In this exclusive interview with CanadianSME Small Business Magazine, Sander Meijers, Canada Country Manager for Adyen, explores how embedded payments are transforming the way Canadian small and medium-sized businesses handle transactions. Drawing on his extensive experience working with global leaders like Spotify and Netflix, Sander explains how integrating payment solutions into everyday business platforms can shift payment processing from a routine expense to a strategic asset. He shares insights on tailoring technology to fit Canadian SMB workflows, unlocking new revenue streams for SaaS platforms, and enhancing customer loyalty through seamless, omnichannel payment experiences. Sander’s practical advice and forward-thinking approach offer valuable guidance for businesses aiming to compete and grow in today’s fast-evolving financial technology landscape.
Sander Meijers is the Canada Country Manager for Adyen. With over 14 years of experience in the technology industry, including leading growth partnerships with Spotify, Netflix, and Blendle. He has been working at Adyen since 2017 leading a team and the main accounts in the headquarters of the company in Amsterdam.
In 2022, he decided to take a next step in his career and moved to Toronto with his family to lead the Canadian team in the heart of “Silicon Valley North”. Now, Sander is focused on expanding Adyen’s Canadian market operations and continuing to establish the company as the must-have payments solution for enterprise companies in retail, food & beverage, hospitality, platforms, ecommerce and in-store.
Could you explain what embedded payments look like for Canadian small and medium-sized businesses and how they can transform traditional payment processing from a commodity into a strategic advantage?
Canadian small and medium-sized businesses often operate on tight budgets and may see payment processing as just another expense. According to Adyen research in collaboration with Bessemer Venture Partners, 60% of Canadian SMBs reported greater satisfaction after switching to an embedded payments offering through a SaaS platform, which simplifies operations by putting more tools in one place. They allow businesses to manage transactions, reporting, and workflows from a single platform they already use, improving efficiency and cash flow visibility. Faster access to funds and streamlined checkouts mean fewer delays and a better experience.
Beyond just payment processing, these SaaS platforms can offer value-added services tailored to industry-specific needs, empowering businesses to focus on growth. Embedded payments bridge the gap for SMBs that have long been underserved by outdated, one-size-fits-all payment systems or traditional providers.
With technology that integrates seamlessly into operations, SMBs gain the agility and insights they need to scale efficiently.
How does Adyen customize its embedded payment solutions to fit the unique workflows and needs of Canadian SMBs, and what distinguishes Adyen’s approach from other payment providers?
A global financial technology platform, Adyen enables Canadian SaaS platforms to better serve their SMB customers through embedded payments. We take our expertise from supporting enterprise businesses like Meta and eBay, and offer that to SaaS platforms, to provide enterprise-grade tools that simplify payments and drive growth for SMBs. Take our partnership with Lightspeed, for example. By integrating Adyen’s technology, Lightspeed transitioned from a referral payments model to a fully embedded solution, enabling restaurants like Boukan in Toronto to streamline operations and improve customer experiences.
Leveraging Adyen technology under the hood of SaaS platform businesses, SMBs gain access to powerful tools usually reserved for large enterprises, such as advanced fraud prevention, global scalability, and unified commerce across online and in-person channels. These features allow them to optimize workflows and cut costs.
Innovations like Tap to Pay on iPhone or reliable terminals showcase our dedication to building what businesses need today and in the future. Whether it’s dining out and spotting an Adyen terminal at a local restaurant or hearing firsthand from our customers, we’re reminded that these shared successes are what drive us. Adyen isn’t just a payments provider; we’re a long-term partner, building with and for our customers.
With embedded finance now driving significant revenue growth for SaaS platforms, how is Adyen helping Canadian platforms unlock new revenue streams while enhancing value for their SMB customers?
We see embedded finance as a pivotal growth lever, not just for SaaS platforms, but for the SMBs they serve.
For example, by embedding Adyen’s solutions, SaaS platforms can help SMBs manage payments more efficiently, automate processes, and access tailored financial insights. This creates a more cohesive experience that strengthens customer loyalty. On the business side, SaaS platforms benefit financially. Top platforms already generate over 50 per cent of their income from embedded payments, and with Adyen’s infrastructure, unlocking that potential becomes more accessible.
Relay, a Toronto-based fintech company that offers a comprehensive business banking and money management platform tailored for SMBs, onboarded over 100,000 SMBs within three months of launching.
Our scalability and ease of integration allows platforms like Relay to implement our tools to fit SMB workflows and evolve as their needs grow. Still, less than 20% of this market is currently served by these embedded solutions, resulting in millions in uncaptured revenue. It’s time for platforms to tap into this revenue pool to meet the rising SMB demand.
Based on your insights and recent data, what key strategies can Canadian retailers adopt to fortify the shopping experience and build customer loyalty in both online and in-store environments?
Simply put, Canadian retailers must prioritize customer experience across every channel to build consumer loyalty. Data from our recent survey found that 81 per cent of Canadians are more likely to return to a store that delivers a meaningful or memorable shopping experience.
Part of that is building a seamless omnichannel experience, because we know that Canadians want the same convenience and speed when shopping online as they do when in-store. Despite 66 per cent of Canadians most frequently making purchases online, they have frustrations that lead them to abandon their online carts, like unexpected shipping costs or fees, long or unclear delivery times and a complicated return policy.
Creating seamless experiences for Canadians also means implementing their preferred payment methods. Retailers should consider offering Tap to Pay options or accepting digital wallets at checkout, which are Canadians’ preferred methods. These seemingly small details improve the shopping experience and reduce friction.
Looking forward, our research identified that enhanced loyalty programs with personalized rewards is the top experience Canadians want to see in the future of in-store shopping. Using insights from customer data, retailers can tailor recommendations and promotions, creating a more engaging experience for shoppers.
Ultimately, merging innovative technology with strong customer service is the key to earning customer loyalty.
What advice or final thoughts would you like to share with Canadian small and medium-sized businesses looking to leverage modern payment technologies to grow and compete in today’s market?
Canadian SMBs are the backbone of our economy, and fintech can play a crucial role in supporting their growth. I’ll finish with a few pieces of advice to help SMBs compete in today’s market:
- Think of payments not as a back-end necessity, but as a front-line enabler of growth. The right fintech can do much more than process transactions; it can optimize your workflow, strengthen customer relationships, and open new revenue streams.
- Invest in scalable solutions and partner with providers that simplify operations while driving growth. At Adyen, our end-to-end tools offer flexible payment methods, real-time insights, and localized support to help SMBs succeed. In fact, 40% of SMBs in Canada and the U.S. switch to modern payments for better localized support.
- Keep your customers at the centre of everything. The modern Canadian consumer expects effortless interactions, so offering flexible payment methods like tap-to-pay or digital wallets is crucial. These options not only meet customer expectations, but also leave a lasting impression.
- Finally, recognize the unprecedented opportunity embedded finance presents. Whether through SaaS platforms or direct partnerships, embedding financial tools is the way forward for SMBs to stay competitive and achieve sustainable growth.
Start exploring these possibilities today, and don’t hesitate to evolve alongside the technology. The future of payments is here, and it’s never been more accessible.
Disclaimer: The views and opinions expressed in this interview are those of the interviewee and do not necessarily reflect the official policy or position of CanadianSME Small Business Magazine. The magazine aims to provide insightful and practical information to support the growth and success of small and medium-sized businesses across Canada.
