Reviews

InstaDebit Review

May 31, 2022

 

InstaDebit is a bank transfer service provider in Canada. It is available in 32 countries. Customers use the service to transfer funds from their banks to merchants. The good thing about this is the merchants don’t have to know the consumer’s bank information. There is no fee to create an account with InstaDebit, so merchants can immediately accept payments from their clients.

Since 2003, the company has led the payments industry. It provides online transaction processing and risk management. This payment method is available on thousands of e-commerce websites around the world.
It is crucial to clarify that InstaDebit is not an e-wallet. As such, users cannot deposit funds directly into their accounts. Instead, users need to pick InstaDebit as an option on the payments page. InstaDebit will debit the funds to be transferred to the merchants from a user’s bank account.

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InstaDebit Merchant Services

Payment Processing

Many merchants find it hard to provide an easy payment processing solution to their clients. InstaDebit can solve that predicament. As long as the clients have a bank account, they can sign up for an InstaDebit account and link their accounts. When they pay a merchant, they use their InstaDebit to do so.

High-risk Merchant Account

InstaDebit does not discriminate. Your clients can use the payment method no matter what they want to buy from your business. As long as InstaDebit accepts you as a merchant, you can also start receiving payments from your customers’ accounts.

 

InstaDebit Fees, Rates & Pricing

Processing Fees

InstaDebit’s website says there is no fee to create an account. However, it will charge your bank account CA$1.95 when you make a payment to a merchant. There is no charge if you will use the balance in your InstaDebit account.  The merchants will need to pay a small charge if they withdraw the funds or transfer them to their bank accounts.

Additional Fees

If you use US dollars in your InstaDebit account, there is an exchange rate fee. You can also see the current exchange rate on the transaction page.

Hidden Charges

There is no information about any hidden fees.

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InstaDebit Complaints

There are many complaints about InstaDebit on the BBB website. Many of the complaints center on two issues: the blocking of accounts after users withdrew funds and their banks did not accept them, and the credit inquiries made by InstaDebit.

Customers complain about not receiving the funds they withdrew. Upon checking their InstaDebit accounts, they found that these have been blocked. InstaDebit replied to the complaints and said their concerns had been escalated already. Most of the customers accepted the resolution.

Another complaint users have is about credit inquiry. Customers say InstaDebit did not tell them there would be a credit check when they signed up for an account. Some of them complain that this would affect their credit scores.

Rip Off Reports

Despite the many complaints against InstaDebit, there are no rip-off reports about the company.

Other Complaints

There are no other complaints found about InstaDebit.

 

InstaDebit BBB Rating

InstaDebit has a listing on the Better Business Bureau (BBB) website. It has a rating of B. However, it is not accredited. Over the past three years, it has closed 27 complaints. And in the past year, there were 10 complaints against the business.

BBB accredits payment processing companies and gives them a rating from A+ to F. Many merchants would only like to work with payment processors with a high rating on BBB. However, it should be noted that BBB is not the only bureau that accredits businesses.

BBB Reviews

There are two reviews about InstaDebit. Both reviews give the company a one-star rating. One review complained about the hard credit check by the company, which can affect your credit score. InstaDebit is not upfront about this requirement since they do not mention it in their sign-up process.

 

Is InstaDebit Legitimate?

InstaDebit is one of the most popular bank transfer processors in Canada. It is used on Facebook, PlaySpan, Playdom, World of Tanks, and Live Gamer. It also has a profile on the business networking site Crunchbase.

ScamAdviser gave the website an average to good trust rating of 100/100. The positive highlights are the following:

  • High traffic volume
  • Valid SSL certificate
  • The site was set up years ago

The only negative comment about the website is that the owner hid their identity using WHOIS. Otherwise, ScamAdviser said that InstaDebit’s site is safe enough to browse.

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Scams

There are a lot of complaints filed against InstaDebit on BBB. However, none of them call the business a scam.

Lawsuits

There are no lawsuits filed against InstaDebit.

 

InstaDebit Customer Reviews

InstaDebit has no client testimonials on the website. It also has no customer reviews on popular sites or social media. The only customer reviews found about InstaDebit are the two reviews on BBB. Both of the reviews found there give the company a one-star rating. According to the customers, the company requires a hard credit check that can affect their credit scores.

 

Conclusion

InstaDebit is popular in Canada and other countries where it has made a name for itself. While there are negative reviews about the company, it is a legitimate payment processor that you can work with for your business and personal needs. The company requires users to be at least 18 years old and to have a bank account with an accredited Canadian financial institution.

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