Executive Summary

What if I don't have online banking?
As Online Direct Debit Payments have become the standard in consumer point of sale (POS) transactions (over 50% of all transactions), online Direct Debit transactions are destined to become the standard for online commerce in Canada.

Currently, with the unraveling of our world-wide financial systems, indications are that future credit will be more expensive and less accessible. Some major credit cards have already raised their interest rates by 5% to an annual rate of 24.95%!

The entire world is examining what role credit should play in our future lives. A broad consensus of consumers believes that easy credit breeds irresponsible financial behaviour, which in turn, is the cause of our current state of affairs. Given the choice, an ever increasing percentage of consumers are choosing debit over credit.
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Additional payment options result in increased sales
Online consumers do not like to submit personal financial information on the internet. This observation can be easily borne out by the number of purchase (cart) abandonment experienced on most web sites. Of the more than 3 billion consumer financial transactions taking place annually in Canada, 50% are completed via debit card. The remaining 50% is evenly split between credit card and cash transactions. If you are not offering Direct Debit Transfer Online, significant sales on your site are being lost to your competition.
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Broaden your market reach
Youth market. Many young people may not own a credit card, but each one of them does own a bank account, and most bank account holders do have a debit card. This market segment is tech savvy and very comfortable with online commerce.

No credit card. Whether through financial mishap or philosophical opposition or any number of lesser reasons, there are millions of consumers without credit cards. Almost all of these consumers have a debit card.
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Debit Transfer integrates seamlessly with your existing online infrastructure
To offer Online Debit Transfers, a merchant simply offers the consumer another payment choice during the checkout process on his website. Clear and detailed instructions are provided for merchant site configuration, with extensive support resources available, should the need arise.
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Debit transactions are a merchant's best choice
A debit card transaction is essentially a cash transaction. Within seconds of initiating a transaction, a merchant will see the payment in his Debitway account. As long as a merchant fulfills his obligation to the consumer, there will be no chargebacks. The customers bank guarantees payer identity, so there are no authentication costs. Debit transactions are less complex, resulting in lower discount rates.
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Reduce merchant overhead
The customer's bank guarantees payer identity and payment. The online merchant doesn't even see the customers personal financial information, eliminating the need to store and safeguard something that he doesn't have, reducing costs.
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Read more: www.interac.ca/merchants/productsandservices_ol_main.php


From DebitWay

We Offer innovative online payment solutions exclusively
Rather than being a jack of all trades, master of none, we prefer to focus on our area of expertise and offer you industry leading products and services. In Canada, in collaboration with leading online payment processors, we offer Direct Debit Transfer Online solutions which we believe will rapidly become the preferred method of payment for online transactions. Direct Debit is already the preferred method of payment at POS terminals .In the US, a ubiquitous, national payment network does not exist; however we offer a truly unique solution for nation-wide online transactions.
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Our client set-up team will have you operational in days, not weeks
Within hours of opening an account online, you will have access to your master merchant control panel which will assist you in completing your application form for a Direct Debit Transfer Online merchant account. Once your documentation and site preparation is complete, the website integration process will be finalized.
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Our Online Reporting tool gives you 24/7 access to all your data in real time
Our proprietary, custom designed database and reporting tools have been refined over the past five years to provide the most comprehensive data set imaginable. Should you require additional data from the database, we will gladly modify your reports at no charge.
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Our self-regulating risk assessment tool results in lower transaction costs
In the transaction processing industry, risk assessment is the key determinant in calculating the cost of transactions. As a DebitWay client, you will know how our risk assessment algorithm is constructed. With this knowledge, you will be able to fine tune your business processes to optimize your discount rate.
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We are fully compliant and exceed almost all industry-wide security standards
We strictly follow PCI DSS (Payment Card Industry Data Security Standards) regulations
Our entire system is tested daily for security integrity, and is certified by Trust Wave
Our client support services are available to our client's customers as well
Need a shopping cart Our DebitWay cart is included with your account.
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Our customer support services are always live
Our offices are open during the following times, and you will always be able to reach a live Client Care specialist.
Monday to Friday 9:00 AM - 7:00 PM
Saturday 10:00 AM - 4:00 PM
Outside of the above hours, our offices are closed, but we do have staff available at all times to handle emergencies. Off-hours staff is contacted by email
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*Interac and the Interac logo are trade-marks of Interac Inc. The Interac Online Payment service is owned and operated by Acxsys Corporation.
*Previous misstatements in this summary have been corrected in order to reflect that DebitWay is an authorized Interac Online Payment service provider. DebitWay in no way intends to communicate ownership of the Interac Online Payment service or imply endorsement by Interac Inc. and Acxsys Corporation of DebitWay’s services.
For more information about Acxsys Corporation and Interac Association you can read the details at: Research Facts