The role of innovative payment methods in small businesses

Small businesses are the backbone of Canada and employ over 2/3rd of Canada’s total labour force. They serve as a crucial link between our community and a more sustainable future. If the past has taught us anything, especially with the recent supply chain shortages and their impact on consumer inflation, it is the need to look at homegrown businesses. DirectPay had the opportunity to join the Fintech Canada panel on how fintech is providing value and supporting small businesses. The panel comprised Mark Tiainen, head of DirectPay; Craig, CEO and founder of Peloton Technologies; Marcius, CEO and founder of SAVVII, and was moderated by Kelly Sullivan from Fintech Canada.

Online shopping is a trend that will continue to grow though it may take a while to see the same growth we witnessed during the pandemic. But what we have noticed is that payment friction is also on the rise. Almost 3 out of 5 Canadians have reported abandoning their cart at checkout due to payment-related issues. This could be as simple as a declined credit card, to perceived trust and security issues with the merchant’s checkout. Even the lack of a preferred payment method is enough to cause a user to abandon their purchase. Checkout is the last mile in a buyer’s journey and the final opportunity for a business to impart a positive experience and influence conversion. To address the challenge small businesses face due to hefty credit card fees, now merchants can pass on the fees to consumers. This will have a huge impact on the shopper experience. Thus, offering lower-cost payment alternatives and in-demand payment methods such as Interac e-Transfer with DirectPay can help. 

DirectPay is a purpose-built API solution that enables you to seamlessly integrate Interac e-Transfer payment method to your checkout flows and invoices. Learn more about it.