Canadian merchants can now offer Interac e-Transfer Business Request Money directly within their online checkout through a new capability launched by Calgary-based Digital Commerce Payments.
DCPayments is the first payments provider in Canada to bring the Business Request Money feature into an integrated ecommerce checkout, offering merchants an account-based alternative alongside credit cards.
Customers select Interac e-Transfer at checkout and authorize the request through their participating financial institution within an embedded window that feels like part of the merchant’s website.
The integration connects the payment request, customer approval, transaction status and order confirmation in a single flow. That eliminates the need for merchants to provide an email address and manually match incoming transfers with customer orders.
Payments are confirmed and settled in near real time to the merchant’s DCPayments wallet, including during evenings, weekends and holidays. Because the funds move directly between bank accounts, merchants also avoid chargebacks and can reduce the payment-processing costs associated with credit cards.
Those potential savings could be especially significant for businesses with higher-value transactions, since credit card fees are generally calculated as a percentage of the purchase price.
“Many Canadian businesses already see the value of account-based payments, but the experience often sits outside their normal checkout process,” said Pamela Draper, president of DCPayments. “Bringing Interac e-Transfer Business Request Money into checkout gives merchants a more efficient way to accept payments while offering customers a familiar and convenient way to pay.”
Potential users include ecommerce retailers, professional services firms, contractors, home-service companies and education providers. Merchants can make Interac e-Transfer an additional checkout choice or encourage its use for larger purchases where card fees have a greater effect on margins.
The launch brings one of Canada’s most widely used payment methods closer to a conventional ecommerce experience. More than 1.6 billion Interac e-Transfer transactions were processed last year, according to the company’s announcement.
DCPayments developed the capability using technology already deployed for wallet-funding transactions. It is available now through the company’s transaction-acquiring solution.
DCPayments is part of Digital Commerce Group, a Calgary-headquartered fintech group whose businesses also include Schedule 1 chartered bank DCBank and Pateno Payments.
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