Al meets with 4 members of Team Moneris. All of them have represented Canada in international competition, all of them elite athletes, and all of them are part of Moneris’ sales team. What is it about sales that attracted them to a career in sales? What is it about their pursuit of athletic excellence that makes them good sales professionals? How can you apply this knowledge to your sales process? Listen now to find out.
Al meets with 4 members of Team Moneris. All of them have represented Canada in international competition, all of them elite athletes, and all of them are part of Moneris’ sales team.
What is it about sales that attracted them to a career in sales? What is it about their pursuit of athletic excellence that makes them good sales professionals? How can you apply this knowledge to your sales process?
Listen now to find out.
Also in this episode:
Allan: [00:00:00] This month is about sales. Now obviously, sales is a critical part of any business. Without sales, there's no money. Without money, well, you know.
So let's find out what makes a good salesperson. While I believe that sales is a skill that can be taught, I also think some people are just naturally better at it than others. Just like most people can learn to play a sport or game, but some people are just gifted athletically.
Now sales and athletics seem to have a lot in common. I think being good at one might give you an advantage at the other. And I'm going to put that to the test this month. I'm gathering a round table of elite athletes from Moneris who are also in sales, and I'm going to ask them why they chose sales and what makes them good salespeople. Why? Because! it's just good business.
Joining me as co host this month is senior social media specialist, Mallory McWhirter. Welcome, Mallory.
Mallory: Thanks for having me, Al.
Allan: My pleasure. We have an amazing episode this month. I can't wait to share it.
Mallory: Exciting. What's going on?
Allan: Well, as you know, later this month, the Paris 2024 Olympics begin.
Mallory: Yes, I'm [00:01:00] looking forward to it.
Allan: As am I! Which gave me an idea. I wondered whether we had any aspiring Olympians at Moneris, either past or present.
Mallory: And do we?
Allan: As it turns out, yes!
Mallory: Amazing!
Allan: And coincidentally, they're all on our sales team.
Mallory: That is a coincidence. I wonder what it is about sales that appeal to these elite athletes.
Allan: Me too. So I thought I'd get them all together on a round table and talk about it.
Mallory: What a great idea.
Allan: And they had a lot to say.
Mallory: So what else do you have?
Allan: Well, our resident data expert, Sean McCormick joins us with some more consumer spending data stories around the Stanley Cup finals.
Mallory: Sean always brings such great insight.
Allan: He does. And last but not least, I have a really interesting story about something called Moving Day in Quebec. Have you ever heard of this?
Mallory: No, what's it about?
Allan: It goes all the way back to the 18th century. The Quebec government made it illegal for landlords to evict their tenant farmers before winter ended. So they made all leases begin on May 1st and end on April 30th.
Mallory: Really?
Allan: I know, right? It turns out many cities with cold winters did this, like New York and Chicago.
Mallory: That's interesting. But why is moving day on July 1st?
Allan: [00:02:00] I bet you didn't think there was going to be a history lesson here, but basically what happened in 1973, the government passed a law that leases no longer needed to end on a certain date, but extended the existing leases until July 1st, since kids were still in school in the spring and then making it on a holiday meant workers didn't have to sacrifice a workday.
Mallory: Well, that was nice of them.
Allan: Yeah. So thoughtful. But anyway, today, even though it's no longer the law, It's still a well held tradition that most new leases begin on July 1st.
Mallory: That must be chaotic.
Allan: It does present certain challenges, but also opportunities.
Mallory: I bet.
Allan: And we're going to learn all about those in my interview with Jacqueline Tsai from Interac.
Mallory: It sounds like a great episode.
Allan: It is. So let's start by getting into the Olympic spirit with Moneris' Olympic sales team.
I'm joined by Moneris' Olympic sales team, Cody, Bailey, Megan, and Brittney. Welcome to Just Good Business.
All: Thank you!
Allan: This month, the Paris Olympic Games, the 2024 Olympic Games are going to start. And, uh, I've found out from Sean McCormick that we have a lot of elite athletes on our sales [00:03:00] team, and I thought I'd bring y'all together and we could have a big discussion and maybe talk about what it is about your competitive backgrounds that make you elite at sales. And so Sean introduced me to Cody and Cody said, Oh, you have to have Bailey, Megan and Brittney on because we're all either members of team Canada, or we've done international competition. So let's talk about that. We're going to start with you, Cody. First of all, tell me, where are you speaking to us from?
Cody: So I'm, uh, over in Calgary, Alberta, and I'm one of the regional sales consultants out here.
Allan: What did you compete in?
Cody: I was a three meter springboard diver. I was on the national team for about seven years.
Allan: Cool.
Cody: Kind of traveled the world throughout that. Commonwealth Games, World Cup. I was on the Grand Prix circuit, which was, All over the globe and got two national titles under my belts and several medals. And yeah, it was a fun journey.
Allan: Do you still compete?
Cody: No, I'm retired now since 2016 and just enjoying the work life now. And it's staying active still, of course, as I need to do something.
Allan: And when did you join Moneris?
