Of the over one million employer businesses in Canada, 99.7 per cent represent small and medium-sized enterprises (SMEs), leaving 0.3 per cent representing large businesses. As a key economic driver, Payments Canada decided to focus a survey specifically on the payment interests of Canadian SMEs, Payments Pulse Survey: Small Business Edition.
Building on our E&Y report How can payments modernization benefit Canadian businesses? released earlier this year, we dug deeper to find out how payments systems meet SMEs’ business needs, how inefficiencies in current payments processing impact SMEs and how SMEs anticipate benefiting from a new payments system.
The introduction of new systems, rules and standards as part of Payments Canada’s Modernization program will foster a faster, safer and more data-rich payments environment. The top anticipated enhancements will come from new real-time payments, giving small businesses more choice in how they make their payments, and the adoption of the ISO 20022 data standard, which has the potential to improve automation and efficiency by increasing the data that travels with a payment.
What we heard loud and clear is that Canadian SMEs are ready for more payment options. They want more choice for their customers at point-of-sale and more options for their back-office payments to suppliers and vendors, such as e-transfers, e-wallets and the digital currencies. And of course, they want their payments to be safe and secure.
Finally, the survey found that overwhelmingly the majority of SMEs are willing to integrate new technologies into their operations to meet future payment needs.
The third annual Payments Pulse Survey: Consumer Edition explores the payment preferences of Canadians and the forces driving the movement for innovative payment methods. The study revealed significant generational insights into Millennials and Generation Z when it comes to the way Canadians pay and what they are yearning for.
The study was conducted by Leger Marketing Inc., on behalf of Payments Canada between April 12 and April 19, 2019. An online survey of 1,564 Canadians was completed using Leger’s online panel. The margin of error for this study was +/-2.8%, 19 times out of 20.
The second annual Payments Pulse Survey: Consumer Edition delves into the payment preferences and priorities for Canadian consumers. This year, the survey was conducted in two phases. Phase 1 served as a pulse check on trends spotted in the 2017 survey and helped inform dialogue and discussion at the Payments Canada SUMMIT – Canada’s largest payment conference, held May 9-11, 2018 in Toronto. The follow-up Phase 2 survey dove deeper into specific consumer needs and issues that emerged as hot topics at The SUMMIT, including ‘invisible payments’ and social media payments.
Payments Pulse Survey: Small Business Edition (October 2019)Payments Canada
This year’s survey, which focuses on the payment trends, interests, and views of Canadian small businesses, revealed the majority of small businesses do fewer than 25 per cent of their transactions in cash but still feel obligated to accept it.
The 2019 Payments Pulse: Small Business Edition was undertaken by Leger and Payments Canada between September 17, 2019 and September 24, 2019. An online survey of 300 Canadian small business owners of companies with less than 499 employees was completed using Leger’s online panel. The margin of error for this study was +/- 5.6%, 19 times out of 20.
66% of IT decision makers, including C-suite executives, believe that Chip and Signature does not offer credit card holders sufficient security and that Chip and PIN should be required, according to a new survey on EMV readiness from Randstad Technologies, a leading technology talent and solutions provider. By October 15, 2015, the majority of U.S. businesses must transition to EMV-capable technologies or become liable for any costs incurred from fraud using old magnetic strip technologies.
The third annual Payments Pulse Survey: Consumer Edition explores the payment preferences of Canadians and the forces driving the movement for innovative payment methods. The study revealed significant generational insights into Millennials and Generation Z when it comes to the way Canadians pay and what they are yearning for.
The study was conducted by Leger Marketing Inc., on behalf of Payments Canada between April 12 and April 19, 2019. An online survey of 1,564 Canadians was completed using Leger’s online panel. The margin of error for this study was +/-2.8%, 19 times out of 20.
The second annual Payments Pulse Survey: Consumer Edition delves into the payment preferences and priorities for Canadian consumers. This year, the survey was conducted in two phases. Phase 1 served as a pulse check on trends spotted in the 2017 survey and helped inform dialogue and discussion at the Payments Canada SUMMIT – Canada’s largest payment conference, held May 9-11, 2018 in Toronto. The follow-up Phase 2 survey dove deeper into specific consumer needs and issues that emerged as hot topics at The SUMMIT, including ‘invisible payments’ and social media payments.
Payments Pulse Survey: Small Business Edition (October 2019)Payments Canada
This year’s survey, which focuses on the payment trends, interests, and views of Canadian small businesses, revealed the majority of small businesses do fewer than 25 per cent of their transactions in cash but still feel obligated to accept it.
The 2019 Payments Pulse: Small Business Edition was undertaken by Leger and Payments Canada between September 17, 2019 and September 24, 2019. An online survey of 300 Canadian small business owners of companies with less than 499 employees was completed using Leger’s online panel. The margin of error for this study was +/- 5.6%, 19 times out of 20.
66% of IT decision makers, including C-suite executives, believe that Chip and Signature does not offer credit card holders sufficient security and that Chip and PIN should be required, according to a new survey on EMV readiness from Randstad Technologies, a leading technology talent and solutions provider. By October 15, 2015, the majority of U.S. businesses must transition to EMV-capable technologies or become liable for any costs incurred from fraud using old magnetic strip technologies.
A consumer research report from Echo Managed Services: 1,000 UK consumers give their thoughts and feelings around their billing experiences with everyday service providers and reveal which industry sectors are getting billing right and wrong.
With the unpredictable economic environment and the importance of cash and liquidity on the corporate agenda, finance executives are evaluating the effectiveness of current operations across payables and receivables. Many companies are turning to payment factories to deliver value across the entire organization.
Bill paying habits among accounting and accounts payable professionals are far more advanced at home, where they use a number of electronic payment methods, than at work, where they overwhelmingly rely on paper checks.
How are people managing their finances?What tools and services would make their lives easier? The quarterly consumer trends survey from Fiserv provides answers and insights.
