25% of Canada’s small businesses accepting less cash or none at all: Visa study

Many Canadian small businesses are trying new approaches in their business and one-quarter are accepting less cash or have stopped accepting cash, according to Visa’s recent Visa Back to Business Study.

Despite the unpredictable nature of COVID-19, 77 per cent of small businesses in Canada are optimistic about the future of their business, the report said. Two-thirds say they have found their local community to be supportive of their business.

Yet, in the face of this optimism, Canadian small businesses estimate it will be an average of 10 months before their business is back to being fully operational, the longest outlook of all countries surveyed in the international report.

To keep up with rapidly evolving consumer demands, 44 per cent have tried a new approach to keep their business on track since the start of COVID-19. And 26 per cent report their business has accepted less or stopped accepting cash since COVID-19.

The survey was conducted in June 2020.