Interac e-Transfer Automation (autoEMT)

Key Features

What is an Interac e-Transfer?

PremierPay is proud to offer this industry first: automated e-Transfer processing via API.

Interac e-Transfers offer an inexpensive and quick way to send money within Canada. The service at its base allows anyone to manually send or receive money to or from anyone else in Canada with only an email address or mobile phone number. That's all well and good in priciple, and many merchants are already experimenting with e-Transfers as a viable means to accept online payment.

The problem (without PremierPay's automation), however, is that the customer-initiated payments must be accepted manually and subsequently matched up to all pending shopping cart orders for approval. This is not only very time consuming for any business with even moderate volume, it also introduces several risks. For one, access to the corporate account must be granted to an employee, opening up your accounts to employee theft - which is common and difficult to monitor, unfortunately. Secondly, user-error is introduced during the order-matching process.

THE OLD (MANUAL) WAY:

• Merchants display an email address and desired password on their payment page


• Consumers sign into online banking (off-site) and add the merchant as a Payee using the displayed email address and password


• Consumers initiate a transfer (amount from shopping cart) to the merchant from their Payee List


• Recipients (in this case Merchants) of the e-Transfers receive a notification via email of a pending payment


• The Merchant clicks on the link from the email and signs into online banking to accept the payment and direct the funds to the appropriate account


• The Merchant creates a list of the received e-Transfers and cross-references the names, email addresses and amounts to ensure they correspond with orders


• Merchant ships orders with successful payment and reaches out to customers who did not complete the process.

THE AUTOMATED WAY:

• Merchants enter desired email address and generate a password PremierPay's gateway


• Consumers directed to online banking (off-site) from payment page and add the merchant as a Payee using the displayed email address and password


• Consumers initiate a transfer (amount from shopping cart) to the merchant from their Payee List


• PremierPay receives live notifications of completed transfers and reconciles the orders automatically


• If Merchant is integrated with PremierPay's API through their shopping cart platform, order status is updated


• Merchant ships product.

Over 250 financial institutions support Interac e-Transfer, making it one of the most popular transaction methods in the country. Add to that the well-known and trust-inspiring Interac brand, and this is a very interesting payment method worth considering.