Small businesses (SMBs) in Canada want more payment options, both in how they accept payments from consumers and how they pay their suppliers, according to new research from Payments Canada.
The organization recently announced the results of a new survey that found SMBs across Canada wanted more choice in payment technologies for point-of-sale (POS) systems as well as for the back office in accounts payable. They specifically mentioned eTransfers, eWallets and digital currencies, the report found, though SMBs prioritized payment security above all else.
Eighty-one percent of SMBs surveyed for the “Payments Pulse: Small Business Survey Edition” report said they would be willing to adopt and integrate new technologies into their operations, with newer companies even more eager to do so. Nearly two-thirds said they would be willing to migrate away from cash, and even more said they would be willing to move away from paper checks.
More than half (54 percent) said they felt they were spending too much time on payment processing. Payments innovation was also important to Canadian entrepreneurs: Eighty-seven percent believe it’s important that the payments industry continues to evolve.
“Given the 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,” said Payments Canada President and CEO Gerry Gaetz in a statement. “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.”
“Small firms are indeed looking for new, faster ways of payment,” added Dan Kelly, president of the Canadian Federation of Independent Business. “Many firms are particularly interested in new ways to make business-to-business payments, where larger sums of money can be transferred without hold times or high transaction costs.”