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For platforms and enterprises that operate in Canada, using the Interac network is crucial for maintaining competitiveness, regardless of what industry you are in. Interac e-Transfer® is so popular that around 90% of Canadians have used this service, and many consumers and businesses alike now expect this service to be offered within financial services.
Interac e-Transfer is predominantly associated with the sending of funds initiated by an individual or business to pay for goods and services. The Embedded Interac® Request Money workflow allows businesses to send a payment request, traditionally by email, to another business or customer to get paid.
Interac Request Money is an extension of the Interac e-Transfer service that allows businesses and individuals to send a payment collection request to another party. Since the Interac e-Transfer network is one-directional, all payments must be initiated from the side of the sender.
Interac Request Money enables businesses to send a request to the payor, launching an Interac workflow that allows them to confirm the amount and navigate to their online banking to fulfill the request.
It is a versatile payment workflow that can be used to request funds for business purposes, collect funds from consumers for goods and services, and even request funds from friends and family.
Interac Request Money is already a top-tier collection service, but it does have one slight drawback. To complete a collection request, the sender has to open the Interac workflow via email or text, adding another layer of friction and complexity to the process. Since the sender has to navigate away from where they are making the payment, it interrupts the user flow and introduces unnecessary effort on the part of the payor.
By embedding the Interac Request Money workflow into websites and applications, you cut out a lot of time and effort that is lumped on the payor. Instead of delivering the payment request by email or text, embedded Interac Request Money launches the workflow directly within the original source. Payors then experience a cohesive end-to-end payment journey without ever leaving your platform.
By embedding the Interac® Request Money workflow into your platform, you not only accelerate and streamline the payment process for your customers but also open your business up to many other direct benefits of this optimized service.
Interac Request Money payments are instant from the moment the payor accepts and confirms the request. By embedding the workflow, you speed up the process and ensure that customers don’t drop off during the checkout process.
If a customer gets stuck between your platform experience and the Interac Request Money workflow, manual intervention in the form of a follow-up or additional request is usually necessary. Embedded Interac Request Money lets businesses skip the inefficiencies and ensures the payment process is as automated and intuitive as possible.
Whenever you introduce email or SMS into the payment equation, there is always the risk of interception or unauthorized access, no matter how secure the service is. By eliminating the email delivery step, you can greatly reduce your customers’ exposure to unforeseen risks and bad actors.
Interac is already a household name in Canada’s payment landscape; however, by embedding Interac workflows, you can go even further in gaining trust among your customers. By showing that you are tightly integrated with a proven service like Interac Money Request, you display your commitment to customer security and trust.
The VoPay platform has been designed from the ground up with interoperability in mind. Everything has been carefully considered to ensure our products and services can be knitted together with ease to tackle any financial challenges.
Whether you are moving funds across complex business structures or building a financial super app, our technology performs in unison and is accessed through an intuitive single API layer.
Load Wallets With Interac Request Money
Let platform users load funds into their own virtual wallets using embedded Interac Request Money so they never have to leave your platform.
Send Funds Around The World
Fund accounts with embedded Interac Request Money before converting and sending money internationally using our drop-in cross-border experience.
Interac Request Money Within eLinx Experience
Use our no-code payment link product, eLinx, to collect funds from customers by leveraging Interac Request Money from within the eLinx experience.
Payment Orchestration
Automate payments across your business ecosystem with ease and leverage embedded Interac Request Money to accelerate cash flow into your payment orchestration processes.
Embedded Interac Request Money transforms how your platform handles payment requests. By keeping everything within the platform, you eliminate unnecessary steps, reduce delays, and give your users a faster, more secure way to pay.
Ready to enhance your platform with embedded Interac Request Money? Speak to a Fintech Advisor today!
