Ninety-eight per cent of businesses in Canada have fewer than 100 employees. These small- to medium-sized businesses are the backbone of the economy — and at Interac, we work to empower them.
“As a society we really have to support our small businesses. Not just mine, but all small businesses … because that is the backbone of the economy,” says Alex Mclean, co-founder of Alvéole, a business that installs and maintains honey-producing hives in cities across Canada. (Read the full story here.)
Small- to medium-sized companies can take advantage of the features and capabilities of Interac payment solutions to help compete with larger businesses. Many small business owners choose Interac because of the economical fees, and the speed and convenience of our products.
But don’t just take our word for it. We spoke with six Canadian small- and micro-business owners who choose Interac to manage payments and transactions every day. Here’s what they told us.
Interac e-Transfer helps make business payments easier
Handling payments and other back-office tasks can be a challenge for small business owners, who have to wear many hats at once.
“You have to be your own accountant. You have to be your own bookkeeper,” says general contractor Scott Stevenson. “I have a hard time finding time to invoice [customers] to get paid.”
That’s why, to keep things quick and simple, Scott uses Interac e-Transfer to do his billing. “One of the great things about Interac e-Transfer is the Request Money feature. I can just send somebody an invoice and it’s got a number on it and they can just accept right away and I can get paid instantly. Easy for me, easy for my clients.” (Learn how to use the Request Money feature here.)
Scott also pays his employees and subcontractors using Interac e-Transfer because it means they get their money faster. “The people that I hire, they certainly prefer getting an Interac e-Transfer versus a cheque,” he says.
For Audrey Morgan, owner of Little Magpie Jewellery, it’s the speed and simplicity that have made Interac e-Transfer her go-to solution for business payments.
“I have to find services and processes that are as simple as possible,” says Audrey. “Unlike a cheque, Interac e-Transfer happens so incredibly quickly.”
Artist Leeay Aikawa agrees. “Clients just pay me right away. It is easy for both of us — because it’s convenient and fast,” she says.
How else can Interac e-Transfer streamline and help grow your business?
Interac Debit contactless payments can speed up your checkouts
Small businesses want checkouts at a point-of-sale to be quick and convenient, because it keeps lineups moving. “Interac is amazing for our business because it allows customers to transact more quickly, which lets us serve more customers every hour,” says Andreas Antoniou, founder of Chefs Hall in Toronto.
Fast, convenient checkouts help keep customers happy, too. When Evan MacDonald, who owns the independent Village Grocer with wife Cathy, first introduced Interac Debit payments at the checkout years ago, “we were amazed how popular it is with our customers,” he says.
Interac Debit is designed to move and grow at the speed of your business.
Low fees help small business owners keep an eye on the bottom line
Every dollar counts when you’re running a small business, and successful owners typically keep a close eye on expenses. For sales transactions and business payments, Alex of Alvéole says the cost of each payment solution is an important consideration. “One of the ways we’ve saved money in our business is by having low fees when we sell our items, and the cheapest way to go is Interac.”
Same goes for Evan at Village Grocer. “We’re happy when people choose Interac Debit. It’s a very cost-effective service,” he says. “You have to look at all of your operating costs. One of them is the cost of accepting payments at the front end of the store.”
From Dollar One, our resource hub for entrepreneurs, shares more insights about the advantages of quick, easy, low-fee payments see chapter One.
Want to understand more about how to take advantage of Interac as your small business payments toolkit? Check out From Dollar One, our informative series for Canadian entrepreneurs.
