesses.
What Is Pay-by-Bank?
Pay-by-bank allows customers to pay directly from their bank accounts using online banking — no credit or debit card required. In Canada, INTERAC® (Interac e-Transfer®) is the most recognized pay-by-bank solution, especially Interac e-Transfer Request Money. This feature lets businesses collect payments in real-time by securely prompting the customer to complete the payment via their bank’s app or website.
Why Offer Pay-by-Bank on Your Commerce Platform?
Lower Transaction Costs
Compared to traditional credit or debit card processing, pay-by-bank is significantly cheaper — often half the cost. This translates to higher margins and better profitability for businesses.
Better Security for Customers and Merchants
Security is a top concern during online transactions. Pay-by-bank solutions, such as those from leading pay by bank providers in Canada such as Paramount Commerce, use AI and machine learning to detect fraud in real-time. This not only helps protect financial institutions and consumers from fraud but also reduces false positives, making the entire process more seamless.
Serve More Customers
Not every customer has a credit card—or wants to use one online. Offering pay by bank payments in Canada expands your reach to users who prefer online banking, improving checkout conversion and accessibility.
One-Click Payments for Returning Customers
Recurring purchases? With Paramount Commerce’s One-Click payments (part of the Instant Bank Transfer solution), returning customers can complete transactions without re-entering their banking details. Faster checkouts = better customer satisfaction and higher repeat business.
What Makes Pay-by-Bank Safe?
Encrypted financial data handled securely by licensed financial services providers
No sensitive card details stored
Verified through your trusted bank login — just like a regular transfer transaction
These features make pay-by-bank one of the safest ways to accept payments today.
Get Started with Paramount Commerce
If you’re looking to simplify your payment stack, increase security, and offer modern alternatives to traditional card payments, Paramount Commerce can help. As one of the top pay by bank solution providers in Canada, we offer tailored solutions such as INTERAC (Interac e-Transfer) and Instant Bank Transfer to help your platform grow with confidence.
