What Payment Integration Type Is Best For Your Business?
Choosing the right payment integration can feel overwhelming. Between development timelines, transaction fees, and the customer experience, there’s a lot to consider. Whether you’re just launching your business or looking to optimize your checkout, it’s important to pick a payment solution that aligns with your goals and your resources.
One increasingly popular option is pay by bank—a payment method that allows customers to pay directly from their bank accounts. In Canada, this method is gaining traction quickly. In fact, nearly 40% of Canadians say they prefer to pay this way or don’t use credit at all.
But how you offer pay by bank payments matters. Let’s break down the three main integration paths and what each means for your business:
1. Payment Processor
A payment processor is a full-service provider that handles everything from bank connections to compliance and support. It’s the easiest and most cost-effective way to accept pay by bank, especially if you’re looking to scale quickly with minimal development effort.
Best for: Businesses that want an all-in-one solution with strong support and built-in fraud protection.
2. Aggregator
Aggregators connect you to several payment options, including pay by bank, through one platform. While this model can offer flexibility, it also introduces risk—since all your payment providers are tied to one connection, any issue can impact all your payments at once.
Best for: Businesses that want flexibility and access to multiple payment methods but can handle a moderate level of complexity.
3. Direct-to-Bank
This option connects your business directly to financial institutions. While it can give you more control, it requires significant technical resources and higher upfront investment.
Best for: Enterprise-level businesses with in-house development, risk management, and compliance teams with long-term plans for customization.
Why Paramount Commerce?
If you’re looking for a Canadian payment processor that specializes in pay by bank solutions, Paramount Commerce is a great option. As one of the leading providers in the space, Paramount Commerce is a licensed Interac e-Transfer® provider that is:
Simple to integrate
Trusted by Canadian consumers
Backed by a robust risk management system
Fully supported with onboarding and customer care
There’s no one-size-fits-all solution, but if you want to offer a payment solution in a way that’s simple, secure, and scalable, working with a payment processor is usually the smartest place to start.
Choose a payment partner that is built for Canadian businesses. Choose Paramount Commerce.
