![]() ![]() The association that sets the fees for credit cards, decides where they can be used, processes transactions, and helps facilitate payments. Here are a few helpful elements to understand if you accept online payments.Ī payment processor manages the transfer of credit card information from the merchant to the payment networks and banks involved in the transaction. Setting up your business for online payments involves several key components. ![]() Companies that sell digital products can receive and fulfill orders 24 hours a day, seven days a week. Companies that sell physical products can fulfill orders when the business opens the next day. With online payments, your overhead costs are low and your income potential is unlimited. However, when you're closed, you still lose out on revenue. Smart business owners know they shouldn't remain open when the costs to operate exceed the revenue they expect to receive. Most small businesses don’t operate 24 hours a day. Receive payments online and grow your sales outside normal business hours. Companies may appeal to a wider base of consumers by working with a payment processor that supports digital wallets and other contactless payments. Nearly a third (29%) of Canadians surveyed complained about stores not accepting contactless payments, and 23% were upset that not all payment methods were accepted.Ĭustomers clearly want digital payment options. The study also found that 29% of Canadians have had trouble executing payments and many were frustrated by the lack of merchant payment options. Most have been unable to use their preferred form of payment or dealt with limits on transfer amounts. In 2021, Finextra reported that almost three in five Canadians (57%) reported experiencing some form of payment friction last year. Today's consumers increasingly use their phones to make payments with digital wallets such as Google Pay ™. market research firm, suggests the cross-border ecommerce market size will increase by an average of 17.4% per year between 20.Īllow customers to pay with digital wallets.Īdding online payments to your business isn't just about shopping through your website. Web browser tools can translate your website to make it easier for people in other countries to purchase. Customers from around the world can browse and purchase your goods and services using online payment options. In addition to expanding your reach with a local audience, adding online payments and e-commerce to your business can help you reach an international audience. What's your business strategy to meet customers where and how they want to shop? In a 2021 Canada Post survey (PDF), 89% of Canadian shoppers said they planned to buy the same or more online for delivery in the future. If your business doesn't have a way to capture online consumers, you’ll miss out on a valuable source of revenue and growth. Meanwhile, in-person visits at brick-and-mortar stores declined by 3% for the 12 months ending June 2021. Online visits grew by 25% in the 12 months ending June 2021. According to the NPD Group, 82% of Canadian consumers made an online purchase in the first half of 2021. While your business values in-person sales at your stores, adding online shopping is one of the quickest ways to increase revenue. Increase your revenue base by capturing online shoppers. To justify the effort and expense of adding online payment capabilities to your business, it helps to understand why it’s important. In this article, we’ll explain why you should consider taking online payments and we’ll provide a primer for how to do so. To capture your share of this growing market, your business may want to develop online payment capabilities. Morgan found that the average Canadian spends more than $2,000 per year on online shopping, and the number continues to grow. Customers increasingly make online purchases, which is accelerating the need for Canadian businesses to adopt online payment functionality.
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