Small Businesses Face Challenges Post-Pandemic

Small businesses continue to navigate through financial, operation, and payment related challenges two years after the global COVID-19 pandemic began, says Payments Canada’s ‘Payments Behavior Tracker – Business Survey.’ Challenges that continue to affect many respondents include negative impact on sales (37 per cent), managing margins and profits (33 per cent), and overall business spending (27 per cent). The pandemic has also seen a shift in payment methods, with cash (33 per cent), and cheques from deposit accounts (25 per cent) seeing decreases among respondents, while digital methods such as INTERAC eTransfers (33 per cent), virtual currencies (25 per cent), and electronic funds transfers (23 per cent) have increased. Businesses have reported experiencing significant rises in payment-related fraud and cybercriminal activity, mostly in text messages via smartphone (39 per cent), eMails (38 per cent), and social media platforms (34 per cent). However, 51 per cent of businesses say that they are more aware of how to recognize payment fraud scams compared to before the pandemic, with 47 per cent more aware of how to protect themselves.