Canada has long been a leader in its payment systems operations. In a rapidly changing financial technology environment, though, the work of growing up with the world never stops. Today, this means improving its ability to process transactions in ways that benefit Canadian businesses and end customers alike. With this in mind, Canada is building its integrated payments infrastructure to bolster its capabilities.
Canada has long been a leading country in the move toward cashless societies. The convenience, safety, and simplicity of other payment methods have convinced a strong majority there. While Canada will likely never be 100% cash free, shoppers in this moment are even more apt to move away from cash as the primary payment method they use.
The Payment Card Industry Data Security Standard (PCI DSS) has provided processing security since 2006, but technology and data theft have evolved over time, so the standard must keep pace, as do you. The following are aspects of the PCI DSS that you need to know for your business in 2020.
The world has been pushing toward improving gender equality for a long time. If your company focuses on supporting this cause, your general reputation will benefit from it and it will strengthen the ties to your community. You may be surprised, though, at the direct benefits it gives you from a business perspective.
Even before the COVID-19 pandemic, Canadians were moving quickly toward becoming a cashless society. Today, that has kicked into a higher gear. Sixty-two percent of Canadians report using less cash than they did before the pandemic. More than ever, accepting cashless payments is critical to your growth and success.
Your payment processing is more than having a system to accept payments from customers. Depending on what you have and how you manage it, you may be limiting your own profit potential. Now is the time to look at your payment strategy to find ways to enhance your business and your growth potential.
The current pandemic has hit businesses hard. It presents a challenge perhaps unlike any you have seen since opening your doors. Finding ways to navigate this world might make the difference between thriving and closing your doors.
For years, Canada has been moving closer to becoming a cashless society. Contactless payments are increasing dramatically and have almost caught up to cash. Now, during the COVID-19 pandemic, it's important to understand how contactless payment options, be it digital or cashless, will help keep the virus at bay.
Millennials have received tremendous focus in marketing studies because they are emerging as a powerful purchasing force. As a result, articles abound that describe their habits. If you own or run a business, these studies should help push you toward a focus on newer payment technologies. For Canadian millennials, this means a focus on mobile, contactless payments.