The federally appointed mediator met with both parties in the Canada Post Strike for the first time on Monday, November 18, 2024, on day 3 of the strike.  Both parties have indicated they are far from being close to finalizing new contracts.

For ag retailers, this could mean a disruption or delays in receiving payments or other paperwork.  It could be a good opportunity for retailers to encourage producers to set up digital payment services with your business, for those that may not have already done so.

If you have not already set up a system, or you would like to explore other options, there are a few ways ag retailers to set up electronic payments, including:

• Pre-authorized debit (PAD) – Check with your financial institution to see if they offer PAD services for businesses. You’ll need to enter into a contract with your financial institution and your customers.
• Invoicing platform – Use an invoicing platform that integrates with a payment service provider. You can bill clients via email and include a payment button in the message.
• Credit card processing – Choose a processor, create an account, and acquire the necessary equipment. Some processors may provide the equipment, while others may require you to purchase it.

The “Big Five” banks in Canada, including RBC, TD, Scotiabank, BMO, and CIBC, are major providers of payment processing services. There are also many fintech companies and startups that offer payment processing services.