Millennial entrepreneurs are quickly replacing retiring Boomers. How can banks serve this huge, diverse and technology-adept audience? You’ll learn:
• The business challenges Millennials face – and the opportunity that creates for banks
• The bank transaction preferences of Millennial entrepreneurs
• Their loan application activity and experience – and the challenge for traditional banks
• Awareness and perceptions of alternative lenders
• Bank brand perceptions and switching likelihood
Research Paper | Counting the Cost of Debt Recovery 2018EchoMarketing
New consumer research from UK Outsourcer Echo Managed Services (https://www.echo-ms.com). Who are the Nation's debtors? | Reasons behind consumer arrears | effective and poor debt collection practice by sector | hidden costs of poor practice | debt and the causes of a negative stigma | the dangers of stereotyping consumers in arrears | awareness rates of vulnerable customer support schemes | data sharing - consumer attitudes and preferences | Key takeaways for UK service providers.
If a new company has not yet established a credit history, many lenders turn to the business owner’s personal
credit to evaluate risk. But does personal credit alone paint an accurate picture of a new business’s risk? Is there
a more optimal way to determine how creditworthy a young company may be?
Let's admit it: Payment fraud is widespread and a huge liability for companies. The only way to successfully combat it is to develop comprehensive strategies and make the most of fraud management tools. Join this session to hear new ideas and strategies from our payment partners and customers on how to defeat fraud, increase consumer confidence, and reduce collection friction.
Expectations & Experiences, the quarterly consumer trends survey from Fiserv, revealed unique insight into people's perceptions about their credit score - and what drives their behavior. This excerpt is from Expectations & Experiences: Channels & New Entrants, 2016. Learn more: https://fisv.co/expectations-channels.
Consumer awareness of identity theft and tax-related fraud is on the rise this year, and along with it increased concerns over becoming a victim. Experian recently surveyed consumers nationwide for its annual tax study, focusing on a number of tax related topics including filling habits, identity theft and what they are doing to protect themselves this tax season.
UK Water Billing | A Consumer Research Report (2019)EchoMarketing
1,000 UK consumers share their views on water bills and billing processes including billing preferences, billing experiences and the improvements they'd like to see from their water suppliers.
Q2 2015 insights on consumer credit trends and the current state of the real ...Experian
View the Q2 2015 recap of the Experian-Oliver Wyman Market Intelligence Report, including the latest consumer credit trends and a key focus on the current U.S. real estate market.
As the holidays draw near, learn the preparations that shoppers will make for their holiday purchases this year. With information that includes consumer attitudes relative to information security and privacy, you can discover how the opinions of those who have become recent victims of a data breach view shopping and retailers can differ. Learn who is more likely to have made a budget in advance, who prefers to reward themselves, and who's considering a DIY gift this year. Make your shopping merry this holiday season - and learn how others will shape their approach, too.
Small Business Adoption of EMV TechnologyIntuit Inc.
Intuit surveyed small business owners to get their perspectives on EMV technology and the upcoming liability shift.
The survey data is based on an online multiple-choice questionnaire, administered to 504 U.S. small businesses, at the owner or manager level, with 1-100 employees. The survey was fielded by Ebiquity from April 22-27, 2015; all respondents accept credit cards through mobile swipers and/or physical point of sale terminals.
Automation of business-to-business (B2B) payments continues to remain elusive. While checks are stubbornly pervasive, there is promising news in the vision for processing data and dollars among business partners. This session will detail NACHA and other industry organizations’ initiatives leading the way in facilitating the move from paper instruments to electronic payments by mid-sized and smaller businesses. Learn about opportunities for electronic disruption and where financial institutions might begin to gain traction in B2B ACH payments.
A consumer research report from Echo Managed Services: 1,000 UK consumers give their thoughts and feelings around their billing experiences with everyday service providers and reveal which industry sectors are getting billing right and wrong.
With the unpredictable economic environment and the importance of cash and liquidity on the corporate agenda, finance executives are evaluating the effectiveness of current operations across payables and receivables. Many companies are turning to payment factories to deliver value across the entire organization.
Bill paying habits among accounting and accounts payable professionals are far more advanced at home, where they use a number of electronic payment methods, than at work, where they overwhelmingly rely on paper checks.
How are people managing their finances?What tools and services would make their lives easier? The quarterly consumer trends survey from Fiserv provides answers and insights.
Millennial entrepreneurs are quickly replacing retiring Boomers. How can banks serve this huge, diverse and technology-adept audience? You’ll learn:
• The business challenges Millennials face – and the opportunity that creates for banks
• The bank transaction preferences of Millennial entrepreneurs
• Their loan application activity and experience – and the challenge for traditional banks
• Awareness and perceptions of alternative lenders
• Bank brand perceptions and switching likelihood
Research Paper | Counting the Cost of Debt Recovery 2018EchoMarketing
New consumer research from UK Outsourcer Echo Managed Services (https://www.echo-ms.com). Who are the Nation's debtors? | Reasons behind consumer arrears | effective and poor debt collection practice by sector | hidden costs of poor practice | debt and the causes of a negative stigma | the dangers of stereotyping consumers in arrears | awareness rates of vulnerable customer support schemes | data sharing - consumer attitudes and preferences | Key takeaways for UK service providers.
If a new company has not yet established a credit history, many lenders turn to the business owner’s personal
credit to evaluate risk. But does personal credit alone paint an accurate picture of a new business’s risk? Is there
a more optimal way to determine how creditworthy a young company may be?
Let's admit it: Payment fraud is widespread and a huge liability for companies. The only way to successfully combat it is to develop comprehensive strategies and make the most of fraud management tools. Join this session to hear new ideas and strategies from our payment partners and customers on how to defeat fraud, increase consumer confidence, and reduce collection friction.
Expectations & Experiences, the quarterly consumer trends survey from Fiserv, revealed unique insight into people's perceptions about their credit score - and what drives their behavior. This excerpt is from Expectations & Experiences: Channels & New Entrants, 2016. Learn more: https://fisv.co/expectations-channels.
