Canadians have changed the way they do business.
Millennials prefer flexible working conditions to fixed jobs, entrepreneurship is on the rise, and full-time employees are pursuing side hustles to supplement their income.
It’s a positive change for most, but it comes with a caveat: almost no one is getting paid on time.
In April, Interac conducted a survey that revealed 71 per cent of Canadian entrepreneurs are spending precious time chasing payments for their work.
This figure includes micro-businesses (companies with up to 5 employees), full-time entrepreneurs, and people with side jobs in addition to their full-time employment.
This is particularly precarious for entrepreneurs, who rely on cash flow to build their projects. Opportunities can be lost and projects left in limbo. The effects are being felt, “If Canada’s entrepreneurs can’t get paid on time, it hurts their bottom line and ability to scale,” says Peter Maoloni, VP Product & Platform Development, Interac Corp. “Side hustlers and micro-businesses need ways to get paid faster – beyond the traditional cheque or multiple email reminders – that allows them to spend less time following up with clients, keeps them out of personal debt and spend more time growing their business.”.
According to the Interac study, more than half of Canadian entrepreneurs have relied on their personal bank accounts to cover the costs of doing business. And one third have acquired $10,000 or more in debt in the process.
It’s discouraging, to say the least, particularly given the added pressure of rent prices.
To simplify money operations and help with the day-to-day of doing business, more and more businesses are turning to the Interac e-Transfer service. According to the survey, 66 per cent believe payment processes need to modernize. And 73 per cent consider online money transfers the best way to do so.
That’s where the Interac e-Transfer platform can be of service. Sending an Interac e-Transfer transaction using phone numbers or e-mails is not just person-to-person anymore. Now, businesses can use Interac e-Transfer Request Money to request payment and include invoice details, too. In minutes, you can bypass outdated payment processes – and there’s no paper required.
Freeing small business owners from the wasted time of traditional payment means they have more time for what matters most: building their wealth, and being able to share it with a single click.
