Blog Technology

Online Payment Statistics You Should Know

Here are some statistics and trends about the online payment landscape. Use this data to better inform your decision making in managing your e-commerce platforms, payments, and invoices.

1. A third of Gen Z-ers want to share their online payments on social media, compared to only 3% of baby boomers. (Accenture)

2. Studies have shown that while 33% of millennials use cash, but only 18% of Gen Z-ers use cash.

3. 85% – the global share of customers who shopped online in 2020. (IMI International, 2020)

4. Consumers think of shopping as a single, seamless experience, whether instore, on a mobile device, or online, and so must businesses.

5. 61 % of consumers are for the idea of openly accessing their finances so they can view credit card and bank account balances when making payments via a mobile app. (Accenture)

Key Takeaways

The trends and statistics show a clear path towards digital payments with more functionality. As the younger demographics start increasing their spending habits, more customers will want to pay in a more modern context. They want to have a seamless experience without hiccups.

More accessibility, less complexity, more features, and less restrictions.

Source: 64 Key Online Payments Statistics: 2020/2021 Market Share & Data Analysis –


Looking to send and receive online payments for your business? Start your Merchant Account today at PaySprint!

Visit to sign-up.

Blog Technology

Improve Your Online Payments Processing With PaySprint

PaySprint is able to help a wide range of individuals and businesses.

Here are some groups who can improve their online payments processing by using the power of PaySprint.

1. Contractors 

If you are a contractor and you need to accept payments on a irregular basis, need to track your accounts receivables from multiple clients, and want it all in one simple, convenient location, PaySprint is here to provide that exact solution.

2. Rental Property Management

If your business is a much bigger scale, such as collecting rent payments in a residential property, PaySprint can help with that too.

Looking for a simple, effective, tool for managing the end-to-end processes of your rental property? With PaySprint, you can track every aspect of the property management business, from maintenance to booking amenities and invoicing tenants.

3. Friends and Family

PaySprint is also a great tool for sending transactions between friends and family. Don’t worry about if the person has a PaySprint account, send invoices and payments through email and text!

4. Utility Bills

You can also pay your electric and hydro bills with PaySprint. Receive electronic copies (eCopy) of your bills and notifications for upcoming payments due.


Improve The Checkout Experience For Your Online Business

Do you have a online checkout section for your online business? An e-commerce payment system that your customers use when purchasing your products or creating orders?

Understanding the online checkout process is very important when it comes to online sales. It is the direct pathway that leads your customer to a complete sale.

Here are some ways you can improve the checkout experience for your online business:

1. Minimize the amount of clicks required

It is incredibly insightful to always put yourself in your customers’ shoes. How would you find products in your store? What are the most efficient click-throughs that will lead a customer to something relevant to them and then results in the customer reaching the checkout section. Perhaps you want it all to load on a singular page to cause less confusion for your customer. Or maybe you believe a click-linked should lead to a new page with streamlined info.

Whichever strategic decision you make should be rooted in how efficient can customers learn, engage, order, and purchase from your online business.

2. Simplify your payment user interface

Think of popular ways to pay today. You are in. And then you are out. The payment transaction has all the necessary details and nothing more. When constructing your online business’ payment interface, think about how you can simplify the information presented.

3. Use a merchant online payments system – Example: PaySprint

PaySprint has a merchant payment gateway that can be added to your online business.

For adding a PaySprint API to your online business, refer to the official PaySprint | API Documentation.

Blog Technology

Physical Cash Is Being Used Less and Less.

Physical Cash Is Being Used Less and Less – Here’s Why:

Are you noticing a trend in the way you pay? 

You may start to notice that you are using physical cash less and less each day. Here’s why that trend will continue.

1. Paying With Cash Is Not Always Exact

Here is an example, when you pay for something that costs $2.39 and have a $5 bill, you will receive change in return. This change stays in your pocket and is not guaranteed to be spent by you – or saved, loose change has a habit of getting lost.

2. Cash Is Complicated To Track

At scale, dealing with cash can be confusing and time-consuming. You have to physically count, separate bills, manually consolidate funds between each other and this is a lot of hidden costs that take away from your bottom line.