Consumer awareness of identity theft and tax-related fraud is on the rise this year, and along with it increased concerns over becoming a victim. Experian recently surveyed consumers nationwide for its annual tax study, focusing on a number of tax related topics including filling habits, identity theft and what they are doing to protect themselves this tax season.
UK Water Billing | A Consumer Research Report (2019)EchoMarketing
1,000 UK consumers share their views on water bills and billing processes including billing preferences, billing experiences and the improvements they'd like to see from their water suppliers.
Q2 2015 insights on consumer credit trends and the current state of the real ...Experian
View the Q2 2015 recap of the Experian-Oliver Wyman Market Intelligence Report, including the latest consumer credit trends and a key focus on the current U.S. real estate market.
As the holidays draw near, learn the preparations that shoppers will make for their holiday purchases this year. With information that includes consumer attitudes relative to information security and privacy, you can discover how the opinions of those who have become recent victims of a data breach view shopping and retailers can differ. Learn who is more likely to have made a budget in advance, who prefers to reward themselves, and who's considering a DIY gift this year. Make your shopping merry this holiday season - and learn how others will shape their approach, too.
Small Business Adoption of EMV TechnologyIntuit Inc.
Intuit surveyed small business owners to get their perspectives on EMV technology and the upcoming liability shift.
The survey data is based on an online multiple-choice questionnaire, administered to 504 U.S. small businesses, at the owner or manager level, with 1-100 employees. The survey was fielded by Ebiquity from April 22-27, 2015; all respondents accept credit cards through mobile swipers and/or physical point of sale terminals.
Automation of business-to-business (B2B) payments continues to remain elusive. While checks are stubbornly pervasive, there is promising news in the vision for processing data and dollars among business partners. This session will detail NACHA and other industry organizations’ initiatives leading the way in facilitating the move from paper instruments to electronic payments by mid-sized and smaller businesses. Learn about opportunities for electronic disruption and where financial institutions might begin to gain traction in B2B ACH payments.
The UK Payments Barometer, is based on a survey of over 400 financial decision makers, including business owners, CFOs, CEOs, CTOs and COOs, on areas including cash management, fraud and payments. A broad range of UK businesses were included, from small businesses to enterprises organisations. It aims to track the health of UK businesses from a financial decision making and risk management perspective. The 2016 report cites payment fraud and errors as the biggest challenge currently faced by financial decision makers.
Paying for stuff is, unfortunately, something we do every day! Be it with cash, cards, mobile phones or with our fingerprints and faces, we send money from one account to another. Globally speaking, cash is still king, but the payment experience is undergoing radical disruption which for the time being especially involves the act of payment more than the processing that goes on behind it. This presentation provides a description of payment processes and the new trends that are slowly but surely re-shaping the way we pay money. The authors are Philippe Collombel, Nico Valenti Gatto and Tanguy Confavreux who all work for Partech Ventures, a global venture capital fund with offices in San Francisco, Paris, Berlin and Dakar.
Based on a survey of Dutch banking executives, we identify the strengths and weaknesses of payments operating models (including selective outsourcing) in a demanding, highly regulated business sector and recommend a customer-centric model.
In Accounts Payable and Procurement departments, generating millions in early payment discounts is possible--but it isn't easy.
PayStream's 2014 AP & Working Capital report uncovered the latest research from large corporations who have already implemented eInvoicing and Dynamic Discounting, or are interested in implementing in the next 6 months. In this webinar, you'll learn the top metrics on:
1. Why companies are missing discount opportunities
2. Top concerns with dynamic discounting
3. Companies' main benefits of ePayments
Law Enforcement Fraud Prevention Network and Financial Instrument Secure Tran...Michael Abernathy
A description of our fraud prevention and cyber crime projects we are preparing to implement on a nationwide basis. We are seeking investors, marketing, human resources, IT infrastructure, coding and programming, cyber security professionals. The services described are projected to generate over $286 Billion in revenue in 2018
The market share consists of 11 million businesses, 120 million consumers and family members, along with victims of ID Theft, Check Fraud. Tax Refund Fraud, Title Fraud, Mortgage Fraud, Installment loan fraud, and internet fraud.
Fraud crimes are at epidemic levels and has seen dramatic increases over the last 20 years.
This is a system that can be implemented throughout the U.S. Canada, and the world.
Consumers will be able to verify their identity and protect themselves from fraud just by submitting their fingerprint.
It will be required by any business that sells products or services.
Working Capital Management: The Missing Link in Payables and P2PSarah Fane
While automation is widely adopted across the Procure-to-Pay (P2P) process, many companies are not leveraging technology to the full extent, and therefore not capturing the full range of benefits.
There is one area in particular where organizations are missing important opportunities. When it comes to working capital management, many still follow traditional approaches that don’t leverage digital innovation for business advantage.
This report will examine where companies are falling short and how to make the most of your investment in your P2P process.
Digitizing Merchant Payments: What Will It Take?CGAP
A staggering amount of cash is paid to retail merchants worldwide -- around $19 trillion out of a total of $34 trillion in payments. What will it take for digital payments to beat cash?
Online payment (79%), Shopping abroad (65%), Pay for utility (63%) are top 3 things appropriate for using credit card
Find more at: http://di-onlinesurvey.com/
In our recent survey of people in more than 100 mid-sized companies, we explored the frustrations of people responsible for processing financial data and also tried to understand the needs of those outside the finance department who rely on financial information. This survey was supported by interviews with consultants working for mid-sized companies, and the input of managers at mid-sized companies via a roundtable discussion.
What became clear is that all is not as it should be. For example, more than 60% of people within finance functions recognise that they need to improve their financial processes and nearly 30% of end users believe that the data they receive is inaccurate, making it difficult to use financial information effectively in their roles. Yet, in many midsized companies, these issues remain unaddressed, either because of a perceived lack of time (63% of finance respondents) and/or a sense that the business is unlikely to act even if better options are identified (29%). That’s set against the small minority (17%) of people within finance departments who believe that a more frequent review of finance processes and technology simply isn’t necessary in the first place.
