Posted On 30/05/2018
For a country as advanced and developed as Canada we would presume that cash payments are rare and that cash as a method of payments is obsolete and with one foot in the grave. But is that really the case? What do you think?
Despite the growth in alternatives such as debit and credit cards, Canadians still use cash to process more than half of all transactions, the Bank of Canada calculates. Cash may no longer be king for big purchases, but a majority of all transactions in Canada still happen with paper money. Consumers seem to rely on physical money for the smallest purchases, with the median amount of a cash transaction valued at $8.04. Debit and credit card transactions are higher at $28.33 and $43.85, respectively.
Most merchants seem to prefer cash and debit card payments, the report found, as they are less costly to accept than credit cards. Only two-thirds of small- and medium-sized businesses accept debit and credit cards, it said, while nearly all large businesses do.
For some of the smaller and medium companies, transaction costs may be higher than benefits, the report pointed out, so they may decide to not accept cards or only do so for larger purchases.
Even though the Ecommerce numbers are surging year after year due to technology and logistics improvements, cash domination blocks Ecommerce overtaking of offline shopping. Two major factors are involved:
To avoid those problems PiP IT offers a solution that helps both merchants and customers to safely execute the sell/ buy through Ecommerce. The customer does not need a bank account, debit/credit card and there is no risk of fraud. The process goes as follows:
For more information regarding the process feel free to reach out.