Cody: I joined Moneris. Five [00:04:00] years ago now, so that would have been 2019. And so it was kind of a interesting journey. I went to school for digital media and information technology, and then I didn't enjoy that. So I switched into marketing and worked in marketing for a few years.
It wasn't giving me the excitement that sport gave me. And then I moved down to Calgary. So I was an Edmonton at the time, uh, born and raised. And my wife and I packed everything up, moved down to Calgary. I connected with the Canadian Sport institute, which actually connected me with Moneris and that's how I landed my field sales role with Moneris.
Allan: Okay. Now why sales? I mean, what drew you to sales?
Cody: I've heard a lot that like athletes do really well in sales. It's like an individual sport, which is what I came from. And working in that competitive space, there's targets, there's goals, there's small rewards. You get rewarded every time you make that sales. It's like a dive. Every time you nail a dive and you get that, you come out and pop your head out of the water and you get those high scores. Gives you that exciting little feeling. So I think that's what really made sales interesting to me. And so far it's been five years and it's been very rewarding and very fun.
Allan: Amazing. We'll stay in Calgary [00:05:00] and we'll talk to Megan Cyr next. Megan, thank you for joining me.
Megan: Thanks for having us.
Allan: So you're in Calgary. What is it that you competed in?
Megan: I played professional volleyball and for the Canadian women's national team for about seven years. So. So got involved with the women's national team back in 2012, competed with them every summer until 2020.
We unfortunately never qualified for the Olympics, but competed in a couple of world championships, Pan Am Games, also the grand pre circuit for volleyball. When that was a thing, it was a super rewarding job. And then, yeah, I played professionally in Europe for seven seasons as well.
Allan: So in Europe, they actually have volleyball leagues. You can play professionally?
Megan: Yes, it is huge.
Allan: Yeah. Yeah. Is it akin to, I don't know, maybe the professional women's hockey league here in North America now?
Megan: Similar, like we're trying to do that as well in North America with volleyball. Um, but it would be similar to professional hockey in Europe. Every country has their own league, like Italy, Turkey, Germany, those countries, they're just huge and super competitive so you usually have a few foreigners on each team, whether that's [00:06:00] another Canadian teammate or an American, and then everyone else is usually from that country. A neighboring country. So
Allan: Now you mentioned that you, you played with Brittney on, it was a team Canada, or did you also play with her?
Megan: Yeah. Team Canada, she was my captain.
Allan: Oh, wow. We'll get to Brittney in a second. Are you still playing? Are you still a competitor?
Megan: No, 2020 I stepped away. It was COVID kind of ended that season for me when I was playing in Switzerland and it was just the right timing for me. The national team also got canceled that summer and I thought kind of, maybe it was time to get on with the real world and get a good job with a good pension.
Allan: So is that when you joined, Moneris then?
Megan: No, I took my parents advice of getting that good job with a good pension. And I thought my only two options after sport were to be a teacher or coach. So I applied to a couple of schools for their after degree education program, and I got into one here in Calgary. So I moved out to Calgary, did two years of my education degree, graduated in 2022, taught fifth grade for one year and immediately knew that wasn't for me. Kind of for me. Yeah. I love kids and there's so many great things about teaching, but [00:07:00] it's missing a lot of the things that I love about sport and competition and performance and you kind of just arrive at this job and realize, okay, this is it. There's no like next level, unless you want to go into admin. And that wasn't Goal is mine. So I immediately that first summer started speaking to former teammates like Brit to ask her what she does, what sales about. She connected me with Cody who gave me more information about a role that was opening at Moneris in Calgary and the stars just kind of aligned for that.
Allan: Coaching makes sense for anyone with an athletic background, but sales for some reason is scratching that itch in terms of what competitiveness or at least setting targets and meeting those targets and goals?
Megan: Totally. It is so similar. And even I talk to Bailey often about getting the same, like nerves and adrenaline when you get that win or that closed won, the high I go on sometimes I'm like, this feels like I just won a medal! Like, what is this? And why didn't I know about this earlier? And I think the growth piece is huge. I never so far in my six or seven months being here, never feel like I quite know [00:08:00] what I'm doing and there's always more to learn. And there's always a next level you can get to. So I, I really enjoy that aspect of it.
Allan: Well, let's move over to Kelowna and we're going to talk to Captain Brittney Page. Brittney, thank you for joining me today.
Brittney: Yeah, no problem.
Allan: So you also play volleyball. You played along with Megan. You're also not unfamiliar with international competition.
Brittney: Yeah, absolutely. So I had very similar background to Megan. We both went to NCAA schools in the States and then started pursuing professional career after that. All over Europe. I played one season in China. And then in the summer times, we did our team Canada training. So I did team Canada from 2009 to 2017. And that's where Megan and I overlap there.
Allan: Uh, are you still competing?
Brittney: No, no, you can, I couldn't know. It's a lifestyle. One or the other. You know what? I dabble in the beer leagues. We had our championships last night and we lost and I'm devastated.
Allan: You lost, I thought you were, wouldn't you be their ringer? I mean, on your team, come on.
