For decades, credit cards have been the default non-cash payment option in Canada. They’re familiar. Convenient. Universally accepted. But for businesses, especially in today’s economy, that convenience often comes at a cost.
From rising fees and settlement delays to fraud risk and chargebacks, credit cards are no longer the no-brainer they once were. Meanwhile, consumers are demanding faster, easier, and more secure payment options.
Let’s unpack why now is the time to diversify your payment options, and how your business can reduce costs and increase choice with flexible alternatives.
Credit cards are familiar and widely accepted, but for merchants, they can come with a hefty price tag.
All told, the traditional credit card model puts the burden on the company while offering fewer protections than many assume.
While credit cards still dominate many checkout flows, consumer expectations are changing. Today’s shoppers want speed, convenience, and control, and that includes how they pay.
Customers are increasingly looking for:
In other words, offering credit cards alone may not cut it anymore. A growing number of consumers, especially younger demographics, are actively seeking alternatives that feel faster, more secure, and easier to manage. Merchants who offer more than one way to pay are removing friction at checkout, reducing cart abandonment, and building trust.
And while these trends reflect consumer demand, they also bring tangible cost benefits for merchants. Switching from credit card payments to real-time alternatives like e-Transfer or EFT can reduce transaction fees dramatically—unlocking thousands in potential monthly savings.
For example, if your business processes 5,000 transactions per month at 2.5% on $1 million in credit card payments, you’d be spending $25,000 per month in fees. Switch to EFT at $0.50 per transaction, and that number drops to just $2,500—a potential monthly savings of $22,500.
Or, if you’re using the Interac® Request Money feature at $1 to 1.50 per transaction, your monthly cost would still be just $7,500—less than a third of typical credit card fees, while offering your customers a fast, secure, and familiar way to pay. It is also the only real time payments method in Canada!
Beyond cost, these methods also come with fewer chargebacks, faster settlement timelines, and stronger fraud protection.
Offering lower-cost alternatives doesn’t mean abandoning credit cards altogether. In fact, the most effective payment strategies are the ones that give your customers options.
With Digital Commerce Payments’ Acquiring Solution, you get the best of both worlds:
This kind of flexibility is especially valuable for companies serving diverse audiences or offering both in-person and online experiences. Whether you’re collecting rent, managing subscriptions, or processing high-volume sales, you can tailor your payment mix to suit your business without compromising the customer experience.
And because our platform is designed with Canadian companies in mind, you’ll always have local support, compliance alignment, and seamless integration to help you scale with confidence.
Interested in learning more? Explore our Acquiring Solution or book a demo today.