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e-Transfer or credit card?
e-Transfer is free and familiar, but it can't take a credit card. Here's when each one is better, and how to offer both.
The difference
Interac e-Transfer moves money from one Canadian bank account to another. It's quick and familiar, and for many customers it's the easy way to pay. What it can't do is take a credit card: a customer who wants to pay by credit card, spread a big bill or collect points has no way to do it, so they say they'll pay later.
| Interac e-Transfer | Knockround invoice | |
|---|---|---|
| Pay by credit card | No: it comes from a bank account | Yes: Visa, Mastercard, Amex |
| Apple Pay and Google Pay | No | Yes |
| How much they can send | Up to their bank's e-Transfer limit | Up to their card's limit |
| Marked paid | You find it in your bank and match it to the job | By itself, the moment they pay |
| What it costs you | Depends on your bank plan | Stripe's 2.9% + 30¢ |
When e-Transfer is better
When the customer is happy to send it, and the job is big enough that a card fee would sting. Keep taking e-Transfers, and mark the job paid when the money lands.
When a credit card is better
When the customer wants to use their card, isn't set up for e-Transfer, or hits their daily limit on a large job. A Pay button on the invoice lets them pay by card or Apple Pay on the spot, and Knockround marks it paid by itself.
Offer both
You don't have to choose. Put a Pay button on every invoice, take e-Transfers as you always have, and keep one list of who still owes you, whichever way they pay.
Interac and Interac e-Transfer are trademarks of Interac Corp. Knockround isn't connected to Interac.
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