80% of retailers in Canada have NFC capable terminals and 12% of all retail payments are made with contactless technology. Chip cards that offer contact-free payment are preferred in Canada whereas the USA is focussed more so on Smartphone payments.
Royal Debit is the premier merchant service and payment processing service provider in Canada and we are excited to continue offering innovative, reliable and secure payment solutions to our Canadian merchants. The technology landscape is always changing, and we strive to keep you and your business ahead of the curve.
Since Apple Pay launched in 2014, there have been drastic changes in the way typical Canadian consumers choose to make their regular payments. These changes are in line with the increase of smartphone and smart device usage as well as the popularity of online shopping platforms and mobile wallets. In Canada, the majority of consumers use Android devices and waited eagerly for the release of Android Pay in 2016.
NFC mobile payment processing allows retailers to make use of their contact-free point of service terminal to accept payments via customer’s mobile devices. Royal Debit facilitates retailers by helping them offering a phone tap POS terminal that works with a corresponding Smartphone application installed on the consumer’s mobile device. Forget about cash, customers can even shop to their heart’s desire without the need of a credit or debit card. NFC works by connecting the POS terminal and the Smartphone via a Secure Element chip, which is authorized via the NFC.
“Consumers no longer are interested in withdrawing cash from the ATM just to pay for purchases.”
In the commercial world today, in order to be successful retailers have to offer a diverse range of convenient payment options to their customers while also maintaining security. In Canada, over 90% of consumers prefer to pay via credit, debit, or other electronic methods as opposed to cash transactions. In fact, Canada is ranked second on the list of cashless societies due to the preference for no cash payment options. Of the 15% of consumers that still use cash for in-store payments, most list complexity of cashless transactions as the reason for not converting.
The economy in Canada continues to improve steadily while remaining stable according to reports as recent as April. This growth has given companies the courage they need to start improving current equipment and hiring more employees. Two-thirds of companies surveyed agreed that they thanks in part to the positive signs of growth in the Toronto market, upgrading and expanding their workforce have become top priorities.
When you open up a merchant account, it can be difficult to find an equally as perfect payment processor. There are many tips that we’ll let you in on today to ensure that you’re going to get the most out of your contract.
If you’re just starting out as a business owner, you might delay opening a merchant account because you think it might be difficult. From researching and performing due diligence, it can be tough to make the right decision. However, there are quite a few websites that give proper information that can assist you with this and help you make the best decision.
Within the last decade, modern technology has had rapid improvements and dramatic changes made to the business market in Canada. While we’re sure it’s not limited to just Canada, we’ve seen quite the change from a personal standpoint. Because of the integration of electronic payments, processing fees and programs that have been supported by business programs and loans are rapidly adopted the many new types of electronic payments.