|September 2012, Florida, WA – Florida retailers are poised to take a bigger chunk of Canadian visitor spending, via the new Canada Certified™ merchant program, now available in Florida. Canada CertifiedTM by NXGEN is an economic development initiative designed to help retail merchants grow their business by being able to accept all Canadian preferred methods of payment.
Studies show that Canada is the second-largest debit user in the world, second only to Sweden, but many US businesses are simply not equipped to accept their Canadian Interac PIN debit cards. Instead, Canadian visitors are often requested by merchants to use a credit card, which is more costly to the visitor (and the merchant), go to an ATM, or pay cash, all of which are more expensive or inconvenient to Canadians.
The Interac card is not affiliated with Visa, MasterCard, Discover or American Express and requires a PIN pad to enter a 4-digit security code, just like PIN Debit in the US.
The Canada CertifiedTM program also includes Dynamic Currency Conversion, which reflects the daily exchange rate on Canadian Dollars. The merchant is paid in $US and the Canadians are debited in $CN. This eliminates the merchant’s international or cross-border fees and reduces the chance of chargebacks since the total on the receipt will match the Canadian bank statement. Through Canada Certified™, businesses can participate in multiple promotional opportunities so Canadian visitors know where they can use their Interac card including Facebook, Linked-In and the Nxgen web site.
This program can also offer Dynamic Currency Exchange for Credit Cards as well, including Euros, Pounds, Yen, and Australian $ in addition to Canadian $.These international credit card transactions provide a rebate back to the merchant, and provides receipts in both currencies for the cardholder.
With the recent June 1, 2012 increase in allowable duty-free amounts that Canadians can bring back across the border, being “Canadian-friendly” has taken on increased importance to Florida-area retailers. Now Canadians can bring back $200 to $800 per person worth of product purchases, tax-free, depending on their length of stay in the US.
“We have seen in other markets that merchants experience increased Canadian-specific business, and benefit by making all Canadian-preferred payment types available. Canada Certified™ is designed to increase foot traffic, spending volumes, create repeat traffic and continued loyalty from Canadian consumers, as well as reduce costs on processing fees” said Anne Britz, Canada Certified™ Promotional Coordinator. “This program is about breaking down cultural barriers and welcoming a customer base that historically is already in Florida spending money. Canadians love that we are making the effort to take their Interac PIN debit cards in the US. I even had an Alberta woman hug me when she heard the news,” added Britz.
NXGEN Account Consultants will help guide a business through choosing the best, most cost-effective solution. After joining the program, a promotional packet is provided to the retail merchant, with additional information on how best to use the Canada CertifiedTM logo and promotional materials along with other useful hints on how to be more Canadian-friendly.
About NXGEN International
NXGEN, with merchants in more countries than any other Merchant Service Provider, is Elavon’s #1 ranked MSP in the world. Founded in 2002, NXGEN’s 40% annualized growth is the result of continually offering clients innovations that matter. Scale, strength and security means that merchants around the world who process their payments through NXGEN benefit from single platform execution, a full suite of integrated products, value-added servicing, seamless merchant experience, depth management reporting, plus multi-billion-dollar rate clout.
About Dennis Hassell, Regional Consultant for Nxgen
Mr. Hassell has been a Nxgen Consultant since 2004. Because of his background in computer science, electronics engineering and project management, he provides an added benefit to businesses that need operationally simple and smooth payment processing but do not have the time or expertise to take on a custom solution. Mr. Hassell is a hands-on Merchant Services provider who will follow through and ensure the service provided is what the customer is looking for.