By Alex Coley

Electronic payment methods increase in popularity among consumers, businesses

May 15, 2017 | 5:02 PM

MEDICINE HAT, AB — In an age where technology continues to play a key part in our everyday lives, it comes as no surprise that one of the latest trends involves using a phone in place of a wallet.

Electronic payment methods, such as eWallet, allow consumers to pay for online and in-person transactions simply by holding their phone over a keypad instead of dialing in a credit card PIN or shuffling through a wallet for cash. 

In response to the growing popularity of these payment options, businesses have started to get onboard with the trend, implementing iPads and other portable devices into their day-to-day operations. One such business in Medicine Hat is Madhatter Coffee Roastery, where owner Katrina Marshall has fully embraced the convenient powers of technology.

“I think it’s really great, especially in our generation it makes things so much easier,” says Marshall. “Especially as a business owner, to be able to track your book keeping and do things from home. If I’m not here, I can look at sales and I can look at what the staff is doing, and keep track of everything. And it also makes your business better because you can offer better products, because you can see what sells, and you can track everything down to a fine detail.”

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Surprisingly, despite a large satisfaction rate among users of electronic payment methods, less than fifteen percent of Canadians use these methods. One of the main reasons for this is the ever growing presence of cyber attacks and ransomware around the world. 

“The number one thing with technology is when it fails or when it has problems,” says Marshall. “So I think the most important thing is just do your research, make sure you have support and help, and make sure you’re educated about what to do when things go wrong.”

As far as businesses go, Medicine Hat Chamber of Commerce Executive Director Lisa Kowalchuk stresses that awareness and education are key to preventing any technology-related issues.

“I think with anything online there’s always an element of risk,” says Kowalchuk. “And particularly with cyber crime ever present. And so it’s just a matter of making sure the merchant services and solutions that you use are protected in that they have the right policies in place.”