The retail landscape is changing. A lot of that change is driven by customers\u2019 shifting desires, habits and expectations. <\/p>\n\n\n\n
Canadians have accelerated their shift to digital payments<\/a>, and demand is growing for versatile digital experiences. In the midst of this change, payment options matter as much as ever: Customers are seeking experiences that are convenient, secure, and that offer them a choice of payment methods (as well as more control over their finances). <\/p>\n\n\n\n Meet <\/em>Interac Direct, a new online payment option that, for the first time, allows your customers to pay card-free using funds directly from their chequing, savings or line of credit accounts with a participating financial institution \u2014 while leveraging the secure, trusted Interac network. <\/p>\n\n\n\n Interac Direct also gives you, as a merchant, the opportunity to offer new and innovative payment customer experiences (such as recurring payments), and lower acceptance costs than competing payment schemes, with no risk of chargebacks. <\/p>\n\n\n\n At this page, you can learn: <\/p>\n\n\n\n Interac Direct is Canada\u2019s first digital payment offering that lets shoppers pay directly from their bank accounts with a participating financial institution through an authentication process that uses \u200b\u200b\u200b\u200b\u200b\u200btheir online banking login information\u2014 with no card required. <\/p>\n\n\n\n It enables consumers to make online purchases directly from any eligible bank account (chequing, savings and line of credit), via the KONEK platform. To help ensure that Interac Direct gives Canadian\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200bs a secure payment option, only the information necessary to complete the transaction is shared with the merchant. Sensitive bank account info is never stored by merchants or Interac. <\/p>\n\n\n\n Customers are offered Interac Direct as a payment option within KONEK, a new payment solution<\/a> supported by Canada\u2019s leading financial institutions and powered by Interac. Consumers see Interac Direct as a payment option when using KONEK to check out with an online purchase at participating merchants. <\/p>\n\n\n\n What the arrival of Interac Direct means is that merchants can give customers another convenient payment option \u2014 at a time when it\u2019s essential to have solutions that meet their payment expectations. <\/p>\n\n\n\n Read on to learn how Interac Direct can enhance your e-commerce offering and meet your customers\u2019 needs.<\/p>\n\n\n\n Customers may not be completing their transactions due to a lack of preferred payment options and\/or lack of convenience in the checkout solution. <\/p>\n\n\n\n Research from the Baymard Institute found that an estimated 70 per cent<\/a> of e-commerce shoppers abandon their carts. <\/p>\n\n\n\n That\u2019s a challenge for merchants, who are trying to keep up with customers’ diverse and shifting needs, and their expectation that merchants will offer an omnichannel checkout experience<\/a> when it comes to payment options. <\/p>\n\n\n\n A truly omnichannel checkout experience means giving customers as many convenient options for paying as possible \u2014 in part so they won\u2019t abandon their cart if you don\u2019t offer their preference. For example, only offering credit-based payments means you can\u2019t cater to customers who only use, or prefer to use, funds directly from their banking accounts.\u202f<\/span>\u00a0<\/span><\/p>\n <\/p>\n Interac Direct gives consumers flexibility and control over their finances, and because of those benefits, some may prefer it as a payment choice \u2014 and become repeat customers if you offer it.\u202f<\/span>\u00a0<\/span><\/p>\n<\/div><\/li> <\/ul>\n <\/div>\n <\/div>\n <\/div>\n<\/section>\n\n\n There\u2019s no question that e-commerce fraud and associated chargebacks can cause headaches for merchants doing business online. Many believe the problem is growing.\u202fMeanwhile, there\u2019s evidence that some customers abandon their carts because of fraud concerns. Customers\u2019 low trust in the safety and security of their data is therefore a challenge for merchants too.<\/p>\n\n\n\n Thanks to the tokenization and online banking authentication within the KONEK <\/span>platform<\/span>, Interac Direct transactions are secure, <\/span>and designed to help merchants reduce<\/span> losses due to fraud.<\/span><\/span>\u00a0<\/span><\/p>\n<\/div><\/li> <\/ul>\n <\/div>\n <\/div>\n <\/div>\n<\/section>\n\n\n For merchants that depend on repeat business, Interac Direct enables recurring transactions, subscriptions and pre-authorized bill \u200b\u200b\u200b\u200bpayments. This gives retailers access to features that customers are looking for in an online shopping experience \u2014 and that support different types of businesses. <\/p>\n\n\n\n The pre-authorization and recurring payments features of Interac Direct help customers set up subscription and other regular payments, like utility payments, to ensure continuity of service \u2014 and to help you retain their business. <\/p>\n\n\n\n Interac Direct offers other capabilities consumers want, including issuing refunds and split shipment transactions (meaning Interac Direct supports allowing partial payments when orders are divided and shipped separately). <\/p>\n\n\n\n And looking down the road, Interac Direct is built to enable new features that will enhance customer payment experiences. <\/p>\n\n\n\n\n
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What is Interac Direct? <\/h2>\n\n\n\n
Challenges and solutions with Interac Direct <\/h2>\n\n\n\n
Challenge: Abandoned shopping carts\u202f <\/h3>\n\n\n\n
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Solution: Interac Direct offers customers more choice in payment options<\/h6><\/a>
Challenge: E-commerce fraud\u202f <\/h3>\n\n\n\n
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Solution: Interac Direct transactions are secure<\/h6><\/a>
Recurring payments, pre-authorized, refund, split shipments (and more to come) <\/h2>\n\n\n\n
\n\n\n\nWhy offer Interac Direct as a payment option?<\/strong> <\/h4>\n\n\n\n
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\n\n\n\nA payment solution from a trusted and secure brand <\/h2>\n\n\n\n