The last long weekend of the summer is quickly approaching. The Telpay offices will be closed on Labour Day, Monday September 7th; we will not be processing any electronic payments on this day.
Already preparing for the festivities ahead? Be sure to add “Schedule Payments” to your to-do list! Planning ahead will allow you to lounge and enjoy the last long weekend of the summer, without worrying about payments making it to their destinations on time!
The C.D. Howe Institute presented a paper with recommendations on how to modernize Canada’s payment system. First and foremost (though far from the only step) was to eliminate cheques from Canada’s payment system. The report goes on to list, in broad terms, how this process could take place. One of the steps was to “educate consumers and businesses, especially small businesses,” on making payments electronically rather than by cheque.
Telpay has recognized the advantages of replacing cheque payments by electronic means since it was first formed in 1984 as Canada’s first electronic bill payment system. A more focused approach took place in the late 90’s with the launch of Telpay for Business payment software. Since then Telpay has preached the gospel of electronic payments to thousands of businesses across Canada, both payers and suppliers. In fact, Telpay is a member of an industry forum organized by Finance Canada – Finance Canada Payments Consultative Committee (FinPay). FinPay is a committee made up of public and private sector representatives whose mandate is to review Canada’s payment industry.
There are a number of reasons why payment by cheque is expensive and inefficient. There are the obvious reasons such as postage and manual labour. However there are more subtle reasons, for example as the volume of cheque payments decreases the costs (system and salary) of processing each cheque increases. New systems that are developed have to “account” for cheque payments, slowing development and making those systems unwieldy.
Cheque payments will die a natural death over the next 10-20 years, what the C.D. Howe institute and others are proposing is a quick “chequemate” sometime in the next few years. We think that is a measure worth supporting.
The series is from Chartered Accountant, consultant and author, Jeff Borschowa, from his book, 8 Pillars for Exponential Business Growth. The series is focused on how to find new and better ways to integrate innovation and technology to enhance the customer experience and improve efficiency in the accounting process.
Providing good products and services at fair prices will earn you trust and loyalty from your customers. The great news is you can leverage this relationship to identify customer issues and offer more in-depth solutions.
The range of services you can offer is limited in part by your industry, but it may also be limited by your own imagination. For example, you may not be able to offer much to your customers in the way of value added services if you are in a tightly regulated industry with externally imposed limitations.
This article is part of a series on “Qualifying Your Clients.” Learn how to properly qualify clients at the beginning of the sales process, by asking the right questions and having all the knowledge needed to ensure they benefit from electronic payments with Telpay. Continue reading
Not long ago, writing personal cheques was a regular way to pay for groceries and movie rentals. Today, not only would it be difficult to find a movie rental store, but it would be archaic to pull out a chequebook at the cashier and write out a cheque to pay for daily purchases.
Electronic payments have become a more widespread and acceptable form of payment. From telephone bill payments to online banking and now, mobile payments on the go, electronic payment transactions have become part of our daily life.
