IN THE KNOW
GOING Cashless Data shows mobile contactless payments are on the rise; here’s what business owners need to know. BY LIAM RAZZELL
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THE 2023 ECOSTAR AWARDS Recognizing local companies that walk the walk of environmental action.
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he annual Ecostar Awards recognize sustainability in action. This year’s winners include a First Nation’s effort to restore local shellfish beds, a construction company that has diverted more than 130,000 tonnes of waste soil from B.C. landfills, and a society that strengthens the local food economy by providing food boxes, meals and garden plots, plus harvests food that would otherwise go to waste.
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The winners, announced at the Inn at Laurel Point on November 9, prove that environmental concern and innovation go hand in hand. The eighth annual awards, hosted by the non-profit Synergy Foundation, honour sustainable businesses from around the Island. The gala's 2023 title sponsor was Vancity Credit Union, with Schneider Electric and Destination Greater Victoria as gold sponsors.
It’s not a stretch to label The Complete Canadian Small Business Guide as the bible for E A D S Canadian entrepreneurs. It has been the go-to book for thousands of small businesses since it was first published in 1988. Now in its revised and updated fourth edition, the guide covers literally everything business owners need to know to take advantage of the latest changes in technology, law, resources and best practices. The encyclopedic guide provides clear advice on starting, operating and expanding a small business, including: Should I buy a business or franchise, or start from scratch?
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Chances are you’ve seen more and more people paying for everything from coffee to hair appointments using their smartphones — a payment method called mobile contactless payments (MCPs). But have you wondered how they work, why they’re so popular and whether they could benefit your business? Such payments require an app that stores banking information, which customers use to pay for goods and services online and in-person with their smartphone, tablet or smart watch. Point-of-sale MCPs use near-field communication technology (similar to Bluetooth) that wirelessly transfers information. Last year, the Canadian interbank network Interac recorded a record-breaking one billion MCPs. Between August 2022 and July 2023, pointof-sale and online Interac MCPs increased by 53 and 17 per cent, respectively. “Canadians’ reliance on mobile devices continues to increase in everyday life, and their payment habits have shifted as a result,” says Interac’s assistant vice-president of commerce Nader Henin. COVID-19 also contributed to this shift, as the technology meant people didn’t have to touch payment terminals. But despite their popularity, a recent Statistics Canada survey found that only 9.2 per cent of businesses accepted MCPs, due to security or privacy concerns and incompatibility with existing payment systems. However, most experts agree they’re safe; MCP apps encrypt near-field communication data, and thieves can’t pay using passcode-protected smartphones and other devices. That said, just because MCPs are popular, doesn’t mean they’ll suit your business. Canada has a $250 MCP transaction limit, so they won’t work if you offer expensive goods or services. But if the bulk of your business is lowerpriced, online or in-person sales that people can make with tap-enabled cards, then you should give MCPs some serious thought. But don’t wait too long — a recent Payments Canada survey found that, last year, 16 per cent of Canadians avoided shopping at businesses that didn’t accept MCPs. And an Interac survey shows nearly three-quarters of Canadian businesses plan to “cheque out” in the next five years.
