Instadebit proclaims to be an online payment option, that is secured, that allows the users to make payments to merchants directly from an individual’s bank account. Instadebit allows the users to start using right after signing up for it, so long as the user has a bank account at any financial institution in Canada. This is a particularly limiting drawback to Instadebit– the requirement of a financial institution in Canada. Also, it is important to note that Instadebit is not an e-wallet and funds cannot be directly deposited into the user’s Instadebit account from the user’s personal bank account.
In particular, Instadebit allows the user to make online payments to a variety of merchants using funds from one’s bank account. First, the user simply selects the “Instadebit” option on a specific merchant’s cashier page. Then the user logs into his or her Instadebit account. Lastly, the user reviews the pending transaction and authorizes the transaction accordingly. If the individual does not possess an Instadebit account at the time of the transaction, he or she will be directed to the Instadebit web page to create one and register his or her bank account for the first transaction. The funds from the user will be removed from his or her bank account 0-2 business days after approving the user’s transaction.
Atheist of currencies that Instadebit utilizes is limited to two: the United States and Canadian dollars. Instadebit does allow the user to make payments in both U.S. and Canadian dollars. One great advantage to the user is the ability to have Instadebit calculate the currency conversion for every transaction he or she makes by simply logging into their Instadebit account and viewing the transaction receipt. In addition, the currency conversions for payments and deposits are made at the day’s exchange rates and include a fee to compensate for the currency risks that are associated with the service provided to its customers. Once more, it is important to emphasize that Instadebit only is available to Canadian customers and to those who bank in a financial institution in Canada.
In relation to data security and privacy, Instadebit prides itself on featuring one of the most comprehensive and sophisticated anti-fraud systems that are available to the e-commerce industry. Instadebit then provides a plethora of examples of their security features, such as Data Protection, Privacy Control, Identity Verification, and Secure Transmission. Specifically, Instadebit utilizes monitoring tools and is regulated by leading security certification firms, like TRUSTe and VeriSign. As for the secure transmissions that Instadebit constantly deals with on a daily basis, all communications between Instadebit and the user are transmitted securely using 128-bit encryption technologies which ultimately protect the sensitive data from potential fraud.
Instadebit also benefits the merchants that utilize its functions as well. In fact, according to its website, Instadebit works with merchants all over the globe and provides service to thousands of e-commerce websites. It is clear that Instadebit also behoves merchants. As a merchant, the Instadebit option provides your customers with a quality alternative to cash or credit cards for payments and/or refunds. For the merchant, this will completely eliminate the need to find, pay for, and maintain a separate third-party relationship or account. It will also allow the merchant user to cost-effectively accept payments from customers and process the refunds in the currency that the merchant selects. If a merchant does issue a refund, the funds are supposed to be deposited back into your Instadebit account within three to five business days. These returned funds can then be used to make other purchases through Instadebit, once available. These funds can also be withdrawn directly to his or her bank account by simply logging into the account and clicking “Withdraw Funds,” which ultimately allows the user to utilize the refunded money as he or she normally would.
In addition, Instadebit provides risk reduction for the merchants and therefore enhances value inherently. Instadebit ensures reduced exposure to risk to fraud by utilizing its effective and proven ID verification risk management system and other anti-fraud databases. Furthermore, as a merchant, Instadebit provides the option for comprehensive reporting. The Instadebit website and mobile interface allow both the user and the merchant to view real-time transactions, reimbursements, adjustments, and balance reports in their respective portals.
It is incredibly quick, easy, and free to register for an Instadebit account. All a potential user will need is basic personal information, such as name, email address, home address, etc. and the user’s bank account information. Once an instadebit account is created, the new user is provided with a temporary transaction limit. This temporary spending limit can be quickly remedied by simply providing verification of one’s bank account. Subsequently, this will allow the user to automatically receive a higher spending limit.
However, it is important to note that there are fees associated with Instadebit as a whole. There are no fees with creating an Instadebit account and there is no charge to make payments from a user’s Instadebit balance account. However, there is a $1.95 CAD charge to make a payment to a merchant from the bank account. If a merchant issues a refund to a user, there is no fee to transfer the funds to the Instadebit balance account. However, there is a $2.00 CAD charge to withdraw funds from the user’s balance account to the user’s bank account.
If an Instadebit user wants to close his or her account, he or she must contact the Instadebit team directly and request that the account is terminated. Unfortunately, it seems that the user puts the actual ability to terminate the account in the discretionary hands of Instadebit alone. The user is asked to contact a single email address in hopes of closing the account. On the other hand, Instadebit does offer a comprehensive customer support centre. The customer support centre is open twenty-four hours a day, seven days a week, three-hundred and sixty-five days a year to answer potential questions and to address customer issues. Moreover, this customer support help centre is available to both the consumers and to the merchants.