I have to admit I started Christmas shopping awhile ago. I don’t love shopping but I love finding that perfect gift for each of my loved ones. Planning ahead for my large family and paying with money I have in my bank account allows me to avoid the Christmas credit card hangover.
As long as I can remember I have made a point to shop at my local merchants whenever possible. I think it’s important to support my local community businesses, especially during the holiday season. One of my favourite local businesses is the Chocolate Moose Fudge Factory; there isn’t anything better than finding a package of locally made fudge in your stocking.
Over the years I’ve seen many local businesses close their doors to the bigger boxed stores. Don’t get me wrong I shop at many merchants but local business owners offer something big stores can’t, local talent, one-on-one customer service and local word of mouth guarantee that if something isn’t right, bring it back for a refund or replacement.
When I was younger I remember paying for purchases at many local shops meant dropping by the bank for cash or paying by credit card with the old carbon copy system. Now all my local merchants offer debit machines to pay by Interac for a customer convenience I appreciate. I rarely carry cash anymore but I prefer paying with money from my bank account via the security of Interac Debit versus my credit card which has a much higher service rate for both myself and the merchant.
Interac Flash is even more convenient for purchases under $100. At participating stores just look for the symbol, hold your card over the machine and voila, instant secure debit from your bank account using the same chip technology as Interac Debit, only faster and easier. For smaller purchases Interac Flash is like having exact change every time.
Merchants Prefer Interac
Naturally when paying with credit you can expect fees for credit card customers but did you know merchants also pay up to 8 times higher fees when customers pay by credit card?
By paying with Interac Debit the merchant is charged a flat fee of $0.06 per transaction, no matter the total. Credit cards process a much higher fee to the merchant of up to 3% of the retail cost plus additional processing fees. For example, on a $100 purchase, a merchant will pay between $1.50 and $3.00 for customers paying by credit card, but only a flat fee of $0.06 for an Interac Debit transaction. By the end of the holiday season, a merchants most profitable time of year, that local business could lose thousands in credit card fees.
Not long ago I had my credit card information stolen. The only conclusion I could come to was that it was scanned somewhere while I was out walking around. Since then I leave my credit card at home and use my secure Interac Debit card everywhere. It feels good to avoid added fees for merchants when I pay with money I have available and to stay “in the black” doing it.
Join us at the #YourChoiceMatters Twitter Party
- Date: Wednesday, December 3, 2014
- Time: 9 pm EST
- Hashtag: #YourChoiceMatters
- Host: @INTERAC
- Co-host: @SJConsulting_CA
- Eligibility: Prizing open to Canada
- Prizes: $1000 in Interac etransfer CASH!
Open to Canadian residents who participate in the #yourchoicematters Twitter Party administered by SJ Consulting on Wednesday, December 3rd between 9:00 and 10:00PM EST, using the hashtag #yourchoicematters.
Please RSVP on the linky below with your Twitter name (ie. @thislilpiglet) in the URL field and your Twitter link (ie. https://twitter.com/thislilpiglet) in the Name field.
Disclosure: I am participating in the Interac campaign managed by SJ Consulting. I received compensation in exchange for my participation in this campaign. The opinions on this blog are my own.