PayFacto intergrates Interac Konek digital wallet across merchant network

This update means Canadian retailers using PayFacto can now offer customers a way to pay directly from their bank accounts using a digital wallet. By integrating Interac Konek, you are no longer limited to just credit and debit card processing. For your business, this is a major win for lowering overhead costs. Account-to-account payments often carry lower processing fees than traditional credit cards. It also appeals to the growing segment of shoppers who prefer not to use credit. The integration is designed to be seamless at the point of sale. Customers use their digital wallet to authorize a secure transfer from their bank. This reduces the risk of chargebacks that often plague credit card transactions. For operators in high-ticket sectors, offering a direct-from-bank option can also help bypass credit limit hurdles that sometimes stall sales at the register. PayFacto is rolling this out across its network, so merchants should check their hardware compatibility soon. This move aligns with a broader industry shift toward 'open banking' styles of payment that prioritize speed and lower merchant fees.

Source: Finextra — Lending

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