e-Transfer has grown to be a preferred payment method for many business owners, but is it really all it’s cracked up to be? Before you accept e-Transfer payments for your business, find out everything there is to know about accepting e-Transfers in comparison to card payments with Square. The bottom line is you need to run your business as efficiently as possible. Here are five reasons credit card payments with Square just might be better than e-Transfer for running your business efficiently.
1. Spend less time in the back office and more time selling to customers
When you run a business, you can spend a lot of time tracking your sales and managing your accounting. When you accept payments with e-Transfer, you have to manually sift through those transactions and compile them with your other payments and reports. With accountants costing up to $400/hour, that extra time gets expensive quickly! Plus, more time spent in the back office means less time for you to serve your customers and increase your sales.
With Square payments on the other hand, this is one headache you don’t need to worry about. Square tracks your payments for you and presents all your reports in one easy Dashboard. Even more, Square can manage your inventory to keep your listings up-to-date, calculate sales trends using your POS data, and provide you with customer insights in real-time. Having all this invaluable information organized for you will not only save you time, but provide you with much more in-depth information you can use to grow your business every day.
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2. Square keeps you and your customers’ data secure
One of the biggest concerns with e-Transfer is the risk of fraud and susceptibility to phishing scams, especially since they rely on your customers’ personal email addresses and bank accounts. According to a survey conducted by Interac Corp. this year, about 25% of Canadians have clicked on a phishing link. With Square, you don’t need to worry about receiving a fake e-Transfer or falling victim to a phishing scam. Square uses data encryption and follows industry requirements so that you don’t have to worry whether your account or your customers’ data is safe and secure. Our tools prevent the wrong people from accessing your account.
3. Square protects you from losing money due to fraud
Criminals may convince you they have sent you money by sending a fake email that looks like an e-Transfer. Don’t lose money to fake emails or because a customer cancels the transaction before your money has been transferred into your account! On the other hand, Square’s systems constantly monitor for suspicious activity. We have advanced data models and a team on the ground dedicated to monitoring fraudulent behavior to help you avoid lost goods or sales. If you were to receive a chargeback from a card payment you accepted with Square, Square saves you time and money by helping to manage the dispute with your customer’s bank, at no fee to you. Instead of imposing a chargeback fee like most providers, Square offers Chargeback Protection of up to $250/month to protect eligible merchants from financial loss due to chargebacks.
Some banks charge merchants for receiving an e-Transfer, and this service fee may come at a surprise. With Square, your fees and payment options are completely transparent and clearly defined. You’ll never be hit with unexpected fees at the end of the month.
5. Don’t hinder your business growth with transaction limits
Deposit and withdrawal limits can be a major drawback of using e-Transfer. Depending on your financial institution, e-Transfer limits can range from $1,000 to $3,000 per day, which can be problematic for your business. Square helps you grow your business rather than putting limits on your sales. We ensure your customers can pay you all day, every day and that you receive your funds as soon as the next business day. That means Square won’t interrupt your day-to-day business or hinder your growth and success.