CBJ JANUARY 2026

29 SPEEDING UP PAYMENTS FOR CANADA’S SMALL BUSINESSES JANUARY 2026 « The Canadian Business Journal 28 It’s been over a year since Canadian small businesses had to adjust to the impacts of COVID-19. Despite the hardships of the pandemic, small businesses have demonstrated resilience every step of the way by adapting to public health restrictions and changing consumer behaviours that impact the bottom line. Some have expanded their services, pivoting to provide online shopping and more ecommerce-driven offerings, while others have partnered with peers to bolster the success of the entire small business community. A key driver for these changes are the new ways through which Canadians are interacting with small businesses. Three-quarters (75 per cent) say the pandemic has made shopping and supporting businesses in their community more important, and more than half of Canadians (55 per cent) say their desire to support local businesses is causing them to shift their spending by shopping closer to home, according to an Interac survey . Digital, contactless payments are also an important driver of choice for consumers when it comes to shopping small. Many are reducing their use of cash as a payment method and are relying instead on digital payments In fact, the same survey revealed that two thirds of Canadians believe businesses that fail to adapt in order to allow digital payments will struggle. Looking ahead towards a post-pandemic economy, the demand for digital payment options on the front and back-end will only increase for small businesses. With every dollar counting more than ever before given the challenges faced during the pandemic, efficient ways of paying and managing finances in ways that improve cash flow is extremely important. Improvements to accounts payable, accounts receivables, and methods of payment cannot be overlooked in this recovery-focused environment, especially as consumer spending begins to return to pre-pandemic levels. Previously, day-to-day financial management often involved processes that were paper-based, cheque-driven, and manual. These are typically slow and inefficient ways of working and require small businesses to spend valuable resources processing and reconciling payments that can be better spent on growing their business. SPEEDING UP PAYMENTS FOR CANADA’S SMALL BUSINESSES