With this in mind, Canada is building its integrated payments infrastructure to bolster its capabilities across the board.
Real-Time Payment Processing
A huge part of this infrastructure growth is the move from batch payment processing to real-time processing. Traditionally, payments have been processed in daily batches. While this might not seem like an onerous kind of delay, it does prevent businesses and customers from updating their finances in the moment. When cashflow matters, the delays of a day are both unhelpful and unnecessary. The move to real-time processing helps Canada keep up with the advances other countries are making in their payment systems.
Cross-Border Improvements
Managing cross-border transactions can be a frustrating element of running a multinational business. It means working with currency conversions, different taxes and fees, and different forms of payment depending on the preferences of a given country's population. Canada is working to grow its payment infrastructure into the 21st century to make these cross-border payments closer to seamless than ever before. For businesses dependent on the Canadian payment systems to process local payments, being able to expand internationally more smoothly and efficiently opens doors that will help individual businesses, their customers, and the national economy at the same time.
Greater Mobile Capabilities
Mobile payments have grown exponentially in recent years in Canada, and show no signs of slowing. Businesses must continue to adapt to keep up with these payment methods. The Canadian payments infrastructure has adapted to the growth of alternative payment methods, stretching its envelope to allow more customers to pay with the methods most convenient to them. This will continue to allow Canadian businesses to grow with the needs of their customers and build into the future.
Payment Security
As payment infrastructure expands to accommodate more forms of payment that originate in more places, data security grows in importance. With all of the growth of your payment processing capabilities, keep an eye on the ongoing and emerging security needs you face. Nationally, the systems in place enjoy a robust protective structure. Businesses must do their part by remaining PCI compliant in their operations. Because fraud and theft events target the weakest links in a system, this requires a focused, ongoing effort with a reliable payment partner.
Canadian payment capabilities continue to evolve with the worldwide capabilities in place. Work with payment partners who can leverage this infrastructure to get the most for your business.
