Digital Payments on the Rise for Canadian Small Businesses
The adoption of digital payment methods by small businesses in Canada has been steadily increasing in recent years. This trend is being driven by a number of factors, including the growing popularity of e-commerce, the increasing use of smartphones and tablets, and the rising cost of traditional payment methods.
According to a recent study by Payments Canada, 54% of small businesses in Canada now accept digital payments. This is up from 47% in 2019. The study also found that the most popular digital payment methods among small businesses are:
- Credit cards (87%)
- Debit cards (78%)
- Interac e-Transfer (63%)
- Mobile wallets (35%)
The adoption of digital payments is expected to continue to grow in the coming years. This is due to the increasing availability of new and innovative payment technologies, as well as the growing demand from consumers for convenient and secure payment options.
Benefits of Digital Payments for Small Businesses
There are a number of benefits to adopting digital payment methods for small businesses. These include:
- Increased sales: Digital payments can help businesses increase sales by making it easier for customers to pay for goods and services.
- Reduced costs: Digital payments can help businesses reduce costs by eliminating the need for cash handling and reducing the risk of fraud.
- Improved customer experience: Digital payments can improve the customer experience by making it easier and faster for customers to pay for goods and services.
- Increased security: Digital payments are more secure than traditional payment methods, such as cash and checks.
How to Get Started with Digital Payments
If you are a small business owner who is considering adopting digital payment methods, there are a few things you need to do to get started. These include:
- Choose a payment processor: There are a number of different payment processors available, so you need to choose one that is right for your business.
- Set up your account: Once you have chosen a payment processor, you need to set up your account and configure your payment settings.
- Integrate your payment processor with your website or point-of-sale system: You need to integrate your payment processor with your website or point-of-sale system so that customers can pay for goods and services online or in person.
- Train your staff: You need to train your staff on how to use your new payment system.
Conclusion
The adoption of digital payment methods by small businesses in Canada is on the rise. This trend is being driven by a number of factors, including the growing popularity of e-commerce, the increasing use of smartphones and tablets, and the rising cost of traditional payment methods. If you are a small business owner, you should consider adopting digital payment methods to increase sales, reduce costs, improve the customer experience, and increase security.
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