Our research suggests that the vast majority are right: things could be better. Much better, in fact. The potential benefits of better financial systems range from lower headcount within finance and the avoidance of revenue leakage and improved cash flow, through to better management of all aspects of an organisation.
To find out more about the latest technology can help improve your financial accounting and promote growth within your organisation, please call us on 01582 714810.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
2. FOREWORD
Of the over one million employer businesses in Canada, 99.7 per cent represent small and medium-sized
enterprises (SMEs), leaving 0.3 per cent representing large businesses. As a key economic driver, Payments
Canada decided to focus a survey specifically on the payment interests of Canadian SMEs, Payments Pulse
Survey: Small Business Edition.
Building on our E&Y report How can payments modernization benefit Canadian businesses? released earlier
this year, we dug deeper to find out how payments systems meet SMEs’ business needs, how inefficiencies in
current payments processing impact SMEs and how SMEs anticipate benefiting from a new payments system.
The introduction of new systems, rules and standards as part of Payments Canada’s Modernization program
will foster a faster, safer and more data-rich payments environment. The top anticipated enhancements will
come from new real-time payments, giving small businesses more choice in how they make their payments,
and the adoption of the ISO 20022 data standard, which has the potential to improve automation and efficiency
by increasing the data that travels with a payment.
What we heard loud and clear is that Canadian SMEs are ready for more payment options. They want more
choice for their customers at point-of-sale and more options for their back-office payments to suppliers and
vendors, such as e-transfers, e-wallets and the digital currencies. And of course, they want their payments to
be safe and secure.
Finally, the survey found that overwhelmingly the majority of SMEs are willing to integrate new technologies
into their operations to meet future payment needs.
3. KEY FINDINGS
81%
Of Canadian small businesses are
willing to integrate new technologies
into their operations
88%
Of newer Canadian small
businesses (in operation 10 years
or less) are willing to do the same
Are willing to move away from cash, if they had other options
Willing
61%
Unwilling
30%
61%
Are willing to move away from cheques, if they had other options
Willing
67%
Unwilling
25%
67%
Believe that it is important that the payments industry
continues to evolve
Important
87%
87%
52%
Say that e-transfers are a payment
method they would like to have
available for customers
The barriers to adopting new payment methods
1.
2.
The cost per transaction
The cost per implementation
49%
Say that safety and security is
paramount in terms of payment
priorities
4. METHODOLOGY
QUANTITATIVE RESEARCH
INSTRUMENT
A survey of 303 Canadian small business owners was
completed online between December 29, 2017 to
January 10, 2018 using Leger’s online panel,
LegerWeb.
A probability sample of the same size would yield a
margin of error of +/-5.6%, 19 times out of 20.
In order to qualify:
• The size of the small business could not exceed 499
employees;
• Respondents needed to be at least partly
responsible for decisions about the business’
payment methods; and
• Businesses need to fall into a set list of industries
(i.e. retail, consultancy, services, manufacturing,
wholesale trade, or hospitality).
ABOUT LEGER’S ONLINE
PANEL
Leger’s online panel has approximately 400,000
members nationally and has a retention rate of 90%.
QUALITY CONTROL
Stringent quality assurance measures allow Leger
to achieve the high-quality standards set by the
company. As a result, its methods of data
collection and storage outperform the norms set by
WAPOR (The World Association for Public Opinion
Research). These measures are applied at every
stage of the project: from data collection to
processing, through to analysis. We aim to answer
our clients’ needs with honesty, total confidentiality,
and integrity.
9. 51% PROCESS ANYWHERE UP TO 500 PAYMENTS A MONTH;
39% PROCESS MORE THAN THAT.
0001 On average, how many payments does your business make and receive in a month?
Please consider point-of-sale to the customer, and payments to and from suppliers.
Base: All (n=303).
1%
51%
9%
9%
6%
4%
3%
8%
9%
0
1-500
501-1000
1001-1500
1501-2000
2001-2500
2501-3000
More than 3000
I don't know / I prefer not to answer
PAYMENTS MADE AND RECEIVED IN A GIVEN MONTH
39%
process more than 500
payments in a given month.
Fifty-one percent of those surveyed say their business
processes anywhere up to 500 payments per month. Four-
in-ten (39%) process more than that, with 29% processing
more than 1000 payments per month. (Relatively few [8%]
process more than 3000 payments each month.)
Not surprisingly, the number of payments made and
received in a month increases along with the size of the
business, how long the business has been around, and
how much revenue it makes in a year.
Interestingly, businesses in Atlantic Canada are least likely
to be processing more than 1000 payments a month (12%
vs. 48% among those in Quebec, Ontario, or the West).
10. CASH AND CHEQUES ARE STILL POPULAR METHODS OF
RECEIVEING PAYMENT FROM CUSTOMERS.TOP6
0005 Which are your preferred methods to receive payment from customers?
Base: All (n=303).
99%
52%
50%
49%
48%
37%
37%
23%
13%
10%
4%
4%
<1%
<1%
1%
ANY
Cheque
Credit Card
E-Transfers
Cash
Debit
Automated funds transfer / direct deposit
PayPal
Contactless/Tap
E-Wallet
Check-out free transactions
Digital currency
Other
None of the above
I don’t know / I prefer not to answer
PREFERRED METHODS OF RECEIVING PAYMENT FROM CUSTOMERS
90%
selected a cashless method.
Respondents selected
3.3
methods, on average.
18%
81%
1
2 +
Despite the fact that 90% selected some sort of cashless method, cash and cheques are
still popular methods of receiving payment from customers; roughly half of those surveyed
count cheques (52%) and/or cash (48%) as part of their preferred method(s) of receiving
payment from customers, and both methods make it into the Top Six.
Overall, though, methods are varied. Most small business owners chose at least two
(81%), the average be 3.3. Cheques top the list.
11. E-TRANSFERS AND CREDIT CARDS ARE TWO OF THE MANY
METHODS THAT SHOULD BE AVAILABLE TO CUSTOMERS.TOP5
0007 From the following list, what payment methods would you like to
have available to your customers?