3. Cash Is Physically Limited

Physical cash can only go as far as you can hand it. You can mail cash and that can take anywhere between 2-10 business days. But for the most part, you are geographically limited to where you can pay with cash, and for merchants – how many customers can pay you with cash.

4. Cash Gets Dirty

How often do you think the cash that gets circulated between millions of hands goes through a few rounds of specialized cleaning before it reaches you? The answer, unsurprisingly very low. Germs, bacteria, even diseases spread on unsanitary surfaces and cash can be get very dirty.

Digital Over Physical

Payments will still be made even if its not with cash. This change in payments won’t simply revert back to paying with physical cash because it won’t be as efficient. The opportunity cost of ignoring digital payments is too high to ignore.


Digital Invoices Make It Easier

Invoices Will Always Need To Be Managed.

As a merchant, you likely have many invoices to manage. With manufacturers, suppliers, and clients – you are dealing with money coming in and money that needs to be sent out. Consider implementing an invoicing system like PaySprint to your business and gain all the benefits of digital invoices. Such benefits include the following:

All In One Place.

With your invoices coming from different sources, using a system like PaySprint gives you the chance to send money and manage invoices all in one place. Send and receive invoices with the same conveniences as a wallet app.

Establishing A Standard.

When creating a digital invoice on PaySprint, you can save contacts, set payment schedules, adjust tax rates for your services within the platform’s invoice generator. You don’t have to worry about entirely creating invoices from scratch for new partners anymore.

Better Tracking.

PaySprint shows you progress on your incoming and outgoing invoices and payments. Both suppliers and merchants can waste less time on service payment inquiries when they are on the same page.

Better Accounts Reconciliation.

When dealing with multiple invoices from multiple longtime partners, you may sometimes come across transfers in your business that reconciliate accounts. For example, a new 20,000 transfer from your supplier that was meant for the last four invoices worth 5,000 each. A digital platform such as PaySprint makes handling edge cases with invoices easier.

Reduced Costs.

With a merchant payment system such as PaySprint, managing your invoices comes at lower costs than your standard ad-hoc methods. Streamline your process. Provide more information to your team and your partners. And manage more payments at less time.





What is the average marketing budget for a small business?

