Payment Source’s newest payment option set to ease Canadian online payment friction and lessen transaction fees for merchants.
Payment Source, the leading Canadian fintech powering digital payments for everyone, today announced the release of its newest payment option, DirectPay. While advancements in digital payment technology have changed the way consumers interact with e-commerce retailers, Canadians have been constrained by the limited payment options offered by online merchants. DirectPay gives Canadians the option to pay directly from their bank account at the e-commerce checkout, which Canadians shared would help avoid credit card debt (39 per cent), manage personal finances (32 per cent) and feel more secure about shopping online (24 per cent) in a recent company survey.
With close to half of all Canadians using e-commerce platforms more frequently to purchase a wider range of products, online merchants are looking to prioritize preferred Canadian payment methods to stay ahead of the competition. DirectPay can be added to online, in-app and touch-free checkout flows to help online retailers offer a better and more seamless checkout experience using a purpose-built API solution. According to the same survey data by Payment Source, 55 per cent of shoppers have abandoned their carts because of payment friction, highlighting retailers’ need to closely consider the digital experiences of their customers.
“Canadians want financially inclusive and secure payment options to easily pay with their preferred method at any e-commerce merchant,” said Robert Hyde, CEO of DirectPay by Payment Source. “By not offering or accepting today’s payment preferences, Canadian retailers are missing out on opportunities to bolster customer loyalty and revenue.”
With the new payment option, DirectPay leverages Interac e-Transfer to enable customers to pay online using their secure bank credentials in a simple, seamless transaction that doesn’t require storing of payment details. The funds are secured instantly by the retailer leading to a frictionless and secure transaction without the need to enter credit or debit card information. At lower transaction fees, merchants can leverage DirectPay to save money, lower cart abandonment, build store loyalty and encourage return visits.
“DirectPay will not only drive down the cost of payments for e-commerce merchants and retailers, but it provides choice and access to a payment method that is helping Canadians better manage their finances,” Hyde continued. “It’s a win-win for businesses and Canadian consumers.”
As part of its initial rollout, Shopify business owners can install the DirectPay Shopify App from the Shopify App Store, however custom API solutions are also available for all other online businesses by contacting the DirectPay team.
About Payment Source
Recognized as one of Canada’s Best Managed Companies for five years in a row, Payment Source, the parent company of DirectPay, is the established and ubiquitous Canadian fintech, powering digital payments for everyone. Payment Source gives every Canadian more ways to pay and provides businesses and governments with more way to be paid. Learn more about Payment Source at www.paymentsource.ca.