What is Interac?
Interac is an online bank transfer payment. It is a Canadian interbank network that connects financial institutions and other businesses to enable electronic financial transactions. Interac is Canada’s debit card system and the nation’s primary funds transfer network, providing online payments and its Interac e-transfer service.
Interac was founded in 1984 via a cooperative venture between five major Canadian banks, RBC, Scotiabank, CIBC, TD, and Desjardins. Over the years, more member organizations joined the Interac Association, with 80+ members by 2010. The popular Interac e-transfers was launched in 1996 via the company’s for-profit counterpart organization, Acxsys. In 2018, Interac and Acxsys combined and became the Interac Corporation. Today, there are 59,000+ ATMs that can be accessed via the Interac network in Canada and 450,000+ merchant locations accepting Interac payments.
This payment provider is exclusive to Canada. Online gambling operators can offer Interac online payments as a secure deposit and withdrawal option, allowing Canadian players to transfer funds directly to and from their bank account.
Top Software Providers that offer Interac
Markor Technology
ProgressPlay
Soft2Bet
Together Gaming
White Hat Gaming
L&L Europe
Integration and Functionality
Integrating Interac is a fairly straightforward process that requires businesses to first choose an acquirer that offers Interac Online Payments. You can view the list of available providers on the Interac Business site.
Many merchants like the various advantages of using Interac, including no chargebacks, lower PCI compliance costs, no authentication costs (financial institutions authenticate in real time), transparent pricing, and competitive fees.
If you were hoping for an alternative method to make Interac a part of your iGaming site’s payments system however, you’re in luck! Another way is to obtain this banking service via a third-party payment processing solution, such as those offered by the online gambling software providers we’ve listed above and that we also review here at Casinnovate. You might find this to be particularly beneficial if you are new to the industry, if you wish to start a white label casino, or if you intend to market your existing products to Canadian players and would like to enhance your payment options.
How to get a business account through Interac
To become a merchant that offers Interac online payments, you’ll need to find the appropriate acquirer.
- First, head to the official Interac site and click the “Business” tab
- Select “Find an Acquirer” from the “New to Interac Payment Solutions?” side menu, located under the Business tab drop down menu.
- Select an acquirer offering Interac Online Payments
- You will then be taken to the acquirer’s site
- From there, you’ll consult with the company about integrating the payment system
If you are not certain on how to get started with Interac, prior to choosing an acquirer you can download the Merchant Guide via the Interac Site to help you learn more about their products and services and how they can benefit your business. Although it is free, to obtain the Merchant Guide you will need to fill out a short form.
How Interac functions as an iGaming payment solution
At online casinos and sportsbooks, Interac can be used by Canadians for making both deposits and withdrawals via desktop and mobile. It allows them to transfer funds into their player account directly from their bank account and withdraw funds from their player account back to their bank account, in a couple of easy steps.
They simply need to create a verified account with the casino/sportsbook site, log in to their verified player account and head to the Cashier/Payment section. From there they select Deposit, choose Interac from the available payment options, enter how much they wish to deposit, select their banking institution, then enter their online banking username/card number and online banking password via their bank institution’s official site to complete the transaction. Withdrawals are carried out the same way. If using Interac e-transfer (when available) players simply need to enter in their email address linked to the e-transfer service to transfer funds.
Interac is one of the most trusted financial services in Canada. As such, Canadians have peace of mind when using Interac products. Interac supports CAD currency and is one of the best payment solutions you can offer as a gambling operator targeting players from this country.
Benefits and Drawbacks for Players using Interac
Benefits
- Fast and efficient funds transfers – Deposits can take up to 30 minutes with e-transfer but typically occur within a matter of minutes. Once released by the casino, withdrawals typically process within a few hours.
- High security – Players do not need to provide casinos with their personal bank details to use Interac.
- Widely accepted at Canadian casinos – Most casinos catering to Canadian players will offer Interac.
- No casino fees – Casinos do not typically charge players a fee for using Interac.
Drawbacks
- Fee – There is a flat $1 fee for players who deposit at online casinos using Interac e-transfer.
- No app – Players can use Interac via their mobile browser but there is no Interac app.
Countries
Interac is available for only Canadian players.
- Canada
Safety and Security
Interac is a highly secure payment solution. The company prides itself on being a global leader in fraud prevention and uses tokenization and other cutting-edge technologies.
Secure banking procedures include authentication and transaction encryption, financial institution authentication, and proprietary risk management. Additionally, Merchants never need to worry about chargebacks.
Customer Support
Interac users can reach Interac customer service via phone, email or through an enquiry form. There is also an FAQ.
For merchants, Interac provides a helpful FAQ and can also be reached via email and phone.
Interac Fast Facts
- Type of payment method – Online bank transfer
- Deposit available – Yes
- Withdrawal available – Yes
- Multiple currencies accepted – No
- Easy integration – Yes
- Popular iGaming regions – Canada
Conclusion
Interac online payments are a must for any online gambling operator seeking to target players from Canada. It is a secure and quick bank transfer option that is highly trusted by Canadians. If you’d like to learn more about Interac and the best way to make it a part of your iGaming brand, get in touch with Casinnovate and we can help you find a trusted partner.