Every business needs to do marketing to attract customers, increase sales and compete better. But a lot of small business owners struggle to know just how much money they should be spending.
BDC Business Consultant Jessica Horvath says there’s no one-size-fits-all answer. “So much depends on the kind of business you have, your business objectives and revenue.”
That said, she offers these tips for coming up with a marketing budget that fits your small business.
1. Start by researching your industry
In the simplest terms, your marketing budget should be a percentage of your revenue. A common rule of thumb is that B2B companies should spend between 2 and 5% of their revenue on marketing.
For B2C companies, the proportion is often higher—between 5 and 10%. This is because B2C companies typically need to invest in more marketing channels to reach various customer segments.
Horvath suggests a good way of narrowing your target budget is to research what’s common for your industry and what your competitors are spending.
BDC research indicates that Canadian small business marketing costs average just over $30,000 a year, while those with 20 to 49 employees spend twice that amount. Companies with 50 or more employees tend to have marketing budgets in excess of $100,000.
2. Set clear goals
It’s important to be clear on your marketing goals—they need to be measurable and specific. Do you want to get more people to visit your website to take a specific action? If so, how many people over what period of time? Do you want to get people to visit your store for a free sample or consultation? What kind of customers would you most like to attract? How many of them do you want to come in?
Setting your goals will allow you to plan what needs to be done—and what kind of investment will be needed.
“Think about your customer segments—the personas you want to reach and what their needs are,” Horvath says. “Does your value proposition clearly explain how you will address their needs and why they should visit your site or shop? From there, you can decide how best to design your marketing campaigns to create offerings that are more likely to lead to sales.”
Once you’ve defined your budget and put your plan into action review it on a consistent basis to analyze whether your spending is achieving the goals you set.
Jessica Horvath
BDC Business Consultant
3. Consider all your potential costs
Like any business expense, marketing has many components. Horvath suggests allocating your marketing budget to each of the following categories. You can adjust the amounts over time based on what’s most effective.
Website: The cost of your website includes the original design and build as well as monthly hosting. It also includes paying to keep the content fresh and up to date. “Make sure your site has analytics built in,” Horvath says. “That way, you can track who’s coming and from where—information that will help you identify how your other marketing investments are paying off.”
Social media: Set aside some money to invest in online advertising through social media platforms that make sense for your business like Facebook and LinkedIn. Even if your social media traffic is all organic—attracted by the content you post—creating that content requires resources you’ll want to account for.
Online advertising: For search engine advertising like Google Ads, plan for a minimum $1,000-a-month investment to be effective, Horvath says. As you monitor and refine your online advertising, you’ll be able to budget more accurately.
Traditional media: While digital advertising tends to be more budget-friendly, traditional advertising, radio, print and TV still have value depending on who you’re trying to reach. Consider your resources and how you can get the most from the budget you have.
E-newsletters: Sending regular updates to clients who have opted to receive communications from your business helps keep your company top-of-mind and encourages repeat business. Planning for, writing and using online tools to send out this material all require time and resources.
Video: In Horvath’s view, every small business should try to use video for marketing. The costs involved can include everything from hiring a camera person and editor to simply upgrading your smartphone so you can shoot video yourself.
Training: If you rely on internal staff to create and execute your marketing campaigns, be sure to set aside funds for training. “The available channels continue to evolve and it takes training for your staff to stay on top of the best practices,” Horvath says.
4. Keep track of costs and adjust regularly
As you work through your marketing budget line by line, it will become clearer what you can afford, according to your priorities. Keep track of your costs and review web analytics regularly.
Assess your marketing budget quarterly and annually to see if your projections are aligned with your actual spending. By monitoring your marketing costs and refining your efforts, you will be able to generate more accurate budgets as time goes on.
Culled from Business Development Bank of Canada (BDC) Newsletter

9 Tech Resolutions for Your Business

Investing in technology can be a challenge for entrepreneurs. But if done properly, information and communications technology (ICT) can be a game-changer for your business. It can boost productivity; accelerate sales; and even open up new markets. Here are 9 resolutions to help ensure your business reaps the benefits.
1. Evaluate your ICT status
Take an objective look at your current ICT status. How are your systems performing? Where could you improve your company’s competitiveness by adding technology? Use this check-up to decide what current systems need to be optimized and which ones you need to add to meet your strategic goals. Then undertake a careful system selection process including requesting proposals from a number of vendors. Added bonus: A clear ICT plan can put you on firmer ground with financial partners if you need a loan.
2. Create an online strategy
Start with a little planning. What are your website’s goals? Is it to inform customers? To sell your products online? How does your online presence tie in to your overall business plan? A well-defined online strategy will help ensure your investments in this area pay off with higher sales and better customer service.
3. Optimize your website
A website is your company’s virtual storefront. Yet, many sites are poorly designed or don’t fit well with overall business strategy. Make sure your site isn’t text heavy and doesn’t require endless scrolling or clicking to find information. Prominently feature your contact details and a call to action. Also, get some help to ensure the site is optimized to rank highly on Internet searches of importance to your business.
4. Get busy on social media
Create a social media strategy, starting with monitoring what’s being said about your business. Then, if you haven’t already done so, create your own presence on the main social media sites to mark your territory, manage your brand and engage with customers. Remember: Social media is about the soft sell. Aim to interact with your audience by being helpful and supportive. Aggressive marketing is a turn-off.
5. Engage employees
Involve your employees throughout major ICT investment planning and decisions to ensure not only their buy-in, but also that you’re benefitting from their expertise and deep knowledge about your business.
6. Consider a Customer Relationship Management (CRM) system
Think about a CRM system to help ensure you understand your customers better and capitalize on sales opportunities. It will help you centralize all customer information, give customers more personalized service and follow up properly with prospects.
7. Explore productivity tools
Consider implementing productivity-enhancing tools. Examples include clock-in software, inventory management systems or full-fledged supply chain management systems.
8. Consider an Enterprise Resource Planning (ERP) system
Saddled with an inefficient patchwork of computer systems in different parts of your business? Consider an ERP system. It’s all-purpose software with modules for everything from accounting to inventory, human resources, finances and operations.
9. Keep on top of tech security
Be sure you have an ICT security policy covering such areas as acceptable use, password guidelines, security practices and rules for downloading software. Then make sure it’s followed throughout your company. Also be sure to back up data regularly.
Culled from Business Development bank of Canada

