.ca Payment Method (1.Viewing)

I have discussed on a number of occasions that I traditionally only pay in Canadian funds for .ca domains.
Unless I buy the domain from Sedo or Godaddy I do not deal in USD on .ca domains.

Most people also know that I process almost everything on my inhouse merchant account via credit card.

However.....

I am finding myself using Interac e-Transfer more and more.

Because 3k per day / 10k per week is the limit when I buy I end up paying 3k per day until the domain is paid. About half way through I ask for the domain to be transferred.

For me it's a nominal savings of about 3% in credit card fees when I sell and significantly more if I use paypal.

I don't understand why more Canadians are not using e-Transfers to do the transactions, it's like pulling teeth getting people to understand the savings and that it goes directly into your account.

There is one thing you have to do though....

I buy domainX.ca for 9k

On each e-Transfer I use the note...

1st Payment of 3k total 9k for domainx.com
2nd Payment of 3k total 9k for domainx.com
3rd Payment of 3k total 9k for domainx.com

This is a must so you have a safety net should there ever be a dispute of what a payment was for.

Yep, I use e-transfer frequently. And yes, I agree, if its a .CA domain we should be negotiating in CAD... However, on occasion if its a higher value domain and either myself as a buyer, or the buyer when I'm selling, wants to use Escrow.com. Then we just have to convert the price to USD to complete the transaction. And yes, its a little pain in the ass when you have to do multiple payments, and yes, I always specify in the notes the same way, "payment 1 of 3" or whatever. I don't ask for the domain to be transferred before full payment though. I don't transfer domains before getting full payment, so I don't ask for people to do that for me either. One tip, you can call your bank and get a temporary increase on the daily limit. I just did it recently and they let me send $10K in one shot, even though I had already sent almost $10K in the previous couple days. So clearly they were able to overrode both the day and weekly limit, all just with a phone call.

Use EMT almost exclusively for .ca sales and it is almost always the buyer requesting it.
And they/I put the purchase details in the note.
And no chargebacks ...

Has anyone used a certified cheque for payment? How safe is that?

SmartAlex said:

Has anyone used a certified cheque for payment? How safe is that?

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Certified cheques are old school
They are ok but can be “stopped”
Plus you have to physically take it to the bank
EFT electronic fund transfer is the way to go
E transfer or wire
Instantly in your account and instantly available to spend

I personally like e-transfer myself but a lot of individuals prefer not to do it that way with trust issues and understandable so. PayPal is another option but I never use PayPal unless it is someone I know or a trusted member. It’s too easy to do chargebacks with PayPal.

I recently inquired about a name and we ended up talking for a bit back and forth. He only uses Escrow or checks/money orders. I am still quick surprised that he doesn’t have PayPal or E-transfer.

I only use the following....

E-Transfer
Direct Deposit
Certified Cheque

Under 5k - paypal

Credit card up to 10k (my inhouse system)

I was paying 35k a year in credit card fees

I have now stopped accepting credit cards for all my businesses and am only accepting accepting debit and e-transfer now.


Switching my online store to e-transfer was a task but clients seemed not to mind, I had an initial 10% drop in sales and that has all come back.

Onsite I take cash and from old school clients I will take the occasional cheque.

most of my deals are through Escrow, and the odd time a buyer will pay through Interac etransfer. With Interac it is only the smaller sales, like $500 or $1000. Generally above that people usually want escrow protection.

E-transfers can be reversed by banks -- if they deem it fraudulent. Seems a lot of Kijiji sellers have been burned.

moosk said:

E-transfers can be reversed by banks -- if they deem it fraudulent. Seems a lot of Kijiji sellers have been burned.

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According to interac not

MapleDots said:

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According to interac not

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I believe that someone who sends money cannot then ask to have it reversed, but banks will reverse it (apparently) if they believe it's fraudulent. So, try to deal with people you feel are legit.

Kijiji seller story: https://toronto.ctvnews.ca/ontario-...andise-in-apparent-e-transfer-fraud-1.5080749

I have discussed this here :

https://dn.ca/topic/194/hi-all/

You should be very careful accepting from people you don’t know. They always tell you to deal with family and friends only. It is not a safe method of payment especially when you are the one receiving the payment.

1. If an e-transfer is legit it cannot be reversed by the sender.
IE. I have a bill of sale and the money is in my account.

2. Fraud is not an issue because I do not release the goods until the funds are in my account.

3. Fraud can only happen if the person sends from someone elses account, ie some hack a persons bank account credentials which is getting harder and harder to do. Even in that case if you do your due diligence and find out who you are dealing with then that is not an issue.

4. Most amount I do is 10k via e-transfer, anything over is always certified cheque.

Been doing this for a long time and have NEVER had fraud, especially because .ca domains are traceable and whoever commits the fraud will quickly lose the domain.

I have absolutely no concern conducting business via e-transfer, there is so much information available that the crook cannot hide. I mean it is not like he can abscond with an ipad or something, we can easily see the end user of the domain and pursue that. The cops will knock on the door pretty quick.

Anything for sale that is traceable like a domain has minuscule risk with e-transfers.

I guess it’s like anything in life just because it has never happened to you it doesn’t mean it can’t. So I will never encourage people to use etransfers with people they don’t know.

I’m not sure if you’ve ever had a domain stolen from you but good luck trying to recover a domain when you provided the authorization code to the other party. Although you may think it’s easy to know who the person is. Very easy to put information into a fake account and then transfer to a legitimate party later through sale.

It’s not something you want to experience and you will not recover the domain name. The best case scenario is maybe you will see the money again. But again, why go through the hassle? The most convenient option for you is not always the best and most secure option.

theinvestor said:

I guess it’s like anything in life just because it has never happened to you it doesn’t mean it can’t. So I will never encourage people to use etransfers with people they don’t know.

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I do 150k worth of e-tranfers on my online store per month

Not one has ever been returned, I have had clients try to return product past the terms stated on the site and when we declined they tried to get the e-transfer back but they were not successful.

In the last 6 months 900k has been successfully processed via e-transfer by my online stores with ZERO hiccups.

When I compare that to credit cards there were constant chargebacks, it was getting ridiculous and I knew I had to find a more reliable form of payment.