Widespread and reliable internet connections, coupled with technologically advanced smartphones, has led to a huge increase in the number of Canadians who now make use of digital payment methods. It is estimated that Canadian online payment methods account for approximately 80% of all Canadian financial transactions. That’s a whole lot of people making use of online shops and services. If you’re a Canadian who is still umming about which payment method to use to make online payments, we’re here to help you out. In this article, we’re going to take a look at a few of the most popular online retail payment methods in Canada. Hopefully, by the time you’ve finished reading, you will feel ready to go online and make use of all the incredible ecommerce sites that are waiting for you.
PayPal
PayPal is one of the most popular e-wallets in existence. Over the last 20 years, PayPal has cultivated a reputation for being safe and trustworthy. This payment provider has over 300 million users, and it provides payment solutions to over 200,000 business enterprises in Canada.
PayPal in the casino and gambling industry
You can use PayPal to make any number of online transactions. Online retailers offer and service providers that offer PayPal can be considered reliable and safe. PayPal only partner with businesses that follow exemplary business practices. PayPal casinos, for example, benefit hugely from their association with PayPal because players know that if PayPal has given a casino the green light to offer their payment services, then said casino is likely to tick all the right boxes.
By using PayPal to make online payments you add a layer of security to every single payment. You only ever have to disclose your credit card or bank details to PayPal – when you make a payment using the PayPal gateway, all you need to do is enter your PayPal password to authorize the payment. You can also use the PayPal gateway without having to have a PayPal account thanks to PayPal’s partnership with MasterCard.
Interac
Interac is an online payment provider aimed exclusively at Canadians (this also means that you cannot use it to make international payments). Interac has been providing Canadians with a safe and secure method for undertaking online transactions since 2005. It works as an intermediary to facilitate direct bank transfers. In one way, Interac works in a similar fashion to an e-wallet in that your bank details are never shared directly with the online merchant. However, the big difference is that Interac does not hold any of your funds in an online wallet. As an Interac user, you will benefit from state-or-the-art, bank-grade security whenever you make an online purchase. Each transaction is easy to make, and the speed in which the transaction is completed is noteworthy. The Interac suite of services includes: Interac e-Transfer, Interac Online, Interac Debit, and Interac Flash.
Square
Square is the brainchild of Jim McKelvey and Jack Dorsey (of Twitter fame). Their mission was to create a straightforward mobile payment processor that worked equally well for both merchants and consumers. Since 2009, Square technology has been downloaded and used by millions of small businesses. The software can be used by merchants to track inventory and sales, as well as to accept credit cards payments. Payments can be processed using any mobile device, and Square also provide merchants with a POS payment machine. Customers can use Square to make quick payments for a wide variety of goods and services, and you can also use the Square Cash mobile app to make peer to peer financial transactions. Square does not charge a fee for Square Cash users, and merchants are charged a small, fixed fee for credit card transactions. With the ease of use, minimal fees, and the convenience of mobile payments, its not surprising that Square is becoming the go-to payment system for Canadian consumers.
Moneris
Moneris is a Toronto based company that provides a payment gateway for Canadian small businesses. Moneris facilitates over three billion financial transactions every year. The company is renowned for their security conscious approach to payments. Moneris focuses on helping Canadian businesses grow and expand. For example, they have partnered with Elevate to create eCommerce North which provides a six-month accelerator programme aimed at helping local start-ups find financial success. As well as proving an online and POS payment gateway, their services also include providing software that tracks sales and inventory. Consumers can use the Moneris payment gateway using a mobile device with the relevant software to make fast payments at any retail or service provider that has a Moneris payment machine.
Conclusion
As a Canadian consumer, you have several reputable payment providers from which to choose. In our humble opinion, e-wallets edge out the rest of the competition due to the level of safety involved with each transaction and the fact that e-wallets offer a wide range of services alongside basic online payments. However, keep in mind that you do not have to stick to just one online payment method. You can try out as many as you like until you find one that suits your needs and that you feel comfortable using.
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