EXBC by Express Ca Corp is pleased to announce, PaySprint for Merchants, a NO-FEE PAYMENT GATEWAY,

EXBC by Express Ca Corp is pleased to announce, PaySprint for Merchants, a NO-FEE PAYMENT GATEWAY, that enables merchants to accept and receive payments on mobile app, secure web app and the merchant’s business website at no costs.

BRAMPTON, ON, Oct 6, 2021 – PaySprint is becoming the preferred way of accepting and receiving online payments by small business owners, freelancers, consultants, and many business professionals, globally.

The no fee payment gateway has presented a window of opportunity for merchants (including Churches and other not-profit organizations) to reduce controllable expenses including payment processing costs associated with accepting and receiving online payments from customers.

Whilst PaySprint enables merchant to accept and receive payments through the Mobile App (available on Google Play Store and Apple App Store), Secure online and through merchant’s website (Web Payment Gateway through the API), it also seamlessly connects merchants (businesses/organizations) with the client through the electronic business directory.

PaySprint for Merchants is a veritable tool for business as merchants get free leads to grow their business. In addition, with the ability for merchants to generate and send invoices to customers on the go as well as the capability to accept and receive payments into the merchant’s wallet through mobile app, web app or on merchant’s website, PaySprint helps merchants to improve business cashflow and reduce operating expenses including payment processing costs by withdrawing funds from merchant’s wallet account at no fees.

PaySprint for Merchants offer the following meaningful features:

  1. No cost lead generation and exposure for business
  2. Receive payments on mobile, web or on merchant’s website
  3. Accept and receive payments into merchant wallet
  4. Withdrawal funds at no extra costs
  5. Enjoy professionally design bills/invoices
  6. Generate receivables report
  7. Easy set up and so much more

Here are the reasons to SWITCH to PaySprint for Merchants, the most “Affordable Option” in today’s market

  • No fee when you withdraw funds
  • No Contract
  • Select befitting design professionally designed invoice templates
  • Track customer balances
  • Free leads generation
  • Unlimited transactions
  • Available only on subscription
  • Integrate PaySprint with your preferred accounting software
  • No account holds
  • PCI compliant
  • Available as Mobile App, Web App and on WebPAY

Switch to PaySprint for Merchants Now. Open a Free Merchant Account Today.

For more information about PaySprint, kindly contact Business Dev Team at 1 888 469 0999 or email, Mon-Fri, 9am-5pm EST.


