Simone Lawrence Ogilvie is the owner of Simone’s Caribbean on the Danforth. When the pandemic hit, Simone had to pivot her business to mainly catering and pickup and used the Interac e-Transfer service to keep her business going.
“The Interac e-Transfer service not only provides a quick way for me to be paid as an entrepreneur running a small business, but it is also a good way for me to build confidence with my suppliers,” said Simone. “Customers get the service they need and I get compensated right away, it’s great.”
Restarting Canada’s economy and supporting small business through digital payments
Whether opening an online store for the first time or serving clients virtually, businesses are increasingly seeking practical digital solutions to maintain and grow their operations. The Interac e-Transfer platform is a convenient solution that allows them to adapt to the digital economy, and for small business owners like Simone, the ease of immediately requesting, sending and receiving money, as the Interac e-Transfer platform makes possible, is an important component of this transition.
Increasingly, businesses are using the platform to accept payments for services and pay their bills. For example, 21 per cent more businesses were receiving Interac e-Transfer transactions in August, than in February 2020.
Supporting businesses in their transition away from legacy systems like invoicing, cheques and electronic funds transfer (EFT) and towards new digital capabilities has the potential to save significant resources and support economic growth as Canada recovers from COVID-19.