The paper cheque is gaining back its popularity among small businesses as they look to offer more payment options to avoid the high transaction fees that come with accepting credit cards, according to a study by the Bank of Canada.
“Merchants mentioned accepting a wider range of payment methods because they need to make sales and accommodate an equally wide range of consumer preferences for payments,” said the report, titled “The 2021–22 Merchant Acceptance Survey Pilot Study” (MAS), published on Jan. 4.
The survey, conducted by phone with 488 merchants with fewer than 50 employees and that are not part of a chain or franchise, noted that cheques have made a comeback in the transactions of these retailers in recent years, as first reported by Blacklock’s Reporter….