7 Sources of Start-up Financing

Putting all your eggs in one basket is never a good business strategy. This is especially true when it comes to financing your new business. Not only will diversifying your sources of financing allow your start-up to better weather potential downturns, but it will also improve your chances of getting the appropriate financing to meet your specific needs.
Keep in mind that bankers don’t see themselves as your sole source of funds. And showing that you’ve sought or used various financing alternatives demonstrates to lenders that you’re a proactive entrepreneur.
Whether you opt for a bank loan, an angel investor, a government grant or a business incubator, each of these sources of financing has specific advantages and disadvantages as well as criteria they will use to evaluate your business.
Here’s an overview of seven typical sources of financing for start-ups:
1. Personal investment
When starting a business, your first investor should be yourself—either with your own cash or with collateral on your assets. This proves to investors and bankers that you have a long-term commitment to your project and that you are ready to take risks.
2. Love money
This is money loaned by a spouse, parents, family or friends. Investors and bankers considers this as “patient capital”, which is money that will be repaid later as your business profits increase.
When borrowing love money, you should be aware that:
Family and friends rarely have much capital
They may want to have equity in your business
A business relationship with family or friends should never be taken lightly
3. Venture capital
The first thing to keep in mind is that venture capital is not necessarily for all entrepreneurs. Right from the start, you should be aware that venture capitalists are looking for technology-driven businesses and companies with high-growth potential in sectors such as information technology, communications and biotechnology.
Venture capitalists take an equity position in the company to help it carry out a promising but higher risk project. This involves giving up some ownership or equity in your business to an external party. Venture capitalists also expect a healthy return on their investment, often generated when the business starts selling shares to the public. Be sure to look for investors who bring relevant experience and knowledge to your business.
BDC has a venture capital team that supports leading-edge companies strategically positioned in a promising market. Like most other venture capital companies, it gets involved in start-ups with high-growth potential, preferring to focus on major interventions when a company needs a large amount of financing to get established in its market.
4. Angels
Angels are generally wealthy individuals or retired company executives who invest directly in small firms owned by others. They are often leaders in their own field who not only contribute their experience and network of contacts but also their technical and/or management knowledge. Angels tend to finance the early stages of the business with investments in the order of $25,000 to $100,000. Institutional venture capitalists prefer larger investments, in the order of $1,000,000.
In exchange for risking their money, they reserve the right to supervise the company’s management practices. In concrete terms, this often involves a seat on the board of directors and an assurance of transparency.
Angels tend to keep a low profile. To meet them, you have to contact specialized associations or search websites on angels. The National Angel Capital Organization (NACO) is an umbrella organization that helps build capacity for Canadian angel investors. You can check out their member’s directory for ideas about who to contact in your region.
5. Business incubators
Business incubators (or “accelerators”) generally focus on the high-tech sector by providing support for new businesses in various stages of development. However, there are also local economic development incubators, which are focused on areas such as job creation, revitalization and hosting and sharing services.
Commonly, incubators will invite future businesses and other fledgling companies to share their premises, as well as their administrative, logistical and technical resources. For example, an incubator might share the use of its laboratories so that a new business can develop and test its products more cheaply before beginning production.
Generally, the incubation phase can last up to two years. Once the product is ready, the business usually leaves the incubator’s premises to enter its industrial production phase and is on its own.
Businesses that receive this kind of support often operate within state-of-the-art sectors such as biotechnology, information technology, multimedia, or industrial technology.
MaRS – an innovation hub in Toronto – has a selective list of business incubators in Canada, plus links to other resources on its website.
6. Government grants and subsidies
Government agencies provide financing such as grants and subsidies that may be available to your business. The Canada Business Network website provides a comprehensive listing of various government programs at the federal and provincial level.
Getting grants can be tough. There may be strong competition and the criteria for awards are often stringent. Generally, most grants require you to match the funds you are being given and this amount varies greatly, depending on the granter. For example, a research grant may require you to find only 40% of the total cost.
Generally, you will need to provide:
A detailed project description
An explanation of the benefits of your project
A detailed work plan with full costs
Details of relevant experience and background on key managers
Completed application forms when appropriate
Most reviewers will assess your proposal based on the following criteria:
Assessment of expertise
Need for the grant
Some of the problem areas where candidates fail to get grants include:
The research/work is not relevant
Ineligible geographic location
Applicants fail to communicate the relevance of their ideas
The proposal does not provide a strong rationale
The research plan is unfocused
There is an unrealistic amount of work
Funds are not matched
7. Bank loans
Bank loans are the most commonly used source of funding for small and medium-sized businesses. Consider the fact that all banks offer different advantages, whether it’s personalized service or customized repayment. It’s a good idea to shop around and find the bank that meets your specific needs.
In general, you should know bankers are looking for companies with a sound track record and that have excellent credit. A good idea is not enough; it has to be backed up with a solid business plan. Start-up loans will also typically require a personal guarantee from the entrepreneurs.
BDC offers start-up financing to entrepreneurs in the start-up phase or first 12 months of sales. You may also be able to postpone the principal payments for up to 12 months.
Culled from Business Development Bank of Canada.

