Collective POS Announces Launch of Interac® Online for Canadian Merchants

Merchant service provider expands product suite with the addition of its new online debit service.

Toronto, ON (PRWEB) March 08, 2012

Collective Point of Sale Solutions Ltd. (Collective POS), Canada’s Choice for Payment Processing and Merchant Services, is pleased to announce the addition of Interac Online to its suite of payment processing services. Interac Online is an e-commerce payment option that allows consumers to pay for goods and services directly from their own bank account in real time, with the utmost security and confidence.

“The addition of Interac Online to our product line gives merchants the ability to offer their customers a new option to pay for goods and services,” said Michael Back, CEO and President of Collective POS. “By expanding payment options at the checkout, businesses improve a customer's experience by offering the flexibility to choose which payment option suits him or her best while expanding the target market to include a younger demographic and other consumers who either can’t get--or won’t use--credit cards.”

When consumers choose Interac Online as a payment option, they are automatically redirected to the same login page that they use for their online banking transactions. Once logged in, the customer is presented with transaction details and the option to either approve or deny the purchase. If the transaction is denied, customers are invited to complete the transaction by another available payment option. If the transaction is approved, funds are debited directly from a chosen bank account in real-time, and are guaranteed for the merchant.

“Given that many online merchants only offer credit cards as a payment option, Interac Online certainly fills a gap in the payment industry,” Michael Back explained. “More importantly, the service reduces a merchant’s business risk. The direct integration with the consumer’s bank account, and the real-time authentication by the consumer’s financial institution, means a merchant will instantly know that the funds are cleared so that an order can be fulfilled with confidence, and without the worry of a chargeback at a later date.”

Collective POS is excited about the impact that the new payment option will have with their customers. The company continues to provide small to medium sized business owners with the tools they need to succeed, while affording consumers the confidence that transactions are processed quickly and securely.

About Collective Point of Sale Solutions Ltd.

Founded in 2001, Collective Point of Sale Solutions Ltd. (Collective POS) is Canada’s choice for payment processing and merchant services.

The company’s mission is to provide entrepreneurs and owners of small to medium-sized businesses with affordable, convenient and more customized alternatives to the debit and credit card processing services currently offered by major banks and other payment processors.

Collective POS serves more than 10,000 businesses across Canada, processes in excess of $1 billion worth of debit and credit transactions annually and employs 70+ people.

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