Last week I saw a popular web designer post that he had been hit with another $5000 chargeback even though he had completed the tasks on time and as outlined in the contract. This is a familiar situation that many small businesses have found themselves in, and it is a great time to remind us of our payment processor options.
Canadians who find themselves grappling with exorbitant payment processor fees or facing unjustified chargebacks know how frustrating it can be to manage these issues in their businesses.
The financial strain, the administrative, and occasionally legal burden, can take a significant toll, especially on small businesses or those operating on tight margins. In a landscape where technological advantages can sometimes feel limited, one standout option offers a reprieve: e-transfers.
E-transfers, or electronic money transfers, have become increasingly popular in Canada, and for good reason. Unlike traditional payment methods that can come with hidden fees, long processing times, and the risk of chargebacks, e-transfers provide a streamlined, secure, and cost-effective solution for both businesses and customers. They allow businesses to receive payments directly into their bank accounts, often within minutes, and with far fewer complications than credit card transactions.
In a market where every dollar counts, and the need for reliable, hassle-free payment methods is ever-growing, E-transfers emerge as a powerful tool for Canadian businesses looking to simplify their operations and reduce costs. They offer a unique advantage in a country where the digital payment landscape can sometimes feel restricted.
Here are 9 compelling reasons why businesses across Canada should seriously consider embracing e-transfers for payments:
Convenient
E-Transfers are our primary method of payment for our plumbing business as they are one of the easiest and most secure ways to send and receive money in Canada. They’re fast, convenient, and widely accepted by banks and credit unions across the country.
Fast
Unlike other payment methods, e-Transfers typically take just minutes to complete, so you can pay your friends, family, or businesses instantly, no matter where they bank.
Secure
Security is assured. The funds are never transferred between third party accounts but are securely handled by your bank.
No Chargebacks!
One major advantage of e-Transfers for payments: they’re final. Once the payment is sent and accepted, clients can’t dispute the charge like with credit cards. This adds an extra layer of protection for businesses.
Now/Low Fees
Using e-Transfers can help you avoid high transaction fees often associated with payment processors. Most banks offer free or low-cost e-Transfers, making it an economical choice. Most payment processors charge 3+%, which adds up quickly.
Easy!
E-Transfers are also very user-friendly. With just an email address or phone number, you can send money to anyone in Canada. No need to remember complicated account numbers or bank details.
Split Bills
E-transfers make it super simple to split a bill, pay rent, or settle up after a group gift. Just a few taps on your phone, and you’re done.
Be A Good Canadian EH!
E-Transfers for payments also support our economy. By using a Canadian payment system, you’re helping to strengthen our financial institutions and keep the money circulating within our borders.
E-Transfers For Payments
These days digital payments are becoming the norm and e-Transfers are an ideal choice for Canadians who value convenience, security, and supporting the local economy. Consider promoting their use the next time you need a payment processor. If you need any help setting up your payment processing system, reach out anytime! I am happy to help!