Identifying SMEs’ Barriers to Electronic Payment Adoption
During the past two decades in Canada, use of electronic payment has steadily increased. However, despite the downward trend in the volume, the value of cheques has steadily increased, with the five-year average volume growth increasing by about 2% due in large part to their common presence in the business-to-business space. These trends indicate that even with emerging of EFT payment instruments and online transfer options as substitutes for cheque, there are yet some barriers to electronic payment adoption specially for small and medium businesses. In this research we aim to not identify the possible SMEs’ barriers to electronic payment adoption, prioritize them, and find the instrumental and psychological mechanisms behind them.