Checkbooks, already used less and less, are at risk of disappearing soon, with three-quarters of Canadian businesses planning to abandon this form of payment in the next five years, according to a recent survey.
Payments sent or received by businesses now account for 23% of all transactions conducted by Interac in Canada, according to an Interac survey released Tuesday.
This corresponds to a growth of 24.7% compared to last year.
Overall, half of them also find digital transactions easier to use instead of relying on paperwork.
Six out of ten decision makers plan to forego checks, primarily to save money but also time, while 53% of them spend more time overseeing transaction processes rather than supporting business growth. .
Nearly 76% of surveyed decision makers also believe that this change in transactions will allow them to manage their cash flow more efficiently, a crucial situation given high inflation.