A Cashless Canadian Society

Canadian merchant services include many different types of services within the wide spectrum of services provided by Canadian business owners. For purposes of this article, the focus will remain squarely on financial services. To further narrow this topic, it will specifically address the ability of merchants to accept credit cards as a form of payment for goods and services. Canadian merchants, while not at the forefront, certainly have embraced the idea of accepting credit cards for the payment of goods and services in a wide range of industries from those geared exclusively towards consumers to those with a more business to business type of following. Different types of Canadian merchant services will be discussed below.

First, Canadian merchant services is becoming an increasingly popular method to accept payment. The payment card industry has exploded throughout the world. In Canada, there are estimates that one out of every three transactions involving a small or mid sized business and a consumer is consummated by way of a credit or debit card. It is a certainty that this number will only continue to increase with each passing year. The reasons we can expect an increase are legion, chief among them the ease of transaction. What’s easier than walking into a store or restaurant or shopping online and giving a credit card as a method of payment? It’s safe, secure and fast, both for the merchant and the consumer.

Next, the Canadian merchant has an ever increasing number of options in terms of credit card processing companies from which to choose. Some merchants make their decision based solely upon credit cards rates while others take a more thoughtful approach and look at the entire package. This could include the history and reputation of the processor, referrals from friends, credit card and debit or interac rates, service and reliability. No matter how it’s viewed, Canadian merchant services are vastly expanded from what they were just a few short years ago.

Finally, Canadian merchant services are expected to expand into new, innovative areas in the years to come. The advent of wireless terminals and the EMV protocol are only the beginning. The next huge area to be explored will be that of near field communication. Already taking hold in Japan and the far east, this will truly revolutionize the way businesses of all sizes take credit cards. Of course, it will have an even larger impact on consumers and their spending behavior as we quickly move to a cashless society.