“Businesses stand to save millions in transaction costs just by switching away from cheques,” says Pat Meredith, chair of the Task Force for the Payments System Review, “There is a lot of time wasted in processing paper that really doesn’t go into the quality of the goods or services being provided.”
Meredith is Chairperson of a new task force organized by The Minister of Finance to investigate and provide solutions to advance Canada’s aging Payment System.
Meredith is speaking with businesses, banks, and communities collecting information about the Canadian payment system and how it can be updated to meet the requirements of evolving technologies. The recommendations will be made to the government by the end of this year.
One finding of the Task Force states, that not using electronic payments between businesses is “hurting productivity,” wasting both time and resources.
It’s time for businesses to join the Minister of Finance by adapting their business practices to utilize the technology and solutions already in existence.