The pace of innovation within Canada's payments ecosystem is on the fast track. Throughout the last few years, we have seen debit cards, digital wallets, account-to-account (A2A) payments and buy now, pay later (BNPL) services surge in popularity. In fact, nothing exhibits that better than the BNPL. A trend that skyrocketed to unprecedented heights in 2021, growing a user base of 85% in less than fifteen months.
And yet, while some things change, some seem to remain the same, like the traditional process around pre-authorized debits (PADs).
PAD payments have long been a powerful tool for businesses and consumers. The introduction of an automatic debit for recurring payments like mortgages and utilities, RSP investments, and insurance premiums was a game-changer for many businesses.
However, the time for a modernized PAD experience is here. Present-day account-to-account PADs aren't cutting it. The process for businesses and consumers is slow, cumbersome, manual, and prone to errors.
Pre-Authorized Debit: Capitalizing on A2A Payments
As society moves away from paying one way to multiple ways, account-to-account payments lead the way.
Regardless of the industry, the payment ecosystem is evolving, customers want to choose how they pay, and businesses need to deliver it. We live in an on-demand world, where frictionless interactions have become the norm. Adopting new payment methods is vital.
Consumers expect diverse digital payment options. It needs to be contactless, seamless and secure. Move beyond a three-click maximum, and intention is lost.
Revolutionize the PAD experience using data-driven payment technology, giving merchants visibility and simplicity to the consumers.
Our Pre-Authorized Debit e-book breaks down the challenges businesses face with today's PAD process and discusses why companies need to move their payment processing functions into the next generation.
Download now to learn how VoPay's iQ11 payment solution delivers faster transactions, lower costs, and better security.