Brittney: It was a co ed league. It was, it was fun though.
Allan: When did you join [00:09:00] Moneris?
Brittney: 2018. It was my first like career after volleyball. So it was super intimidating. I didn't know anyone in sales. I had this idea in my head that I wanted to be an outside sales. I didn't want to be locked up in an office, you know? And so I saw this role, it said outside sales, field sales. I saw it was owned by RBC and BMO. And I was like. This is what I want. Like outside sales from a good company. I'm fortunate for me at the time. You have a very sparse resume. You're like, Oh, I work out at the gym quite often. So I was like, Oh my gosh, how did you articulate this to the people hiring you?
Fortunate for me. My, manager at the time has a background in sports and baseball. So he took me on and yeah, the rest is history. I've now in a account executive role on the national mid market national team. So it's been exceptional. And I literally have like my first year. I was like, How do we not know this? Like all these athletes. And I was telling the girls and they're like, what's Brick doing? Like selling interact machines, you know? And I was like, no, you guys, it's sales. Like we are made for this. It's so crazy. And so, yeah, it's been so fun to bring like Megan on and see her kind of flourish to, and like, relive those moments of like, this is [00:10:00] fun! This is exciting!
Allan: Does she call you Cap, you know, at work?
Brittney: I hope not. I haven't heard her say that since back in volleyball days. I kind of laughed and she was like, who's my captain? It's another life ago.
Allan: Last but not, certainly not least, we have Bailey Mitchell. You're in Winnipeg.
Bailey: Yes. About 30 minutes outside of Winnipeg.
Allan: Very good. Very good. And tell us, what did you compete in?
Bailey: Ice hockey.
Allan: Ice hockey. Okay. And how far did you get with ice hockey?
Bailey: Uh, we went right to the Olympics and we ended up losing in a shootout.
Allan: Oh, but that still means a silver medal.
Bailey: Still means a silver medal. So, um, yeah, quite the experience.
Allan: Amazing. Yeah. Do you still compete?
Bailey: Beer League.
Allan: Beer league. Okay. Well, I mean, I sense a bit of a pattern here, but I mean, when you look at like the success of the PWHL right now, does that make you kind of wonder whether you should, you know, put the skates back on?
Bailey: Meg and I joke about this often. Um, it's like some days if I'm having a tough day, I'm like, you know what? I'm just gonna make a comeback. But you know what, I have two kids now, two young kids. And so it just wouldn't be realistic. But the growth that the league has made and just seeing, you know, the [00:11:00] women be able to play professionally and get paid for it is so cool to watch. And we have a two year old daughter. So hopefully if that's what she wants to do when she's older, you know, she has a league where she can make a living. So
Allan: amazing. When did you effectively retire then?
Bailey: 2019.
Allan: Okay. And were you the, Did you know right away you were going to like go into sales or what was your journey there?
Bailey: No, I'm like Brit and Meg. So I did play NCAA. I have a marketing degree. Um, so I went down to the States, graduated in 2012, and then I played competitively. So I wasn't using my degree whatsoever. Didn't really know if I wanted to do business marketing. And when I retired from the national team, I actually went back to school to be a massage therapist.
So it's a two year program. Graduated, did it for two years, um, literally in January, I think Meg posted on her Instagram story that they're looking for a field sales rep in Manitoba. And I looked at my husband and I was like, yeah, maybe I'll apply.
Allan: Wait, January this year?
Bailey: January this year. And I was hired like a week later, I started our training, had to like break up with all my massage clients. I'm like, sorry, like I'm actually doing [00:12:00] a life pivot. So it really came out of nowhere. And it's been so much fun and I'm absolutely loving it. It's
Allan: Amazing only a few months and you're already on Just Good Business Podcast.
Bailey: We've been waiting our whole career to get all this.
Allan: I was going to say in terms of career highlights, this has got to rank right up there right? No?
Anyway, Bailey, thank you so much for joining in terms of sales tips. Now, I know Bailey, you're still pretty. New at this, but we'll start with Cody. If you've want to share like one or two things that maybe you've learned so far in your sales career, that's made you an effective salesperson, what would that be?
Cody: I think, um, honestly, like the ability to relate to people. And like, oftentimes I brought up sports and been being able to talk to them about that and build that relationship over activity and sports, it draws a lot of excitement and conversation out of people. And then the other thing that I've learned from sport that I've brought into my work life is learning from failure.
In diving, there's a lot of failure. There's a lot of challenges, heartbreak, things like that. And there's always a stepping stone to success. So that's something I've really taken forward with me.
Allan: I know about myself [00:13:00] that I'm not a good salesperson because I cannot deal with rejection very well. And I know that, you know, elite athletes, they hate losing the most, but Megan to you. What part of your athletic and competitive background, I guess, made you equipped to deal with the amount of rejection you must get as a salesperson?
Megan: It's both, uh, sport and the dating world.
Allan: LOL!
Megan: You can cut that.
Allan: I am not cutting that. LOL!