Base: All (n=303).
92%
52%
50%
42%
41%
41%
33%
27%
20%
19%
8%
8%
<1%
4%
4%
ANY
E-Transfers
Credit Card
Cash
Cheque
Debit
Automated funds transfer/ direct deposit
PayPal
E-Wallet
Contactless/Tap
Check-out free transactions
Digital currency
Other
None of the above
I don’t know / I prefer not to answer
METHODS THEY’D LIKE TO HAVE AVAILABLE FOR THEIR CUSTOMERS
89%
selected a cashless method.
Respondents selected
3.7
methods, on average.
17%
76%
1
2 +
The same five methods of payment that businesses prefer to receive from customers are
also the payment methods they would like to have available for their customers. Cash and
cheques remain in the Top Five.
Overall, methods remain varied. Most small business owners chose at least two (76%), the
average be close to four (3.7). E-transfers top the list.
12. BUSINESS OWNERS ARE LOOKING FOR MORE METHODS.
0005 Which are your preferred methods to receive payment from customers?
0007 From the following list, what payment methods would you like to have available to your customers?
Bases: All (n=303).
PAYMENT METHODS SUMMARY: RECEIVING PAYMENT FROM CUSTOMERS
49%
50%
48%
52%
37%
37%
23%
10%
13%
4%
4%
52%
50%
42%
41%
41%
33%
27%
20%
19%
8%
8%
E-Transfers
Credit Card
Cash
Cheque
Debit
Automated funds transfer / direct deposit
PayPal
E-Wallet
Contactless/Tap
Check-out free transactions
Digital currency
PREFERRED METHODS FOR RECEIVING PAYMENT FROM CUSTOMERS
(MEAN: 3.3)
METHODS THEY WOULD LIKE TO HAVE AVAILABLE FOR CUSTOMERS
(MEAN: 3.7)
When what’s currently preferred is analyzed against what
should be available, it’s obvious small business owners
want more options (3.7 vs. the 3.3 they currently prefer,
on average). There appears to be less of a need for
cheques, but more of a need for things like e-wallet,
contactless tap, and check-out free transactions.
13. METHODS TO PAY VENDORS ARE VARIED, BUT CREDIT CARDS AND
CHEQUES ARE AMONG THE MOST POPULAR.TOP6
0006 Which are your preferred methods to pay vendors and suppliers?
Base: All (n=303).
99%
58%
47%
32%
23%
23%
21%
19%
7%
5%
4%
3%
<1%
<1%
ANY
Credit Card
Cheque
E-Transfers
Cash
Automated funds transfer/ direct deposit
Debit
PayPal
Contactless/Tap
E-Wallet
Check-out free transactions
Digital currency
None of the above
I don’t know / I prefer not to answer
PREFERRED METHODS OF PAYING VENDORS AND SUPPLIERS
88%
selected a cashless method.
Respondents selected
2.4
methods, on average.
36%
64%
1
2 +
The preferred methods to pay vendors and suppliers are quite varied. Most
small business owners (64%) chose at least two, the average being 2.4
methods. The most popular is a credit card (58%). Cheques are more popular
than cash (47% vs. 23%), but both methods make it into the Top Six. Credit
cards lead the pack.
14. CREDIT CARDS, CHEQUES, AND E-TRANSFERS ARE POPULAR
WAYS TO PAY VENDORS AND SUPPLIERS.TOP5
0008 From the following list, what payment methods would you like to
have available to pay your vendors and suppliers?
Base: All (n=303).
93%
56%
46%
42%
30%
28%
26%
23%
12%
8%
8%
5%
<1%
2%
5%
ANY
Credit Card
Cheque
E-Transfers
Automated funds transfer/ direct deposit
Debit
Cash
PayPal
E-Wallet
Digital currency
Contactless/Tap
Check-out free transactions
Other
None of the above
I don’t know / I prefer not to answer
METHODS THEY’D LIKE TO HAVE AVAILABLE TO PAY VENDORS AND SUPPLIERS
87%
selected a cashless method.
Respondents selected
3.0
methods, on average.
28%
65%
1
2 +
The same five methods of payment that business’ prefer to pay vendors
and suppliers are also the payment methods they would like to have
available to do so. Overall, methods remain varied. Most respondents
(65%) chose at least two, the average being 3.0. Credit cards lead the
pack.
15. BUSINESS OWNERS ARE LOOKING FOR MORE METHODS.
0006 Which are your preferred methods to pay vendors and suppliers?
0008 From the following list, what payment methods would you like to have available to pay your vendors and suppliers?
Bases: All (n=303).
PAYMENT METHODS SUMMARY: PAYING VENDORS AND SUPPLIERS
58%
47%
32%
23%
21%
23%
19%
5%
3%
7%
4%
56%
46%
42%
30%
28%
26%
23%
12%
8%
8%
5%
Credit Card
Cheque
E-Transfers
Automated funds transfer / direct deposit
Debit
Cash
PayPal
E-Wallet
Digital currency
Contactless/Tap
Check-out free transactions
PREFERRED METHODS FOR PAYING VENDORS AND SUPPLIERS
(MEAN: 2.4)
METHODS THEY WOULD LIKE TO HAVE AVAILABLE TO PAY VENDORS AND
SUPPLIERS (MEAN: 3.0)
When what’s currently preferred is analyzed against what
should be available, it’s obvious small business owners want
more options (3.0 vs. the 2.4 they currently prefer, on
average). There appears to be a need for things like: e-
transfers, e-wallets, and digital currency options.
16. 51% MAKE BUSINESS PAYMENTS INTERNATIONALLY.
39% DO NOT.
0003 What percentage of your business’ payments are made internationally?
Base: All (n=303).
PERCENTAGE OF THE BUSINESS’ PAYMENTS THAT ARE MADE INTERNATIONALLY
39%
30%
12%
6%
4%
10%
0
1-25
26-50
51-75
76-100
I don't know / I prefer not to answer
51%
make business payments internationally.
