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More Canadians are Going Cashless


If you are a business owner in Canada you may have noticed a growing trend, Canadians are relying more on credit and debit cards and less on cash. In 2015, 42% of all purchases in Canada were made with a credit card, 28 % with a debit card and 3% with mobile devices. Only 25% of purchases were made with cash (source). According to the Canada Review there has been a significant decline in the use of money for transactions. The Canada review found that between 2009 and 2013 credit card usage in Canada rose by 31% while cash use decreased by 10%.


There are several reasons why credit card usage is continuing to increase in popularity in Canada. Some reasons why consumers are using more credit cards includes the ease of use, rewards and cashback programs, the ability to carry small debt and helping build credit for larger purchases. As a result of Canadians consumer trends towards using more cashless purchasing options, Canadian merchants need to adapt and innovate in order to stay competitive.

Most successful businesses in Canada already have merchant services and can accept credit cards. However, they can be doing themselves a huge disservice if they have failed to choose the right credit card payment processor. When selecting a credit card processor, most business owners may only focus on the processor’s rate by transaction. However many companies will charge a lower processing rate and charge more processing fees depending on the volume of the business's transactions. Many business owners believe they are saving money by going with a payment processor that has more fees and a lower processing rate but often these companies are taking a larger percentage of the sale than business owners initially thought. Therefore business owners need to choose or switch to a Canadian credit card merchant processor that it the right fit for their business and does not charge them a massive amount of fees. As more and more Canadians go cashless, Canadian business owners’ profit margins could be significantly affected by how and with whom they process their credit card payments with.

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