We looked the 8 most common payment methods used in Canada. Cheque and EFT payment values clearly eclipses all other payment methods by a significant margin. These numbers are mainly driven by account to account payments by businesses and present a significant opportunity for modernization. It’s important to keep in mind that these Payment Canada numbers are from 2018 so we can expect cheque payment value to continue to decrease and shift to other payment methods.
VoPay’s next generation EFT payment service will help support businesses in finding new efficiencies including improved cash flow through faster funding times, bank account verification for added security and account balance visibility to decrease NSFs. Learn more here about our enhanced EFT payment services and everything else we have to offer to make your business run better.