The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Canadian businesses are embracing electronic purchasing, billing and payment for commercial goods and services which will account for one third of business transactions by 2008, according to a newly released study by Visa Canada. "By the end of this decade, electronic technologies will account for more than a third of commercial transactions, as companies look to achieve more efficiencies and save money," says Jacqui Hurd, Senior Product Manager, Commercial Solutions, Visa Canada. Electronic ordering almost triples The 2004 How Business Buys study, the third such study by Visa, predicts the percentage of orders placed electronically will grow from 15 percent of total orders in 2003 to 40 percent by 2008. Electronic ordering methods include e-mail, supplier websites, organizations' extranets, marketplace sites, and e-procurement. See 'Fax' P.# Con't from P.# Telephone and fax will still dominate in the coming years, but just barely, declining from 75 percent of total orders in 2003 to 51 percent by 2008. Move to electronic invoices The percent of paper invoices received by companies will decline from 90 percent of all invoices received in 2003 to 65 percent by 2008, reflecting corporate Canada's growing capability to deliver and receive invoices electronically. Delivery of electronic invoices over the Internet, known as "electronic bill presentment," will grow from two percent of total invoices received in 2003 to 14 percent by 2008. Transmission of billing information electronically, called "electronic data interchange," will also grow from two percent of total invoices received in 2003 to 13 percent in 2008. Electronic payments doubling By 2008, the percentage of commercial purchases paid for electronically will increase from 14 percent to 34 percent, while cheque payments will decline from 84 percent to 65 percent.
