If you are in the Digital Currency industry and trade in eMonies like Bitcoin, Litecoin, Dogecoin, etc, odds are that you have come face to face with the ugly truth… Banks do not want to deal with you.
You may well have all your ducks in a row, you may well be showing long term stability and you may well be a reputable business… odds are Banks will not be keen on giving you a merchant account. Why is that?
- Digital Currency is a “High Risk” Industry
- Banks don’t want to risk running afoul of AML (Anti Money Laundering) policies
- The anonymity of “Peer-to-Peer” transactions makes it almost impossible to KYC (Know Your Client)
Financial institutions will always err on the side of caution and for that reason, many Digital Currency Entrepreneurs have found the doors slammed in their faces or worse… their merchant accounts and clients accounts closed without warning by the issuing Bank.
Essentially, Bitcoin and other Digital Currencies cannot be controlled by the banks, so the banks have become very apprehensive of any dealings with entrepreneurs whose business is or revolves around Digital Currency.
DebitWay.ca is a long standing alternative payment service provider, an experience, sophisticated and tested PSP that has fostered and nurtured strong relationships with Banking conglomerates. What does that mean for the Digital Currency Entrepreneur?
- DebitWay.ca can Get you a Bank
- DebitWay.ca can get you up and running
- DebitWay.ca can make sure you understand AML
- DebitWay.ca can make sure you KYC
- DebitWay.ca can Manage your “High Risk” venture
While that may all sound fine and dandy indeed, the question then becomes how? And Why? And What’s the catch?
Let’s start with the HOW
- With over a decade of experience in the PSP world, strong financial ties are made
- A 10 year track record of exemplary practices has cemented trust from Banking entities
- DebitWay.ca acts as a “buffer” between You (the merchant) and Them (the banks)
- In so doing, DebitWay.ca assumes all the risk. Effectively insulating the Bank
Let’s move on to the WHY
- Digital Currencies are The way of the future, without forward thinking there is no longevity
- DebitWay.ca was born online for the online industry same as Digital Currency
- DebitWay.ca understands Digital Currency & Understanding is the first step to accepting
And WHAT is the catch
- There is no catch
- DebitWay.ca processes Your transactions for You
- As Such DebitWay.ca Wants You to succeed
- More Transactions processed means More Profit for everyone concerned.
It really is that simple. DebitWay.ca can help you get to where you should and want to be, online, active and running a successful business venture.
So what does DebitWay.ca offer in terms of payment services?
- Certified INTERAC® Online Payment Processing. (IOP)
- Direct Debit for Canadian eConsumers
- Real-Time payments for the eMerchants
- Cash transactions that are not susceptible to Charge Backs/Reversals
- Direct Debit Transfer. (DDT)
- Direct Debit for International eConsumers
- A growing network of 160 International Bank Partners all over the world (60 Countries and growing).
- Cash transactions that are not susceptible to Charge Backs/Reversals
- Electronic Funds Transfer (EFT) eChecks
- Electronic Check processing for Canadian eConsumers
- Access to any customer, anywhere in Canada with a checking account for eMerchants
- eMerchants can accept eChecks from Banks, Caisses Populaires & Credit Unions
- Automated Clearing House (ACH) eChecks Coming Soon
- Electronic Check processing for American eConsumers
- Access to any customer, anywhere in the United States of America with a checking account for eMerchants
- eMerchants can accept eChecks from Banks & Credit Unions
In the last 2 months alone, DebitWay.ca has partnered and helped 3 more Digital Currency enterprises
With more partnerships on the horizon, DebitWay.ca is continuing to prove that they understand and sympathize with the Digital Currency industry.
Ask yourself what doors you can open if you partner with the right payment service provider;
Do it the RIGHT WAY, Do it the DEBITWAY!
As the online merchant landscape continues to grow, more and more electronic merchants (eMerchant) are being born everyday. As a Payment Service Provider, it is DebitWay.ca’s mandate to know what its customers need and want.
Knowing your customer (KYC) is an integral part of achieving success in any endeavour and the obvious answer to what does the eMerchant really want can be lumped into an easy to say but difficult to put into practice response: sales transactions.
While the answer may seem obvious and redundant, the truth of the matter is that not all eMerchants can find their way to this solution without the right help and coaching, elements that as an Alternative Payment Service Provider, DebitWay offers all of its merchant partners.
