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Online marketplaces — where ordinary people (and sometimes businesses) can list goods and services to buy and sell — can be an effective way to connect with your growing customer base, especially for entrepreneurs who are just getting off the ground.

While most people contacting sellers on online marketplaces are just there to find good deals in their community, a few of them are out to defraud sellers — which creates an element of risk. Thankfully, you can take the steps in this episode to help prevent problems.

For more info, see our full guide to buying and selling securely via online marketplaces here: https://www.interac.ca/en/content/business/craft-fairs-and-farmers-markets-4-steps-to-stellar-service-and-sales-success/

  • Episode Transcript

    Did you know 85% of Canadians participate a secondhand economy? We shopped and swapped our way to a whopping $28.5 billion worth of goods in 2017. That’s according to the Chartered Professional Accountants of Canada

    Online marketplaces where ordinary people and startup businesses can list goods and services to buy and sell, they just seem to keep growing and growing.

    Welcome to From Dollar One, presented by Interac. In this episode, we’re talking about selling through online marketplaces, securely.

    For an entrepreneur, these marketplaces represent an enticing opportunity. They can be an effective way to connect with your growing customer base, especially for those who are just getting off the ground. But there are a few fraudsters out there, people looking to take advantage of sellers like you, so it pays to protect yourself.

    That means taking precautions, like meeting buyers in a safe place. In some cities, local police offer monitored safe spaces where people can go to make exchanges. You can also use Interac e-Transfer to make marketplace selling safer, not to mention easier too. Using Interac e-Transfer helps you avoid some of the payment methods scammers like to use when they’re posing as buyers, like counterfeit cash and fake checks and bank drafts.

    Another safety tip, if you have Interac e-Transfer Autodeposit setup, the payments you receive will be directly deposited into your bank account following standard bank fraud checks with no additional steps or passwords needed. That can help prevent email interception fraud.

    If you are using Interac e-Transfer with a security question and answer, make sure it’s a strong one that can’t easily be guessed or discovered. And make sure you share it through a safe channel, like in person, not somewhere it can be intercepted, like your email.

    And finally, to be extra sure you have received the money you’re supposed to, check your bank account balance before you send the buyer on their way.

    There’s more to learn. Visit Interac.ca/DollarOne to build up your knowledge about tips to help keep your business secure.

    You can also sign up for our free newsletter as well as get access to resources for Canadian entrepreneurs, like a digital security checklist, which we’ll be talking about in our next episode. See you then.

     

This article offers general information only and is not intended as financial, legal or other professional advice. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subject matter discussed. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Interac Corp.