2017-04-28 15:22:45Payment ProcessingEnglishLearn about the use of new payment technologies in Canada and what your business should do to stay current.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/04/bartender-swipes-credit-card-with-mobile-reader.jpghttps://quickbooks.intuit.com/ca/resources/payment-processing/small-businesses-need-know-new-payment-technologies/What Small Businesses Need to Know About New Payment Technologies

What Small Businesses Need to Know About New Payment Technologies

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When it comes to new and improved payment technology infrastructure, Canadian businesses have led the way thanks to domestic corporations’ receptiveness and support of new payment technology. A recent report found that 80% of Canadian retailers possess terminals with near-field communication, or NFC, capability. Additionally, one out of 10 transactions is made contact-less, while 80% of major retailers in Canada accept contact-less payments.

Unlike the United States, contact-less chip cards are by far the preferred method of payment in Canada. In the states, smartphones are more geared toward mobile payments because most cards issued in the United States lack contact-less capabilities. With Canadian contact-less payments growing at a rapid pace of 16.4% a year, small businesses would be smart to begin offering these modern payment options to their customers.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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