March 27, 2018
A survey of Canadian small businesses found they want more payment options, both for their customers at checkout and for themselves to pay their suppliers and vendors. Eighty-one percent of small businesses in Canada said they are willing to integrate new payment technologies, according to Payments Canada’s Payments Pulse: Small Business Edition.
“Given the growing demand for fast, safe and convenient digital payment formats, coupled with the business need to maximize margins, it’s no wonder small business owners are open to more payment innovations,” says Gerry Gaetz, president and CEO of Payments Canada. “There appears to be a higher demand for faster alternative methods as most business owners are willing to move away from cash and checks—that is, once they have other options.”
Payments Canada, the body responsible for the Canadian settlement and clearing infrastructure, also found that newer businesses are even more interested in multiple payment options and that most would move away from cash (61 percent) and checks (67 percent) if they had other options.