Apple Pay launching in Canada is a step towards more digital payments, but businesses top priority should be ditching costly paper cheques. For businesses and governments, using paper cheques can be extremely costly. According to the Canadian government, cheques cost .82 cents to issue versus .13 cents for an electronic payment. In the world of increasingly mobile and virtual business options, B2B payments are still critically old fashioned, which costs time and money.
It’s time to ditch paper cheques, which are hard to track, costly to print, and prone to being lost or stolen. Modern electronic payment systems not only eliminate many of these costs but maximize efficiency, improve tracking capabilities and lighten the workload on the A/P department. Offering electronic payments can also help improve customer retention because customers are more likely to return to the same e-commerce site where his/her information has already been entered and stored. As we talk about the future for Apple Pay we should remind businesses that today’s solution for a better payment experience lies in migrating to prepaid cards.