Cash Remains Most Widely Accepted Payment Type for Small, Mid-Sized Businesses: Survey

Published on March 26, 2024

Cash remains the most accepted payment among small- and medium-sized Canadian businesses, despite the prevalence of digital options, according to a report from the central bank. A 98 percent cash acceptance rate among medium-sized businesses and 95 percent rate among small businesses indicate the COVID-19 pandemic hasn’t killed merchant acceptance of paper money, the Bank of Canada said in its newly released report. A bank survey found that cash was accepted by 100 percent of Quebec businesses and 99 percent of  Atlantic Canada businesses in 2023. Overall, cash acceptance was 95 percent or higher across Canada, stated the report, which was first obtained by Blacklock’s Reporter....

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