Megan: You know what? It's so similar. It's almost being like so passionate. About your goals and your targets, but then in some sense, also being unattached from the outcome, because in so many ways it is out of your control, especially with a team sport, you're relying on so many different people to also do their job and so I think the biggest similarity I see or what I learned through sport through the heartbreak of not going to two Olympics is. being still confident in who I am and my values and knowing that that is the most important thing above all else. But then still, that doesn't mean I'm just like, Oh, don't want to reach my targets and whatever.
We still have that natural drive towards that and wanting to achieve it, but try not to take those losses to heart or so personally. So I've [00:14:00] experienced that a lot, like I said, with both dating and sport, but it's been the best, I think, teacher for me to be able to kind of keep a steady mindset and outlook in sales.
Allan: I mean, none of you play baseball. We know a 300 average in baseball is a really good player. Translate that to sales. Like if you get three in 10 pitches, would you take that ratio? I think most people would. Brittney building a sales team and leading a sales team for our listeners who are entrepreneurs and small business owners.
Do you have any advice maybe on how you could build like an effective sales team?
Brittney: Yeah, I think it's finding like compatibility within a team. Team, right? Like you can have all these rock stars that don't mesh. So there that's a big component of it, too. And just balancing out different personality types and I think particularly on our team, my manager has established a great culture of people on board. And that's the most important part to us. So I definitely think there's something to it, like the culture on the team and just. Everyone being on the same page and have the same ultimate goal in mind that everyone's working towards, like that will bring [00:15:00] you success more than having, you know, a handful of people who are crushing it, but not working together.
Like I'm just such a believer in team, just being on team my whole life. And then it brings a lot of like flexibility and adaptability to each person too.
Allan: Now, Bailey being the newest person on the team and to sales, what would you say has been maybe the most surprising thing you've learned so far?
Bailey: Maybe it's just how much can change every day, you know, you get your hopes up, you think you have a big win coming and then all of a sudden someone's like, actually, we're not interested or you know, whatever it is and so it's just not being too high, not being too low. And I think that with sports, you kind of naturally have that middle flow where, you know, you don't really get too far ahead of yourselves. And especially with my career anyway, it was, you never know if you're going to a tournament. If you're not going to a tournament.
So it's just putting in the work and doing what you can and controlling what you can control and hoping for the best. But I would say just not getting too high, not getting too low.
Allan: Now we only have five minutes to go. I just saw the timer, but I just really, really quick around the horn. Cody, we'll start with you. You haven't been to the Olympics, but again, you've all done international competition. What are our Olympians going through right now? Getting [00:16:00] ready to go to Paris?
Cody: So a lot of them are actually gearing up. For their qualifiers right now. I know diving just announced their Olympic team this morning. So it's just in the process of like, who's being selected for these teams.
So it's that anxiety moment of like, will I be on the team? Did I make it? And some are still competing for it. Some have earned their quota spot already. So it's just in that process right now. I'm gearing up for the Olympics. It's going to be training camps. And Olympic training camp somewhere in the world, oftentimes in the sport of diving.
Allan: Even this late in the game, they're still securing the spots.
Megan: Yeah.
Allan: Megan, when you were, you know, getting ready to go somewhere far away, what would be like your process? How would you prepare?
Megan: I guess it depended on the competition and everything. I will, if you don't mind, just speak to the women's team. They just. actually went to their qualifier and were arguably the closest that they've ever been to qualifying and had just an absolutely devastating loss to the Netherlands. And so I just, my heart is with them and I could break all over again for the times that we experienced that rip, but [00:17:00] just knowing that they've got to grieve this loss for these four years that they've put in working towards this goal but then at the same time, within a few months or a year, like switch it back on again to. Try again. So it's just like resiliency. I think that we've probably all built through sport and that the girls have to naturally have to continue moving forward. And I think that often happens in sales as well, especially if you don't get a big deal, just like, okay, onto the next one so, um, I know the girls right now are really grieving that loss and it takes time, but you just got to keep moving forward.
Allan: Brittney is captain of that team. What would you be saying to them right now?
Brittney: It's like, there's hardly any words that you can say. Like, they just need to process it and go through it. Like, it's like, you know, a monumental moment for them. And it's a, it's a real heartbreak. It's the equivalent to a relationship that's been broken. Um, so it does take time. And unfortunately, sometimes there's no time. You're jetting off to your next pro team and with expectations to perform. So, you know, really relying on those steady people in your life that you can go to, whether they're outside the team or within the [00:18:00] team, you know, finding those people that you can rely on to get you through it.
Allan: Sure. Uh, and Bailey, last question. You've been at world championships and you've been to an Olympics. How much bigger are the Olympics compared to some of these other competitions?
Bailey: Yeah. Well, I mean, when you're just at a world championship, it's just the women's hockey, you know, other teams, you're kind of used to the same teams that you're playing constantly. And when you go to the Olympics, it was just like a whole nother ballgame, which I'm sure like at Pan Games and stuff, it's probably very similar.