MEAN (including 0): 16%
MEAN (excluding 0): 28%
Half of those surveyed (51%) make business payments internationally.
This is more likely to be the case among more established businesses:
• 10 or more employees (68% vs. <10 employees: 34%);
• 10 or more years in business (57% vs. <10 years: 36%);
• 501+ payments in a month (81% vs. 500 or less: 35%);
• $250K+ in revenue (68% vs. <$250K: 28%).
As a result, the percentage of payments made internationally increases
along with the size of the business, how long the business has been
around, and how much revenue it makes in a year.
17. 23% DO NOT DEAL WITH ONLINE TRANSFERS.
AMONG THOSE WHO DO, THE AVERAGE AMOUNT IS 31%.
0017 What percentage of your payments comes from online transfers, such as PayPal or Interac?
Base: All (n=303).
PERCENTAGE OF THE BUSINESS’ PAYMENTS THAT COME FROM ONLINE TRANSFERS
23%
36%
17%
10%
5%
9%
0
1-25
26-50
51-75
76-100
I don't know / I prefer not to answer
69%
have payments that come from online transfers
(i.e. PayPal or Interac).
MEAN (including 0): 23%
MEAN (excluding 0): 31%
Sixty-nine percent have payments that come
from online transfers. This is especially true
among businesses processing 501+ payments in
a month (79% vs. 500 or less: 66%), and
businesses processing international payments
(86% vs. 52% among those who do not).
18. 54% BELIEVE THEIR BUSINESS SPENDS TOO MUCH TIME ON
PAYMENT PROCESSING ACTIVITIES.
0011 Do you feel your business spends too much time on any of the following
payments processing activities?
Base: All (n=303).
DOES YOUR BUSINESS SPEND TOO MUCH TIME ON CERTAIN PAYMENT PROCESSING ACTIVITIES?
54%
25%
22%
19%
15%
12%
12%
41%
5%
YES
Tracking payments
Matching payments to invoices
Cheque remittance
Cheque Issuance
Reviewing unapplied cash
Forecasting cash flow (or managing cash flow)
None of the above
I don’t know / I prefer not to answer
Yes, on cheques (issuing or remitting):
27%
Yes, on payments (tracking and/or matching):
38%
Over half the small business owners (54%) believe their business
spends too much time on payment processing activities, like tracking
payments and/or matching payments to invoices. These businesses
are more likely to be larger, more established ones:
• 10 or more employees (75% vs. <10 employees: 33%);
• 25 or more years in business (62% vs. <10 years: 46%);
• 501+ payments in a month (72% vs. 500 or less: 38%);
• $250K+ in revenue (70% vs. <$250K: 32%).
19. SAFETY AND SECURITY IS PARAMOUNT.
0021 Rank the following three payment priorities in order of importance to your business.
Base: All (n=303).
THE PERCENTAGE OF THE TIME A PAYMENT PRIORITY WAS RANKED FIRST:
SAFETY AND SECURITY
Ensuring all payments are completed within a private and secure environment.49%
LOW-COST TRANSACTION FEES
A Reduction in the cost per transaction fees applied to the acceptance and/or
processing of all payment options, outside of cash and cheques.
34%
FASTER PAYMENT PROCESSING
Receiving payments in real time, improving cash-flow.14%
When asked to rank these payment priorities in order of importance,
nearly half of small business owners (49%) placed safety and
security first. While faster payment processing was ranked first far
less often (14% ), it was more than two times more likely to placed
first by larger companies:
• 10 or more employees (21% vs. <10 employees: 3%);
• $250K+ in revenue (19% vs. <$250K: 9%).
Not surprisingly, small business owners who believe current
payment processing fees are unfair are nearly two times more likely
to rank low-cost transaction fees first (47% vs. 21% among those
who believe the fees are fair).
20. CURRENT PAYMENT PROCESSING FEES AREN’T FAIR.
0019 To what extent do you agree with the following statement? “I feel the current fees associated with processing payments are fair.”
Base: All (n=303).
“THE CURRENT FEES ASSOCIATED WITH PROCESSING PAYMENTS ARE FAIR.”
10%
STRONGLY AGREE
18%
STRONGLY DISAGREE
50%
44%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
AGREE (NET)
DISAGREE (NET)
I don't know / I prefer not to answer
Small business owners are somewhat divided over whether or not
current payment processing fees are fair: four-in-ten (44%) believe
they are, while 50% believe they are not. Small business owners who
agree, are more likely to be those with an established business:
• 10 or more employees (55% vs. <10 employees: 32%);
• 25 or more years in business (53% vs. <10 years: 33%);
• 501+ payments in a month (59% vs. 500 or less: 32%);
• $250K+ in revenue (53% vs. <$250K: 33%);
• international payments (54% vs. none: 28%).
The opposite holds true for those who disagree.
22. 81% WOULD BE WILLING TO INTEGRATE NEW TECHNOLOGIES
INTO THEIR OPERATIONS.
0004 Which of the following best describes your willingness to integrate new technologies into your operations?
Base: All (n=303).
ARE YOU WILLING TO INTEGRATE NEW TECHNOLOGIES INTO YOUR BUSINESS?
18%
81%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
WILLING (NET)
UNWILLING (NET)
I don't know / I prefer not to answer
5%
STRONGLY DISLIKE the disruption it causes.
46%
STRONGLY SUPPORT new technologies that
help their bottom line.
The vast majority (81%) is willing to integrate new technologies
into their operations. A willingness to accept new technologies is
stronger among:
• newer businesses (<10 years in business: 88% vs. 10+:
83%);
• business that don’t receive monthly payments in cash (90% vs
79% among business that do); and
• business willing to move away from cash (84% vs 70%
among business that are unwilling).
23. PAPER-LESS PAYMENTS ARE EXCITING, BUT INTELLIGENT
ROBOTS ARE A SOURCE OF ANXIETY.
