Headed Towards A Cash Free Future

The unique and innovative merchant cash advance program offered by Synergy Merchant Services has been available to small and medium-sized businesses for the better part of the past five years. Nevertheless, there are still many business owners across Canada who are unaware of just how quick and easy it is to get money for their companies.

The simplest criteria for participating in our program is to own a business that accepts Visa, MasterCard and/or Interac as methods of payments for products and services. Once you’ve got that covered, you are well on your way to discovering just how much money would be available for you to grow your business.

And although a good majority of Canadian business owners do accept credit and debit cards in their stores, there are still some out there who are not yet taking plastic. This isn’t a business practice that will remain for very long, we’re sure. In fact, earlier today QMI Agency reported that Canadians are looking forward to a future where all transactions will be made without having to use cash.

That’s right! In case, you were unaware, we are currently living in a somewhat cashless world. Especially in Canada, where consumers are known to use debit cards more than anyone else in the world, it seems like we are headed towards a cash free future. QMI reveals that a new PayPal Canada survey found that more than half of Canadian shoppers prefer using methods of payment other than cash.

Polling just over 1,500 Canadian adults, Leger Marketing also found that 34 per cent of respondents would rather carry a smartphone than a pocket full of change. This is an incredibly similar sentiment to the one shared by many of our clients who reveal that with each passing year, they find that their customers are increasingly using credit and debit cards to make payments.

Said Darrell MacMullin of PayPal Canada: “From avoiding the search for ATMs, to finding easier ways to split restaurant bills with friends or making payments anytime, anywhere and from virtually any device, Canadians want easier, faster and safer ways to shop, share expenses, send money or get paid back.”

The moral of the story? It’s time to get on board and allow your customers to use alternative methods of payment to cash. We may not be headed to a completely cash free world. But we are certainly living in an era when using credit and debit cards is the norm. And for our clients, accepting plastic is ironically the way to get themselves more cash!