4 Ways Pay-by-Bank Solutions Help Online Businesses In Canada

4 Ways Pay-by-Bank Solutions Help Online Businesses In Canada cover

4 Ways Pay-by-Bank Solutions Help Online Businesses In Canada

April 18, 2024

Online service or commerce providers constantly seek ways to enhance the customer experience. One important factor for customer satisfaction is having user-friendly and secure payment options. Providing a pay-by-bank option can offer numerous benefits for both businesses and customers.

Understanding Pay-by-Bank

Pay-by-bank solutions allow you to pay electronically directly from your bank account. In Canada, INTERAC® is a well-known pay-by-bank option. Businesses have been taking advantage of Interac e-Transfer Request Money. It allows businesses to collect payments directly from a customer’s bank account in real-time. Customers log in through their bank’s app or website to complete the payment—it’s fast, easy, and secure.

Benefits for commerce platforms

Lower costs: Online businesses can save on payment fees by offering pay-by-bank solutions as an alternative to credit cards. Pay by bank is half the cost of credit cards, which increases profit margins–helping businesses get more out of every revenue dollar.

Better security: Security is very important for businesses and customers during online transactions. Pay-by-bank solutions provider, Paramount Commerce, offers its clients top-level security and protection against payment fraud by using AI and machine learning. This technology helps analyze data in real-time to quickly spot potential fraud and also reduces false alarms. By enhancing security measures, customers are more inclined to trust and utilise pay-by-bank solutions for their transactions. 

More customers: By incorporating pay-by-bank payment options into an online platform, you can reach a wider range of customers. Some people don’t have credit cards or prefer not to use them online because of fraud concerns or overspending. By offering alternative payment methods linked to bank accounts, businesses can cater to this group of individuals. This ensures that all potential customers can make purchases according to their preferred payment method.

One-click payments: Many online businesses offer services or products that customers pay for regularly. Paramount Commerce has a new feature available with its Instant Bank Transfer product called One-Click payments. It makes subsequent transactions easier for users by eliminating the need for consumers to provide their bank account details each time they purchase something. Easier payments keep customers happy and increase sales.

In the current online landscape, Canadian businesses must provide straightforward and safe payment alternatives to satisfy their customers. This can be accomplished by leveraging pay-by-bank solutions such as Paramount Commerce’s INTERAC or Instant Bank Transfer solutions. These payment methods assist companies in reducing costs, broadening their clientele, and simplifying transactions. 

Let our team help you simplify your payment needs:  https://www.paramountcommerce.com/contact

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