Canadian businesses and consumers are rapidly embracing pay by bank solutions—especially Interac e-Transfer. Here’s why this payment method is gaining ground, and how adding Interac e-Transfer as a way to pay helps businesses expand reach, lower costs, avoid chargebacks, and offer more choice.

1. Lower Payment Fees

Credit card fees in Canada typically range from 2.5% to 3% per transaction, plus additional charges depending on the provider and card type. For businesses, these costs add up quickly. In contrast, Interac e-Transfer costs up to 50% less per transaction (Activity Messenger). This means more revenue stays in your pocket, especially as your business grows.

2. Reduce Chargebacks

Chargebacks are a common pain point with credit cards, causing lost revenue and extra admin work. Pay by bank solutions such as Interac e-Transfer reduce chargebacks because payments are authenticated and authorized directly by the customer’s bank (DashDevs). This reduces fraud risk and gives you more predictable cash flow.

3. Expand Customer Reach

Not everyone wants to or can use a credit card online. Interac e-Transfer opens your business to a wider audience, including those who prefer not to use credit or don’t have cards at all. According to Payments Canada, 53% of newcomers and 47% of gig workers are more likely to use pay by bank compared to the general population. These groups value the convenience, lower barriers to access, and immediate settlement that pay by bank offers—making it a smart choice for those seeking flexibility and control over their finances.

4. Fast, Convenient Payments

Interac e-Transfer is available 24/7, 365 days a year, and payments are settled instantly. No more waiting days for funds to clear, as with some bank transfers or credit card settlements. This means better cash flow and a smoother experience for both you and your customers.

5. A Safer Way to Pay

With payment fraud on the rise—13% of Canadians have experienced payment fraud in the past six months (Payments Canada, 2024)—security is top of mind. Credit cards remain a common target for data breaches and unauthorized use, especially online. That’s why more Canadians are turning to pay by bank solutions such as Interac e-Transfer, which 32% of Canadians say they believe is more secure. By authenticating payments directly through your bank and never sharing card details, pay by bank drastically reduces fraud risk—making it the smarter, safer choice for both consumers and businesses.

The Bottom Line

Pay by bank solutions such as Interac e-Transfer help Canadian businesses lower costs, reduce risk, reach more customers, and offer a fast, secure payment experience. If you want to future-proof your payment stack and keep more of your hard-earned revenue, it’s time to make pay by bank part of your checkout.

Ready to expand your reach and lower your payment costs? Consider adding Interac e-Transfer to your payment options today with Clik2pay: Click here