Certain underlying questions need to be answered if an eMerchant is to find success in his online venture and this holds true for all industires; Remittance, Digital Currency, Social Gaming, Telecom, Retail…
The eMerchant needs to know:
- Where does the brunt his web traffic come from?
- Is he equipped to process payments from the country(ies) that his traffic originates from?
- Has he conformed to the pre-established mandates in order to be able to get paid?
- Has he verified that he can offer the payment processing option that best fits his customers?
- Has he done everything he can to ensure that the payments received are readily accessible?
One may well believe that processing a customer’s payment is as simple as “click” and “collect”. The truth is that is not always the case.
Rather than bore you all with the semantics and logistics behind the processing of electronic transactions, let’s agree that What the eMerchant really wants is to get Paid
What the eMerchant needs:
- Access to his money
- The Ability to receive funds in diverse currencies
- The Ability to receive Payments through various gateways (Direct Debit, eCheck, etc)
- The safe & immediate deposit of his Funds in the merchant account
If an online merchant has partnered with the right payment service provider, he will maximize his revenue and in turn optimize his transaction totals. When all is said and done, that is all an eMerchant really wants.
If as an Online Merchant you come to realize:
Your transactions are falling prey to a large amount of cash back (customers calling back payments)
Your customers don’t transact because you don’t offer the right payment options
Your Customer base is located in a different country or continent
- Make sure your PSP can process these payments with gateways like DebitWay.ca’s Direct Debit Transaction (DDT)
Your payments are arriving in a foreign currency
- Make sure your Merchant control panel provides you with the tools to manage or exchange the foreign funds like DebitWay.ca’s Master Merchant Control Panel
You have too many PSPs and keeping track of all the accounts is tiresome and tedious
You aren’t generating enough sales because you aren’t generating enough web traffic
Getting paid online can be as easy as it can be infuriating. Partnering with the right payment service provider is primordial to achieving success.
What is a Payment Service Provider (PSP) like DebitWay.ca? What does it do and who does it benefit? A PSP provides the services necessary to keep online transactions flowing smoothly and effectively for both the electronic consumer (eConsumer) and the electronic merchant (eMerchant). So in reality a PSP like DebitWay.ca benefits everyone.
It is the payment service provider’s role to bridge the virtual pass between financial institutions, eMerchants and eConsumers. For lack of a better term, PSPs are the “middle men” in every online transaction. What differentiates one PSP from another is the payment gateways they can offer and the services they can tender.
There are multiple ways in which an eConsumer can pay online and multiple was in which an eMerchant can receive payments online. Good PSPs like DebitWay.ca provide eMerchants with the tools they need to expand their transaction totals all while offering the eConsumer payment options that are both safe/secure and cost-effective.
While the most prevalent online payment method is credit cards, as eMerchants and eConsumers become more and more aware or the internal machinations of the online payment industry and, of course, continue to monitor their funds while searching for the ideal method with which to make/receive purchases, PSPs like DebitWay.ca have been spearheading the alternative payment service movement. For eMerchants in the following industries, DebitWay.ca has been a veritable life saver:
- Digital Currency
- Social Gaming
Alternative payment service providers like DebitWay.ca focus their time, money and expertise on providing eMerchants with reliable and cost-effective payment processing via Debit Gateways like INTERAC® Online Payment (IOP). Alternative payment services like DebitWay.ca’s IOP require a great deal of work on the PSP’s side, a great deal of vetting, researching and securing the ideal eMerchant who is eligible for it. However once the alternative payment method like DebitWay.ca’s IOP is in place, the benefits of Direct Debit immediately become apparent and fast emerge as indispensable.
- The extensive vetting and the diligent screening that DebitWay.ca conducts allows eConsumers to shop online with impunity.
- Free from the nagging worries of possible identity theft and fraud.
- For the eMerchants, DebitWay.ca’s IOP alternative payment method provides the benefit of Direct Debit (funds directly transferred form the consumer’s bank account to the merchant’s bank account).
- In real-time and
- Free from the threat of charge backs.
Another form of alternative payment is eChecks like DebitWay.ca’s Electronic Funds Transfer (EFT).
- This type of alternative online payment is a cure-all for eConsumers that have deep seeded affinities for the checking system.
- For those who cannot acquire credit cards
- For those who can not to use their debit cards online.
- For eMerchants an alternative payment option like DebitWay.ca’s EFT enables them to accept payments from anyone with a checking account.
- Regardless of credit rating.
- Regardless credit card balance.
