Payment processing can be a complicated process, but with the right tools, it can be simplified. The Canadian payment processing industry has seen a lot of changes in the past decade. As such, there are many companies that are now offering better ways to process payments in Canada.
For businesses, it is important that your payments happen quickly, efficiently and with maximum transparency. Customers across Canada and beyond have come to expect quicker payments and services, so businesses need to align themselves with consumer expectations if they want to stay competitive.
Credit cards, debit cards, and direct-debit payments are the most common methods of payment in Canada. Many merchants that offer online services have embraced e-commerce as a way to increase revenues. The rise of e-commerce has also led to a rise in online transactions. The use of electronic gadgets has also led to a rise in online sales and transactions in Canada.
Payment Processing APIs
Unless you want to build your own custom payment solution for your business, you are probably going to utilize a pre-existing payment platform and integrate with its API to save time and investment.
Choosing the right payment processing API for your business will depend on several factors:
- Types of payments you handle – EFT, eTransfer, credit card, check etc
- Volume of payments your business handles – daily, monthly, yearly
- Maximum transaction amount – both for sending and receiving
Payment API’s are a great way to accept payments online. They eliminate the need for businesses to develop a way to accept payments, which can be very costly. The API is a computer program that connects two applications over an Internet connection. It makes it possible for the two applications to communicate with one another, and they are a great way for businesses to expand their payment capabilities.
While there are many different payment software providers, the ones that are most popular are those who provide a comprehensive solution. These solutions include everything from the point of sale software to the backend management system. The first thing that you should do when looking for a payment software is to make sure that it has all of the features that you need and then find out if it is compatible with your other systems.
Use a Single API Layer
By using a single API layer you help streamline the payment process and reduce friction for your customers. Instead of integrating multiple processors with their own API, the best payment solutions will offer many payment methods in one API, helping you maximize the efficiency and productivity of your payments. The two most common payment methods that Canadian businesses use are eTransfer for business and EFT. A smart solution to payments will help you meet your diverse consumer needs, and this all starts with a single layer API.
Emerging Payment Technologies: Visa Direct
There are many emerging payment technologies in the Canadian market at the moment, with Visa Direct being of particular interest to businesses from all sectors.
Visa Direct allows businesses to push funds, or send money, to Visa card holders. This is in contrast to how people usually use their Visa card to pay for things in store or online: now they can receive payments as well.
The system has received recognition for its instant payment capabilities, as well as its wide reach, due to the widespread use of the Visa network.
Here are four of the most common uses for our Visa Direct service:
- Earned wage access
- Gig economy
- Insurance
- Lending
Visa Direct will help you connect with your users faster and lead to more satisfied customers for your business. Using a Visa Direct API, you can get started with sending payments to clients and customers using just their 16 digit card number with no other sensitive data.