Whereas, you know, you have all these other athletes from all these different sports from all over the world. And like you're in the dining hall and you're beside someone that you idolize, any gel player, whatever it is, it's just all these different countries. Um, but I also find within Canada, you meet all these cool athletes that, you know, for us, it was winter Olympics. So you have your snowboarders and your speed skaters, and you're building these awesome relationships and friendships, and you're going to cheer on all these other sports. And it's just such a fun dynamic and experience. And I'll never forget like walking in the opening ceremonies and the closing ceremonies.
So they're about to have the best experience of their life. I [00:19:00] think a very small percentage medal. That's obviously the goal for everyone, but I think just being here and, You know, having the opportunity to represent your country at the Olympics is something that everyone aspires to do. And so wishing everyone the best of luck, especially all the fellow Canadian athletes. So, um, I'm super pumped to watch.
Allan: Guys. Thank you so, so much for doing this today. I didn't know how I was going to turn. I really think. Uh, it turned out great. And I think there's a lot of great information and insight and strategy and tips that maybe small business owners can basically what we're telling small business owners to go out and hire an Olympian LOL! Or a former elite athlete. And you'll be in good shape, right?
No, I'm just kidding, but really I appreciate it. All the insight and all the stories that you shared with me today. And for coming on today. Thank you so much
All: Thanks so much.
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Allan: I'm joined by Jacqueline Tsai. She's a head of client relationships and VP at Interact. Jacqueline, thank you so much for joining me today.
Jacqueline: Alan, thank you so much for having me. I really appreciate it.
Allan: I can't imagine anyone wouldn't recognize the name Interact or know what Interact does, but in a nutshell, what does Interact do?
Jacqueline: Interact provides aim and options for Canadians through various product lines that we have. Interac eTransfer and Interac Debit are the most well known ones. In recent years, we've actually also added Interac Verified solutions to the mix, which focuses on authentication of identification.
Allan: As the head of client relationships at Interac, what do you do in your role?
Jacqueline: I've actually been with Interac and in the payment space for 10 years. Most recently was vice president and deputy general counsel supporting all of the payment products for Interac. So every evolution of payments that Interac and the Canadians have seen from [00:21:00] bringing mobile pay to Canada and all the various enhancements on Interac eTransfer have been initiatives that I've worked on throughout the years.
More recently in my current role as head of client relationships for A portfolio of issuers and acquirers. I work directly with those clients on overarching strategy such that we can really tap into the market as to not just what issuers and acquirers are looking to focus on, but the end user customers, small businesses, micro businesses, larger businesses as well.
Allan: Now we have you on as an expert because I heard about this interesting thing that happens. In Quebec every year in July, and I'm wondering if you can help me with this and explain what it is. It's something called Moving Day.
Jacqueline: That's right. It's amazing. Actually, it is very unique to Quebec, and it is the one day a year where we can expect that many individuals are all going to move at the same time. [00:22:00] So many renters will be leasing new apartments or houses, letting go of their old ones, renting moving trucks, getting ready for a new stage in their lives.
Allan: So, it all happens on the same day every year?
Jacqueline: That's right.
Allan: How's that even possible?
Jacqueline: Amazing, isn't it? Yeah. I know. I think it's a fantastic organizational feat.
Allan: So, with all that happening all in one day, there's obviously a lot of activity, a lot of consumer spending that's happening on that day. And you're here to talk about some of that. You've got some great data around moving day in Quebec.
Jacqueline: Absolutely. So when we took a look at this single day, which is July 1st of every year, we're looking at approximately 250, 000 plus renters that are moving on that same day. That's a significant number.
Allan: Yeah!
Jacqueline: And when you think about both the rents for their new properties, the rental of moving trucks, perhaps buying new furniture, Everything that's involved with the move, that's a lot of payment moments that Interac is involved in and can be involved in to make that move easier for Quebecers.
Allan: Now, you [00:23:00] mentioned payment moments. Obviously, that's what we might call transactions. Overall, like how are these transactions being made? Is there a lot of cash on hand or people writing checks?
Jacqueline: So truthfully, our data indicates that checks are slowly being eliminated. from that rental activity. You know, when you think about the average rent in Montreal being $1,940 and in Quebec City, $1,546. Um, and all the activity that goes on with the move, ease of payment has really become key in terms of digital electronic transactions, and as many Quebecers may know, Interac is responsible for Interac eTransfer, Interac Debit, that provides many options for Quebecers to pay with their own money and ensure that they're able to provide their rent deposits, pay Even scheduled future payments, depending on the financial institution that they're with, and perhaps even tap and pay for those lower amounts at a POS.
Allan: [00:24:00] 250,000 renters. That's a lot of transactions. What kind of consumer spending are you looking at there? For example, what types of businesses are benefiting from moving day in Quebec?
Jacqueline: Rental trucks, furniture, hardware, I would say are key businesses. When you look at Quebec movers, they earn 15 percent of their annual revenue in that single day.
Allan: In one day...
Jacqueline: in one day.
Allan: That's crazy.
Jacqueline: To give it more context, when you're thinking about the 250, 000 plus moves that are happening.
