Sponsored feature: INTERAC
The new normal goes hand-in-hand with protective face masks, elbow bumps in lieu of handshakes and contactless payment options. The pandemic has also left entrepreneurs struggling to adapt to the new volatile financial landscape in hopes of staying afloat.
Luckily, the INTERAC e-Transfer platform offers small and large business owners a valuable solution. By implementing the INTERAC e-Transfer service, companies can streamline their payment process and replace the exchange of cheques with a seamless digital transaction.
Recent INTERAC data has shown an increase in businesses shifting to accepting INTERAC e-Transfer transactions in exchange for goods and services during the COVID-19 outbreak. Twenty-one per cent more businesses were receiving INTERAC e-Transfer transactions in August than in February 2020, highlighting an accelerated shift to digital payments. Over 66 million INTERAC e-Transfer transactions took place in August alone.
But even before the pandemic, small business owners in Toronto were reaping the benefits of using the INTERAC e-Transfer platform for customer and supplier transactions.
Daniel Cohen, owner of the Arts Market in Toronto, Canada, uses the INTERAC e-Transfer service for the bulk of the transactions at his unique business that rents permanent locations to artistic entrepreneurs. The Arts Market provides local artists with a dependable space at an affordable rent where they can sell their handmade wares to the public. Not only does the Arts Market support the local economy but it also allows artists to continue expressing themselves through their artwork.
“There are no long leases, no long-term commitments, no red tape, as we try to keep it really, really streamlined for people and for the vendors and artisans,” says Cohen. “This way they can have their art out in the world without having to worry about all of the normal store stuff.”
The Arts Market provides creative and retail space to anywhere from 150 to 250 vendors and is passionately supported by the surrounding communities. The business sells one-of-a-kind items that can be given as gifts or used to brighten up a room in your own home.
“Most of our vendors will pay us through INTERAC e-Transfer service,” says Cohen. “The nice thing about the INTERAC e-Transfer platform is that it frees up time and makes it easier to reconcile the bank accounts, it’s the simplest on both ends.”
With the INTERAC e-Transfer platform saving Cohen time when it comes to transactions and bookkeeping, he is able to shift his focus and energy to his own creative endeavors and business aspirations.
The Arts Market team successfully opened and operated four locations in Toronto but was recently forced to close two of them due to COVID-19.
The use of the INTERAC e-Transfer platform has also helped Toronto-based photographer Kira Noel turn her passion project into a successful full-time business. Kira discovered her knack for photography while taking pictures of her own children but it wasn’t long until her family and friends took notice. Shortly after, she took a leap of faith and created her self-titled brand Kira Noel Photography.
“The vast majority of my clients pay through the INTERAC e-Transfer service, it’s a fast and easy solution for my clients and my business,” says Noel. “I try wherever possible to avoid having people pay by cash or by cheque as I can’t afford to wait for cheques to clear or to chase people down if a cheque bounces.”
Similar to Cohen, Noel finds that using the INTERAC e-Transfer platform for all transactions between her customers and suppliers saves her from wasting time. It’s no surprise that independent business owners often run short on time, especially in the beginning when trying to get established.
“For anyone else who is considering starting their own business, I’d say do your research, develop a plan, and take a leap of faith,” says Noel. “It can be scary but it’s incredibly rewarding in the long-term.”
For more information on how the INTERAC e-Transfer service makes transactions easier for businesses, visit INTERAC Reports.