67%
55%
49%
47%
43%
39%
24%
34%
44%
36%
45%
50%
EXCITED (NET)
ANXIOUS (NET)
I don't know / I prefer not to answer
0020 To what extent do you feel excited or anxious, when it comes to each of the following?
Base: All (n=303).
EXCITED OR ANXIOUS ABOUT ANY OF THE FOLLOWING?
Paper-less payments
E-wallets and e-payments
(i.e. Apple Pay, Google Wallet, etc.)
Self-driving vehicles
Connecting to customers
via virtual or augmented reality
Artificially intelligent robots
An artificially intelligent robotic workforce
Paper-less payments are exciting for about seven-in-ten (67%) small business owners, but levels of anxiety increase steadily along with the complexity of
the innovation presented (i.e. an artificially intelligent robotic workforce shows the highest levels of anxiety). Demographically, businesses willing to move
away from cash and cheques are more likely to be very excited about most of the technological innovations tested.
24. THE PAYMENTS INDUSTRY MUST CONTINUE TO EVOLVE.
0022 To what extent do you believe it is important that the payments industry continues to evolve and offer services that streamline the
processing and reconciliation of payments in Canada?
Base: All (n=303).
IS IT IMPORTANT THAT THE PAYMENTS INDUSTRY CONTINUES TO EVOLVE AND OFFER SERVICES
THAT STREAMLINE THE PROCESSING AND RECONCILLIATION OF PAYMENTS IN CANADA?
10%
87%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
IMPORTANT (NET)
UNIMPORTANT (NET)
I don't know / I prefer not to answer
36%
believe this is VERY IMPORTANT.
1%
believes this ISN’T IMPORTANT AT ALL.
About nine-in-ten (87%) small business owners think it is important
that the payments industry continues to evolve. This is especially
true for business owners:
• willing to move away from cash and cheque payments (95%
apiece),
• who deal with international payments (91%),
• who believe the current payment processing fees are fair
(93%), and
• who are willing to pay a transacting fee for modernized
systems (95%).
26. DECISIONS TO ADOPT NEW PAYMENT METHODS ARE OFTEN
INFLUENCED BY A BUSINESS’ CUSTOMERS.
0009 Who influences your decision to adopt new payment methods?
Base: All (n=303).
INFLUENCERS
87%
50%
29%
26%
17%
17%
16%
12%
3%
10%
3%
ANY
My customers
My vendors and suppliers
My financial institution
My payments services provider
My peers and competition
My accounting software provider
My IT provider
Other
None of the above
I don’t know / I prefer not to answer
When deciding on adopting new payment methods, eighty-seven
percent say there are influencers, especially those from larger
companies:
• 10 or more employees (95% vs. <10 employees: 79%);
• $250K+ in revenue (94% vs. <$250K: 78%);
• international payments (94% vs. none: 79%).
The biggest influencers? Customers (50%).
27. YES, THERE ARE USUALLY BARRIERS TO ADOPTING NEW
PAYMENT METHODS.
0010 What, if any, barriers do you experience when adopting new payment methods
into your business?
Base: All (n=303).
BARRIERS
77%
47%
35%
31%
22%
21%
20%
1%
16%
9%
8%
6%
3%
ANY
Costs per transaction
Cost of implementation
Security concerns
Lack of customer demand for change
Time and cost of training
Vendors and suppliers are not technically compatible with new system
Other
FEW TO NO BARRIERS
I have experienced few to no barriers
I don’t see any barriers
I have yet to adopt a new payment method into my business
I don’t know / I prefer not to answer
Nearly eight-in-ten (77%) experience at least one barrier when
adopting new payment methods into their business. This is
especially true for owners of larger businesses:
• 10 or more employees (86% vs. <10 employees: 68%);
• 501+ payments in a month (88% vs. 500 or less: 73%);
• $250K+ in revenue (85% vs. <$250K: 68%);
• international payments (85% vs. none: 69%).
One of the main barriers is the cost per transaction (47%).
Sixteen percent have experienced few, if any, barriers, but these
respondents are more likely to be from smaller, less established
companies (i.e. fewer than ten employees [23%]; <$250K in
revenue [24%]; 500 or fewer payments per month [21%]).
28. FOR 24%, NO MONTHLY PAYMENTS ARE MADE IN CASH.
0012 What percentage of your monthly payments from customers is completed in cash?
Base: All (n=303).
MONTHLY PAYMENTS MADE IN CASH
24%
41%
11%
7%
7%
10%
0
1-25
26-50
51-75
76-100
I don't know / I prefer not to answer
66%
have cash payments each month from customers.
MEAN (including 0): 21%
MEAN (excluding 0): 29%
Most of the small business owners surveyed (66%) have at least
some monthly payments from customers that are completed in
cash. The average proportion, among those who do, is 29%.
Twenty-four percent do not receive any cash payments from
customers, bringing the average proportion down to 21%, overall.
These businesses are two times more likely to be smaller (i.e.
<10 employees [34% vs. 10+: 15%]), and three times more likely
to be processing 500 or fewer payments per month (35% vs.
501+: 9%). These businesses are also statistically less likely to be
making or receiving international payments (39% vs. 17% among
those that do).
29. 0013 To what extent are you willing to move completely away from using cash to electronic payments?
Base: All (n=303).
WILLINGNESS TO MOVE AWAY FROM CASH
7%
30%
61%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
WILLING (NET)
UNWILLING (NET)
I don't know / I prefer not to answer
I don't accept cash
30%
are VERY WILLING.
14%
aren’t WILLING AT ALL.
Most small business owners (61%) are willing to move away from cash and
embrace electronic payment methods, 30% of whom are very willing.
Demographically, those willing to make the transition tend to be from
businesses:
• with 10 or more employees (69% vs. <10: 53%),
• making/receiving international payments (66% vs. 55% among those
who do not),
• not receiving any cash payments in the first place (71% vs. 58% among
those who are);
• willing to move away from using cheques as well (75% vs. 31% who are
not), and
• from Ontario (75% vs. 55% among businesses located anywhere else in
Canada).
