Over 20 million Canadians trust Interac e-Transfer to send, receive and request money. And, with the service being used more than 763 million times in 2020, it’s hard to deny that it’s one of Canada’s favourite digital payment solutions. But why? Here’s a look at the top three benefits Interac e-Transfer provides:
1. Interac e-Transfer is convenient for consumers
The need to share money will never go away. People will always pay rent, split purchases, send money to family and friends or pay for a service. So, the question becomes: what payment option is at your fingertips? Interac e-Transfer is the most efficient way to send money to another person. All you need is access to online or mobile banking through a participating financial institution, and you can send or request money to anyone with an email address or mobile phone number and a bank account in Canada — without sharing any personal financial information.
2. Interac e-Transfer creates efficiencies for businesses
More than 54 per cent of businesses believe they are spending too much time on payment processing activities* and 46 per cent of decision-makers in Canadian businesses agree that reconciling payments is time-consuming. While businesses believe cheques are quicker and safer, they put a hold on companies’ finances due to processing times and the uncertainties that come from “lost in mail” payments or customers with insufficient funds.
For business owners, the ease of immediately requesting, sending and receiving money from anyone in Canada through Interac e-Transfer, Autodeposit and Request Money is an integral component to maintaining a strong cash flow and running a successful business. Interac is also working towards Interac e-Transfer enhancements that directly address challenges businesses face around data, speed, operational efficiencies and higher limits.
3. Security for all
Interac e-Transfer is one of the safest digital money transfer services in the world. When you send money using Interac e-Transfer, the money is transferred using established and secure banking procedures that financial institutions have used for years to settle cheques, bank machine deposits and withdrawals. Money never travels by email or text – these are simply used to notify you that money was sent or requested, as well as provide instructions to deposit.