- Regardless of credit card accessibility.
Essentially alternative payment methods exist for those eConsumers who do not want to use or rely on credit cards to make online purchases. PSP’s like DebitWay.ca provide eConsumers an alternative and provide the eMerchants with the gateways needed to process the alternatives. When offered choices, people will feel more comfortable and will be more prone to finalize a transaction.
Payment Service Providers exist because they have to exist. The need for the services that PSPs provide is mandatory and indispensable. A good PSP like DebitWay.ca will not only provide eMerchants with the payment gateways they desperately require, but also
- The guidance
- Marketing tools and
- Loyalty programs
that they can benefit from. The question is not if an alternative payment service provider is needed, the answer to that is evidently yes, the question is: Does your alternative payment service provider offer you everything you need?
Intelligent Promotion Loyalty Programs Integration Support
Electronic Funds Transfer (EFT) is a term that has been employed a great deal recently, however it is entirely within the realm of possibility that many online merchants and internet consumers may still be a little unclear on the on the history, nature and advantages of paying or receiving payment via EFT.
While the most common definition of Electronic Funds Transfer reads as follows:
Electronic funds transfer (EFT) is the electronic exchange, transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.
That definition is ambiguous at best. It does not explain in detail the methods in which said transactions are processed and the method with which these transactions are process is in fact the information both consumers and merchants want to know. There a numerous forms of EFT according to mainstream definitions, below are lists of payment methods that are classified as Electronic Funds Transfer:
- Transactions initiated by a cardholder via Credit or Debit cards
- Direct Deposits, for example: the automatic deposit of a person’s paycheck into their account
- Electronic Checks, for which merchants receive payment directly from the consumer’s bank account
What we will be looking at is the definition for EFT in Canada and the practical application of this alternative payment method (See green text above). While all 3 of the payment methods listed can indeed be classified as electronic funds transfer due to their common omission of tangible money being exchanged, we will be looking at eChecks specifically in order to best explain the DebitWay Electronic Funds Transfer payment processing option.
Firstly, we must understand the obvious differences between the 3 methods listed above. Credit and Debit cards entail the need of said “card” and the assurance that the financial institution in question conforms to the necessary protocols required for the transaction to be processed. Direct Deposits necessitate an agreement between the payee and the payer as well as the signing of a contract.
DebitWay Electronic Funds Transfer is not predicated by any of those stipulations. The EFT method employed by the Canadian based, owned and operated alternative payment processor absolves both the merchant and the consumer of the need to enter into a binding contract or rely on their financial institutions compliance. DebitWay EFT is the medium with which merchants can receive payments and consumers can make payments through the issuing of a check, in this particular context, an eCheck.
The same principles that govern the issuing and receiving of conventional paper checks still apply:
- The consumer must have a checking account
- Funds equal to or greater than the amount listed on the check must be present in the consumers account
- If a check is written and the funds are not available to honor the amount, the check will indeed “bounce”
- The merchant must allow time for the check to “clear” before receiving the funds
However in the following regards, eChecks do differ from their conventional counterparts:
- eChecks do not required the physical possession of a check book (and thus eliminated the need to repeatedly order them from banks, credit unions or caisses populaires
- No physical signature is required is required. Entering the account information located on the check is enough
- Online merchants who accept eChecks need make commute daily/weekly or bi-weekly in order to deposit their eChecks (the issuing of the electronic check is done almost immediately)
DebitWay Electronic Funds Transfer payment processing service allows Canadian consumers to make purchases online without relying on their credit rating (or lack thereof) and without outwardly hoping that their financial institution has enabled the accessibility of an online payment. eMerchants who have signed up for DebitWay Electronic Funds Transfer can sleep soundly in knowing that they are able to receive payment from every Canadian consumers, coast to coast.
It isn’t everyday that a Canadian internet merchant is afforded a payment gateway as all encompassing as DebitWay Electronic Funds Transfer (EFT). The ability to accept payment from anyone, New Brunswick to Vancouver and all provinces in-between, not only makes sense, it is mandatory for any eCommerce website that is looking to maximize its efficiency and profit.
In this first installment of our look at DebitWay Electronic Funds Transfer and Canadian online merchants, we will join Gilbert (a Canadian online merchant) as he seeks out a way to accrue more clients and expand the reach of his eCommerce website.