Allan: What other kinds of businesses do you see?
Jacqueline: There are cleaning services, storage rentals, repairs and upgrades that may need to be done to the property that's being left, online marketplace purchases. There is a lot of industry that goes into this one day for movers.
Allan: I imagine there's a lot of like pizza being ordered as well.
Jacqueline: Absolutely. Don't have all of your furniture set up and you don't know where your dishes are. I'm sure there's a lot of pizza being ordered.
Allan: So you mentioned all the numerous transactions and the types of businesses that benefit from this. How's Interactive facilitating these payments?
Jacqueline: Through Interactive Transfer and [00:25:00] Interactive Debit, we provide that optionality, as I've mentioned, uh, to make it very easy. As you know, with Interactive Transfer, All you need is an email address. And very often on that receiving end, people are set up with auto deposits. That makes it easy to facilitate that payment very quickly. On the debit side, you know, chip and PIM is the old way of doing things. We have contactless right now as well. Uh, and frankly, the industry is also moving towards being able to have other tap and pay acceptance methods, even on devices. So these are the broader solutions that are available.
In terms of how we're looking at the 2024 moving day in track has launched a money movers campaign. So we really want to focus on the concept of a moving company and being able to highlight the many moments where interact key transfer can help and make that lead up to moving day more convenient for Quebecers. In terms of facilitating those quick and fast payments. That eliminates the element of how [00:26:00] to pay during moving day when there's so many other stresses that movers have to think about.
Allan: What other trends have you seen in past moving days that may affect this year?
Jacqueline: We saw that truck rentals saw 44 percent growth. During moving week in Quebec, not just on that single day compared to the same week the previous month. So that is a huge growth period for that week in terms of the truck rental industry. And when you compare that to the rest of Canada, there's just a 3 percent growth that happens in the other provinces during that time so huge.
Home furnishings experience sustained consistent growth in July after moving week. Compared to prior months and our assumptions are this trend is due to customers making purchases after moving throughout the month of July. I think Alan, we can agree. Most people don't show up in their new properties and just have, you know, everything exactly the way they want to in terms of design and placement within that first day. And we're looking to see what else they can add onto their [00:27:00] home to make it feel like them.
Allan: Yeah. I mean, milk crates, that's what I start off with.
Jacqueline: Exactly. Milk crates. Cardboard boxes. Right.
Allan: Yeah. Amazing. Is Interact doing anything specific for Quebecers for moving day? Are there any kind of special events happening?
Jacqueline: Absolutely. Interact this year really wanted to lean into this event and we have a promotion that is Currently in partnership with a number of merchants, including Couchetard, it started on June 17th, and it goes up to July 10th, such that when an Interact debit card is used for purchase, and an entry is made online, Quebecers will have a chance to win $3,000 to help cover some of their moving expenses.
Allan: That'll be great help. Yes, that's right now beyond moving day. I mean, this is a Quebec phenomenon, which amazing, like I never heard of this before. So thank you so much for sharing about that. Obviously, business owners who are listening to this from different parts of the country can learn a lot from this in terms of the different payment options and how they can modernize the [00:28:00] way they handle payments. So what advice do you have for them?
Jacqueline: When we polled Canadian businesses, about 74 percent of them are planning on phasing out checks within the next five years. To be more specific. the check had a place in time in payments where there is ease of reference and it was very physical. But that also involves a person hand delivering, mailing the checks, keeping the check somewhere, You know, in your home or in your business to go through and manually monitor that. Interact is able to simplify that process of receiving and sending money for businesses, utilizing eTransfer as an example.
Allan: Right.
Jacqueline: And that digital payment can be used to help track transactions. Even if you're just looking at the memo field on Interak Transfer and looking at your online bank account, being able to see all of the payments that are coming in. So that reduces time that you spend on accounting.
Allan: Right.
Jacqueline: It gives faster access to funds because there's no time delay in clearance. [00:29:00] As soon as that transfer hits your bank account. You have access to that cash immediately. So that gives access to better management of cash flow, allowing a small micro business owner or a landlord to be able to use that cash for other means right away.
And so property managers and landlords can also rely on this. to bring efficiency, cost savings as they operate their various income properties.
Allan: Before I let you go, Jacqueline, do you have any final pieces of advice for small business owners who may be looking at the prospect of getting rid of the check or replacing it with Interact eTransfer?
Jacqueline: For small business owners, whether a microbusiness or a landlord, I think it's really important to understand how your customers want to pay and offer that optionality and those payment methods. Whether it's Interac Debit or Interac eTransfer, which so many Canadians have access to, we have about 300 plus financial institutions in Canada that are directly connected to our network that makes ease of access for whomever you're dealing with on the other side.[00:30:00]
And that ultimately helps. Boost sales potential, build strong relationships with customers. And as I said, with e transfer in particular for those larger sums, gives you faster access to money that can help manage efficiency and processing on your end.
Allan: Thank you so much, Jacqueline. If people want to learn more, where would they go?
