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Much like in the United States (and practically the rest of the world, for that matter), Canadian consumers have widely adopted creditcards and digital payments. Research shows that Canada has the world’s highest creditcard ownership rate, with 82.7% of consumers owning at least one creditcard.
Creditcards are a staple in the wallets of consumers today, and they will undoubtedly be a payment method of choice for years to come, particularly as the adoption of mobile and contactless payments continues to grow. In fact, ResearchAndMarkets.com forecasts the global creditcardpayment market to grow to $762.16
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Consumers are increasingly gravitating towards cashless payment options, including debit card and creditcardpayments, as well as online payments, contactless payments , and mobile creditcardprocessing services. A smooth, secure payment experience builds customer trust.
Creditcardprocessing can be overwhelming, expensive, and confusing. And yet, accepting non-cash forms of payments is more or less required to operate a modern business, at least in the U.S. Credit, debit, and digital payments have far and away become the most popular payment method.
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Running a business comes with enough challengeslosing your payment processor shouldnt be one of them. If your payment processor cancels your merchant account, it can feel like your entire business is at risk. Cancellations from payment processors often come out of nowhere, leaving businesses scrambling.
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