7 Deadly Sins in Borrowing Money for Your Business

Borrowing too little or too late can jeopardize your business
Getting a business loan can be the fuel your company needs to reach the next level of success.
But you have to prepare yourself and your company to get the money and make sure the loan is right for you.
Joanne MacKean, Director, Growth and Transition Capital, with BDC in Winnipeg, has loaned money to hundreds of businesses for such projects as buying equipment, real estate and technology. She sees many entrepreneurs making these common mistakes that jeopardize their company’s future.
1. Borrowing too late
You may be tempted to finance your expansion projects from your cash flow. But paying for investments with your own money can put undue financial pressure on your growing business. You may find yourself needing to borrow money quickly and doing it from a position of weakness.
“When there’s a sense of urgency, it usually indicates to a banker there was poor planning,” MacKean says. “It’s often harder to access financing when you’re in that position.”
Solution—Prepare cash flow projections for the coming year that take into account month-to-month inflows and outflows, plus extraordinary items such as planned investments. Then, visit your banker and discuss your plans and financing needs so you can line up the funding before you need it.
2. Borrowing too little
You’re right to be careful about how much debt you take on. However, low-balling how much a project will cost you can leave your business facing a serious cash crunch when unexpected expenses crop up.
Solution—Develop a cash flow forecast for each individual project including optimistic and pessimistic scenarios. And then borrow enough money to ensure you can cover your project, unforeseen contingencies and the working capital required to bring your project to completion.
3. Focusing too much on the interest rate
The interest rate on your business loan is important, but it’s far from the whole story. Other factors can be just as important, or even more so.
What loan term is the lender willing to offer?
What percentage of the cost of your asset is your lender willing to finance?
What is the lender’s flexibility on repayments? For example, can you pay on a seasonal basis or pay only interest for certain periods?
What guarantees are being asked from you in the case of default? Do you have to pledge personal assets?
“There are qualitative items in a loan agreement you have to think through very carefully,” MacKean says. “Some entrepreneurs will skim over the loan terms and conditions because they think they’re just legal jargon or standard terms requested by all lenders. But the truth is that terms and conditions can differ greatly between lenders”
Solution—Shop around among financial institutions for the most attractive package, keeping in mind the importance of the terms other than the interest rate.
4. Paying your loan back too fast
Many business owners want to pay back their loans as quickly as possible in an effort to become debt free. Again, it’s important to reduce debt, but doing so too quickly can cost your business. That’s because you may leave yourself short of cash. Or the extra money you’re devoting to debt reduction might be better spent on profitable growth projects.
Solution—Compare your projected return on an investment to how much interest you’re saving by paying down your loan faster than required. If you expect to earn more investing the money in your business, consider slowing down your repayment pace.
5. Failing to keep your financial house in order
It’s all too common for busy entrepreneurs to let record-keeping and other financial chores slide—with potentially disastrous consequences. It’s essential to keep good financial records, including year-end financial statements. Messy financial records can leave you in the dark about how your business is performing until it’s too late to take corrective action. It can also make it difficult to approach a banker for a business loan because not only do you lack documentation, but you’ve also shown a lack of managerial acumen.
Solution—Be diligent about keeping financial records and spend the money to hire an accountant. Also, consider getting help from a consultant who specializes in financial management to get your business on the right track.
6. Making a weak pitch to your banker
You can see how much sense your project makes, but you won’t get far if you can’t persuade your banker to get on board. MacKean says too many entrepreneurs are unable to clearly explain their company’s business plan, past performance, competitive advantages and proposed project. The result is a polite “no, thanks.”
Solution—Prepare your pitch and practice it repeatedly. Focus on explaining your business and how you’re going to use the money you want to borrow in clear and compelling terms. Remember a big part of your sales job is persuading your banker to have confidence in your management smarts and ability to build a strong business (and pay back the loan).
7. Depending on just one lender
Having a relationship with just one financial institution can limit your options, especially if your business hits a bump in the road. “You don’t want one lender holding all the cards should something go wrong,” MacKean says. “So, just as you would diversify your suppliers or customer base, or your own personal investments, you want to diversify your lending relationships.”
Solution—Meet with other lenders and consider using different institutions for different types of financing products.
Culled from Business Development Bank of Canada