Gilbert has always fancied himself a savvy entrepreneur that has dedicated his heart and soul into making his online business succeed. A state of the art website, a solid presence on social media entities and an intuitive loyalty rewards program are all mainstays in his site’s portfolio.
Gilbert Has the Basics Covered + +
Gilbert set up the infrastructure for a successful online business, there only remained one final (and infinitely important) detail to establish; how would he get his clients to pay for his product? Gilbert ran through of list of potential options:
- Credit Cards
o While Credit Cards initially appeared appealing and logical, upon deeper research Gilbert came across some troubling findings.
- Firstly, a large portion of internet consumers are apprehensive of using their credit cars online for fear of identity theft and account hijacking.
- Secondly, not everyone has a credit card readily available for purchases online, like those who have had trouble with the credit and were denied a card or teenagers who are not yet of age to acquire one.
- Thirdly, and perhaps most important for online merchants like Gilbert, credit cards charge a high fee for every transaction and always run the risk of falling suspect to charge backs.
o A fellow online merchant told Gilbert to look into the eWallet option. Gilbert did his due diligence as any responsible entrepreneur should. But once again he came across a few issues that soured him on the eWallet option.
- Firstly, eWallets require a long and exhausting application process to set up.
- Secondly, consumers can only pay Gilbert if they have eWallet accounts themselves (which not many have).
- Thirdly, Gilbert realized that the fees he would be subject to were way too high.
o In conducting his research Gilbert came across the Direct Debit option and was immediately taken in by this payment method. INTERAC® Online Payments seemed like everything he could have hoped for. Real-time transactions, no charge backs and a brand name that was trusted by all Canadians. There was only one minor problem, not all Canadian banks had signed up with this online service and neither had Credit Unions or caisses populaires. IOP would be the perfect alternative payment method for his site, but he wanted to expand his reach, to find something that works perfectly with IOP and that could give his consumers even more options!
Gilbert was beginning to lose hope in finding an all encompassing payment method for his eCommerce site. Gilbert couldn’t believe that it would be so difficult to find a payment program that would allow every Canadian the ability to transact online, anywhere and anytime.
Then Gilbert had an epiphany as he was writing a check to pay for his electric bill; “hmmm” he thought “all Canadians write checks…” As the wheels began to turn Gilbert immediately sprung up and rushed over to his computer in order to search for online check processors! “BINGO!” his mind screamed out. Gilbert has come across DebitWay Electronic Funds Transfer (EFT) , as he looked over the features and advantages he smiled outwardly.
With DebitWay EFT he could reach every Canadian online consumer provided they possessed a checking account (and who doesn’t? thought Gilbert to himself). DebitWay EFT even covers Canadians who conduct their financial transactions via credit unions and caisses populaires. Suddenly Gilbert felt an oncoming rush of excitement and renewed hope. He had finally found a way to allow his clients to pay for his products online without making them jump through any hoops! Write an eCheck he thought, so simple and so obvious! Why hadn’t he thought of it before?
As an online merchant Gilbert can’t control his clients’ credit or lack thereof, he can’t control Bank policies and he can’t force eShoppers to set up eWallets in order to pay him either. With DebitWay Electronic Funds Transfer he doesn’t have to! Consumers are not forced to do anything they haven’t done countless times before, just write a check and the transaction is complete.
Gilbert couldn’t believe the sheer simplicity and genius behind DebitWay’s Electronic Funds Transfer payment solution. As he reached out to DebitWay for information and to sign up, Gilbert was pleased to see that in partnering with this 100% Canadian based and owned alternative payment solution provider he would also have access to INTERAC® Online Payments (IOP), giving his consumers yet another payment option!
As he signed up for the DebitWay Bundle he found even more reasons to become enamored with DebitWay. Opening a DebitWay EFT account immediately creates a Master Merchant account profile, if Gilbert opts to add IOP to his site, it would only be a click away. Looking deeper at the DebitWay Bundle, Gilbert saw the future possibility of adding the DebitWay Automated Clearing House (ACH) payment solution should his Canadian eCommerce website grow in popularity and reach American consumers. And the icing on the cake… if Gilbert’s site should become a global phenomenon and eShoppers from around world wish to make purchases, DebitWay could provide the Direct Debit Transfer (DDT) payment.
DebitWay quickly became the answer to all of Gilbert’s prayers. A one-stop shop for alternative payment solution processing and it all started by adding DebitWay Electronic Funds Transfer to his website, a win-win solution for both himself as an online merchant and for his consumers.