Jacqueline: And some really great information on interact.ca. And I'm sure for any business owners who would like to speak with their financial institutions about access through their accounts, their financial institutions would be happy to speak with them.
Allan: Thank you so much for your time today, Jacqueline.
Jacqueline: Thank you, Alan.
Allan: And fresh off a rather disappointing trip to Florida. I'm joined by our director of business development at Manera, Sean McCormick. Sean. Thank you for joining me today and my condolences on the Edmonton Oilers.
Sean: Well, the only disappointing part about my Game 7 trip to Florida to cheer on my beloved oil was the outcome, right? It was an amazing ride. Sure. It was one of the best two month stretches of my life Hey, I would have preferred a Stanley Cup But you have to look at the bigger picture in that what a special [00:31:00] time the last two months was for Oilers fans
Allan: For sure And I mean, I'm only a peripheral Oilers fan because I cheer for the story and McDavid Bringing his team back from a 3 0 deficit would have been an amazing story, would have cemented him in history.
Sean: Hey listen, as sports fans, we're after the emotion. We're looking for that emotional high. We're looking to get on the roller coaster and go for a ride. And that is exactly what Conor McDavid and the Oilers gave. Not just Oilers fans, but Canadian hockey fans. Anyone who wanted to join the bandwagon. Which wasn't everyone.
Because I'll tell you what, as an Oilers fan, I wouldn't go cheer for any of the other Canadian teams if they made it to the Cup, so it's perfectly fine if some people didn't want to join our band. You know what? Here's my concept, Al, as a sports fan and as an Oilers fan. If the Oilers can't win the Stanley Cup in any given year, I wish they just wouldn't hand the Cup out.
Allan: LOL! There you go. That's it. That's strangely diplomatic. Anyway, let's, uh, let's go. So as sports fans, yes, it was an [00:32:00] amazing story. And as the director of business development, we can also talk about the data story that this gave us. And I mean, it's given us so much data in terms of consumer spending around these playoffs, and there was a lot of it. So what, what can you tell us about. The last round of the cup.
Sean: Yeah. All playoff long Al we've been measuring spend near the Canadian arenas and across the cities where there has been an NHL team in action that started from the first round with all the Canadian teams in Winnipeg, Vancouver, Toronto, Edmonton, uh, and we measured that all the way through to the finals.
And we saw lots of really interesting data and I can share some of the files data with, you know, we looked at. Restaurant and bar spending near the arena in the final. So for the home games in Edmonton, that was games three, four and six. So in game three of the final near the arena, we saw 135 percent increase in spend that was on bronze in game three, and that's versus non game days, um, game four was down a little bit. That was, [00:33:00] uh, an 88 percent bump on what we would normally see. And then game six. Wow. Yeah. I don't know if you remember game six at all, the shots of all the, you know, thousands and thousands of people in game six spending was up 151%.
Allan: Wow.
Sean: Near the arena in game six in bars and restaurants. That's enormous. It's huge. I didn't see that at any point during the playoffs anywhere. And then across the city, spending was up 32%, which is enormous by the bar, by the, by the rink that's right across the city.
Allan: I mean, it kind of makes sense though. If in the city of Edmonton, there would be a bump. I mean, that is a significant bump. And of course, around the arena, there's a huge bump, but what does it look like across the country? Like what did the rest of Canada do?
Sean: Well, for that, let's talk about game seven, game seven, the bars and restaurants were just counting money game seven, which was happening in sunrise, Florida, right near the ice district at Edmonton spending in bars and restaurants was up 214 percent versus non game day.
Allan: Oh my God.
Sean: The team wasn't even in [00:34:00] town. Again, remember how many tens of thousands of people were down there. And that's the impact of events. When cities host events and concerts and promotions, this is what brings people into a geographic area and the businesses benefit. That's the secondary outcome of all of that.
So near the arena, game seven on an away game, spending near the arena up 214%. So across the city, the entire city of Edmonton, spending was up 78%. Eight percent, so almost double a regular non game day now across Canada. So remember, like this game is important to Edmontonians, um, across Canada. We had record numbers of, of Canadians tuning in. I think the number was like 15 million Canadians tuned into the game. So that's at their houses, right? Like people are tuning in, spending across the country and bars for game seven versus non game days. Was up 16 percent right across the country.
Allan: That's that's amazing.
Sean: Unheard of.
Allan: Yeah.
Sean: Like [00:35:00] usually that's flat. Like the bigger the geographic area that you're looking at, the lesser the impact. And I'll give you some context. Game four of the final across Canada, spending at bars and restaurants was up 2%. So like flats, like you don't see a difference. Game seven was up 16%. So what that's saying is that game seven, You were calling up your buddies saying, Hey, what bar are we going out to watch this game? And that was happening right across the country. And that's saying something when only a small portion of Canadians are Oilers fans. Right. Game seven became an event.
Allan: Yes. And I mean, whether you're on the bandwagon like me or hate watching like others, I mean, it doesn't matter. You're still at the bar spending your money.
