We’re happy to announce that our friends over at Square are now accepting INTERAC debit cards with their Square reader for contactless and chip (just in time for the holiday shopping season). That’s right! No more telling your customers they must use a credit card or cash to pay for their purchases. And, of course, all your INTERAC debit transactions appear in Kashoo in real-time.
More Choices for Your Customers, More Security for You
While accepting debit is a convenience for your customers, these transactions mean more security for you. Ever wonder why cards with chips are more secure? Here are a few reasons:
- Harder to reproduce and copy
- Chips both receive and process data using EMV technology and cryptography which significantly reduces the change of fraud
- Counterfeit magnetic stripe cards are automatically rejected due to a missing chip
- Businesses instantly know funds are available
You’ll notice newer cards still have magnetic stripes. That’s to allow customers who travel to use their cards in parts of the world that haven’t adopted chip technology yet.
How it Works
If you already have the new tap/chip reader, you’re good to go. There are a couple of things to keep in mind:
- Debit transactions must be under $100
- Customers have to use credit cards or cash for purchases over $100, and additional verification like a thumbprint may be required
- INTERAC cards can’t be inserted into the chip reader (you’ll need to use the tap feature)
- Verification differs per card, so pay attention to the on-screen prompts
Save on Transaction Fees This Holiday Season
One of the biggest benefits of being able to accept INTERAC is the 10 cents per transaction fee. Being a small business, paying 2.65% on every credit card transaction can add up! These fees can get even heftier depending on the type of credit card your customer is using.
To help you save even more, Square is running a promotion until December 31, 2017. When you get the Square Contactless Reader, they will pay all of your INTERAC debit transaction fees until the end of the year. See the site for more details.
Kashoo + Square = Big Wins for Our Clients
Our goal at Kashoo is to make accounting as simple as possible for small business owners like you. That’s why we’ve included integrations like Stripe and Square into our software. These add-ons import your transactions into Kashoo, allowing you to see sales and other information in real-time.
With sales ramping up this holiday season, don’t waste time manually recording transactions. By integrating Square with Kashoo, you’ll be able to spend valuable time with the people that matter and focus on what you do best.