MOST ARE WILLING TO MOVE AWAY FROM CASH.
30. MOST ARE WILLING TO MOVE AWAY FROM CASH.
0013 To what extent are you willing to move completely away from using cash to electronic payments?
Base: Everyone but those who mentioned they don’t accept cash (n=283).
WILLINGNESS TO MOVE AWAY FROM CASH
32%
65%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
WILLING (NET)
UNWILLING (NET)
I don't know / I prefer not to answer
32%
are VERY WILLING.
14%
aren’t WILLING AT ALL.
Willingness to move away from cash in favour of electronic payments is virtually unchanged when
those who don’t accept cash are removed from the analysis.
31. 32% OF THE CUSTOMER PAYMENTS RECEIVED ARE
CHEQUES.
0014 What percentage of your monthly payments from customers is completed by cheque?
Base: All (n=303).
MONTHLY PAYMENTS MADE BY CHEQUE
FROM CUSTOMERS
15%
34%
18%
13%
11%
9%
0
1-25
26-50
51-75
76-100
I don't know / I prefer not to answer
76%
have payments each month from customers using a cheque.
MEAN (including 0): 32%
MEAN (excluding 0): 38%
Most small business owners (76%) have payments each month from customers
that are completed using a cheque. The average proportion, among those who
do, is 38%.
Fifteen percent do not receive any cheque payments from customers, especially
smaller businesses (i.e. <10 employees [22% vs. 10+: 8%], making <$250K per
year in revenue [20% vs. $250K+: 9%]).
Businesses using cheques for expenses/suppliers are more likely to be
receiving cheque payments from customers as well (83% vs. 67% among those
who do not).
32. 60% USE CHEQUES TO PAY EXPENSES / SUPPLIERS.
0015 Do you pay suppliers/expenses by cheque?
Base: All (n=303).
60%36%
Yes
No
I don't know / I prefer not to answer
PAYMENTS MADE BY CHEQUE
TO SUPPLIERS / FOR SUPPLIERS
Most small business owners (60%) are using cheques for expenses and/or suppliers,
especially those from larger businesses:
• 10 or more employees (68% vs. <10 employees: 52%);
• 10 or more years in business (65% vs. <10 years: 43%);
• $250K+ in revenue (70% vs. <$250K: 44%).
Those who accept customer payments by cheque are more likely to be using cheques to
pay expenses / suppliers as well (66% vs. 29% among those who do not).
33. MOST WOULD BE WILLING TO MOVE AWAY FROM
CHEQUES.
0016 To what extent are you willing to move completely away from using cheques for convenient electronic payments?
Base: All (n=303).
25%
67%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
WILLING (NET)
UNWILLING (NET)
I don't know / I prefer not to answer
WILLINGNESS TO MOVE AWAY FROM USING CHEQUES
Nearly seven-in-ten (67%) small business owners are willing to move
away from cheques in favour of more convenient electronic
payments, 30% of whom are very willing. Regionally, however,
Quebec’s small business owners are less willing than small business
owners anywhere else in Canada (54% vs. 72%, respectively).
Those willing to move away from cash are more likely to move away
from cheques as well (83% vs. 37% among those unwilling to move
away from cash).
30%
are VERY WILLING.
9%
aren’t WILLING AT ALL.
34. MOST WOULD BE WILLING TO MOVE AWAY FROM
CHEQUES.
0016 To what extent are you willing to move completely away from using cheques for convenient electronic payments?
Base: Those using cheques to pay expenses and/or suppliers and receiving cheques from customers (n=156).
31%
69%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
WILLING (NET)
UNWILLING (NET)
I don't know / I prefer not to answer
WILLINGNESS TO MOVE AWAY FROM USING CHEQUES
When those still accepting cheque payments from customers
and using cheques to pay expenses and/or suppliers are
examined in isolation, willingness to move away from cheques
isn’t much higher than what was witnessed overall (see
previous slide).
24%
are VERY WILLING.
12%
aren’t WILLING AT ALL.
35. 56% WOULD CONSIDER A TRANSACTION FEE, IF THE NEW,
MODERNIZED SYSTEM SAVED THEM MONEY.
YES
13%
0018 Would you be willing to pay a transaction fee (per electronic payment received automatically), if the new, modernized system saved your business
more money on reconciling monthly invoices?
Base: All (n=303).
018b Would the added savings in efficiencies be incentive enough to pay for a transaction?
Base: Those willing to pay the transaction fee (n=169) / Those unwilling to pay the transaction fee (n=119).
WILLINGNESS TO PAY A TRANSACTION FEE
39%
56%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
WILLING (NET)
UNWILLING (NET)
I don't know / I prefer not to answer
YES
59%
Most small business owners (56%) would be willing to pay a transaction fee if
the new system saved their business money on reconciling monthly invoices
each month. Willingness is particularly keen among larger businesses:
• 10 or more employees (73% vs. <10 employees: 39%);
• 501+ payments in a month (74% vs. 500 or less: 43%);
• $250K+ in revenue (69% vs. <$250K: 40%).
Willingness is also statistically higher among those willing to move away from
cash (67%) and/or cheques (65%), relative to those who aren’t (38% and 39%,
respectively).
Among those willing to pay the transaction fee, most (59%) believe the added
savings in efficiencies is incentive enough to pay for a transaction.
WOULD THE ADDED SAVINGS IN
EFFICIENCIES BE INCENTIVE ENOUGH
TO PAY FOR A TRANSACTION?
36. ABOUT PAYMENTS CANADA
Payments Canada ensures that financial transactions in Canada are carried out safely and
securely each day. The organization underpins the Canadian financial system and economy by
owning and operating Canada’s payment clearing and settlement infrastructure, including
associated systems, bylaws, rules and standards. The value of payments cleared by Payments
Canada’s systems in 2017 was approximately $50 trillion or $200 billion every business day.
These encompass a wide range of payments made by Canadians and businesses involving
inter-bank transactions, including those made with debit cards, pre-authorized debits, direct
deposits, bill payments, wire payments and cheques.