You bring up a great point. I mean, yes, these events bring big impact to the cities where they take place. And in some cases, depending on the profile of the event, Can affect the rest of the country, like the Stanley Cup playoffs, like the Olympics that are coming up. So that'll be interesting now to see what those numbers will look like in the last couple of weeks of July [00:36:00] and going into august. Right?
Sean: Yeah. I mean, typically it's the marquee events are what bring people together, right? Like, The men's 100, the soccer, the men's and women's gold medal finals. If Canada happens to sneak in men or women sneak into one of those, one of those gold medal soccer finals or a medal or some sort of a meaningful game or a meaningful match, but it's the marquee events that will attract the eyeballs. And that will lead to me calling you up or you calling your buds up. Hey, Al, what are you doing tonight? Let's go for one, right? Like that's, that's what happens. It's. Sports brings people together, and when people are brought together, they tend to spend money. It's entertainment. People are having fun.
Allan: Speaking of those kinds of events, right now we're going through the Euro Cup and the North American version, which I believe is the CONCACAF. Taking place right now and again, all over the city of Toronto anyway, TVs are on to these games in the middle of the day and the bars and restaurants and cafes because it's the middle of the day seem to be doing, you know, [00:37:00] better business, which we'll always see during an international soccer competition like these, right?
Sean: Yeah, I mean, the spending impact will be, um, what we've seen in the past is that. That spending impact is confined to a really tight area, right? So like whenever Italy plays, you're going to see the College Street area, you know, you see those bars opening at like seven o'clock in the morning sometimes, right? Where the, you know, the city issues, the expanded drinking hours. So that's what you tend to see in the early stages of these events. It's when you get to the. Final, like that final is when you'll see the span across the city impacted.
Allan: So the reason we do these, uh, aside from the fact that I have a lot of fun talking to you about sports selfishly is to, to show the, the impact, but also to show the kind of data that Moneris can provide events such as these, but also even local events in different parts of the country who want to maybe measure the impact of those events. We can provide that data to those event coordinators and businesses. So why don't you give a quick plug to the Moneris Data Services website, because I know this [00:38:00] is something near and dear that you work for, and let us know where we can find more of these insights.
Sean: Yeah, Moneristdataservices.com, that's, uh, that's our landing page. Listen Al the hard and fast truth about our data is that we are all car brands from all, all issuing banks, credit and debit in aggregate. That is a massive sample of Canadian spend. Um, you're taking approximately a third of all transactions in Canada and you're putting them in a bowl, you're mixing them up and then you're bringing them out in aggregate, and that is an incredible indicator of Canadians propensity to spend in certain cohorts, restaurants, apparel, hotels, vehicle for specific events like these sporting events.
Maybe you're just measuring their benchmarking against your own business. Maybe you're trying to understand, you know, a certain geography and their propensity to spend within a certain category at a certain time of year. This is what we do. This is how we support research objectives from data analysts and economic developers right across the country. [00:39:00] And of course, your podcast, Al.
Allan: And I really appreciate it. So if you're not following Sean on LinkedIn, you should be because he's always posting these great data stories throughout the year. And also visit MonerisDataServices.com for these insights. Thank you so much, Sean, for joining me again this month. Looking forward to talking at the Olympics next month.
Sean: Thanks, Al.
Allan: All right. See ya.
I'm joined by Tegan Hollenberg. She's a communications intern at Moneris Teagan. Thank you so much for joining me today.
Teagan: Thank you.
Allan: Now, what are we talking about this month?
Teagan: Talking about Elevate Festival 2024.
Allan: All right. Love Elevate Festival.
Teagan: So Moneris is a proud founding sponsor of Elevate Festival 2024. Canada's most influential tech and innovation event hosted in Toronto from October 1st and 3rd. In partnership with Elevate, Moneris presents the Startup Pass Experience, where you'll hear from the world's most innovative minds, meet with Canada's leading investors, source leads, connect with fellow founders at evening socials, grow your business, and more.
Allan: I take it tickets are now available?
Teagan: Yes, you can take advantage of discounted early bird pricing from now [00:40:00] until July 31st.
Allan: And where can folks get tickets or learn more about the festival?
Teagan: You can get your tickets at elevatefestival. ca, but also keep an eye on Moneris socials for the chance to win tickets.
Allan: Is there anything else in the calendar this month?
Teagan: No, so that's basically what we just wanted to talk about. So the Elevate Festival October, we're very excited about it.
Allan: All right. Thank you so much for your time today, Teagan.
Teagan: Thank you, too.
Allan: That's all we have time for this month. Mallory, did you learn anything new today?
Mallory: Yes, I learned some of the things that make great elite athletes in competition help to make them good sales professionals as well. You?
Allan: I learned a lot about, uh, moving day in Quebec. What a fascinating tradition.
Mallory: Agreed.
Allan: So if you're listening right now and you have any questions about anything business related, you can email us at podcast@moneris.Com and we'll try to answer them in future episodes. Mallory, thank you so much for co hosting this month.
Thank you for having me, Al. This was fun.
On behalf of Mallory, myself, and the rest of Moneris, it's just good business saying thank you for listening and see you in August.