In an exclusive interview with CanadianSME Small Business Magazine, Sean McCormick, a leading expert in consumer spending data at Moneris, shares how payment insights are helping Canadian small businesses uncover new opportunities. He discusses emerging trends in interprovincial travel, the shift toward local spending, and how tools like Moneris Go and Tap-to-Pay are enabling SMBs to adapt, innovate, and thrive in today’s evolving economy.
Sean McCormick is a leading expert in consumer spending data and its impact on business and economic strategy. Sean helps private and public sector organizations harness the power of payment data to understand consumer behaviour better, enhance economic forecasting, and shape informed economic development strategies. With a deep understanding of data analytics and a passion for helping organizations make smarter, data-driven decisions, Sean is key in connecting insights with action to drive real-world outcomes across industries.
Moneris processes one in three transactions across Canada. What unique insights can you share from your latest interprovincial spend data, and how do these trends impact local small businesses?
We’re seeing Canadians really lean into exploring their own country. Moneris data shows interprovincial spending volume is up five per cent year-over-year, with provinces like Alberta and the Territories leading the way. This growth is driven by more trips and more transactions, which are up four per cent overall.
For small businesses, this is significant. Every extra coffee, hotel night or souvenir purchase adds up. When Canadians keep their dollars at home, local businesses have an opportunity to capture new customers and turn a seasonal bump into long-term growth that strengthens local economies.
The recent Angus Reid survey commissioned by Moneris reveals changing attitudes about U.S. travel among Canadians. What key findings stood out, and how do these insights compare with your transaction data?
The survey told us that 26 per cent of Canadians changed or cancelled their U.S. travel plans this year. Of those who adjusted their travel plans, 30 per cent traveled to another province. That’s a big shift, and one that aligns with insights from Moneris’ spending data. So, what Canadians are saying in our survey is exactly what we’re seeing at the checkout. This also aligns with Statistics Canada data for June, which found that the number of trips to the United States was down roughly 29 per cent year-over-year.
As more Canadians reconsider travel to the U.S., where are they choosing to go instead, and what does this mean for Canadian tourism and retail businesses?
Instead of heading south, Canadians are exploring parts of Canada beyond their home province or territory. While destinations like British Columbia and Quebec are still popular tourism choices, the real growth is happening in places like the Territories, Saskatchewan and Alberta. These regions saw some of the biggest jumps because they had more room to grow, showing the potential in destinations that may not always be top of mind. Saskatchewan’s lakes are stunning in summer, and Alberta isn’t just about skiing, it’s a year-round destination with world-class golf in Banff and Jasper. Canadians are realizing they don’t need to cross the border for incredible experiences. They’re finding them right here at home.
Moneris has launched innovative solutions such as Moneris Go Retail and Tap-to-Pay to support small businesses. In your view, how do these tools empower SMBs to adapt and thrive in the current economic landscape?
Moneris is a leading commerce company dedicated to helping businesses grow, whether through data-driven insights or advanced payment solutions. On the data side, Moneris Data Services delivers highly detailed, customized analyses tailored to specific industries, regions and timeframes—valuable for organizations such as tourism boards and other stakeholders.
On the commerce side, we provide solutions like Moneris Go Retail and Tap-to-Pay on smart devices, enabling businesses to accept payments seamlessly in-store, on the go or at pop-up locations. These tools speed up checkout, support contactless transactions and provide real-time sales insights. In today’s market, where flexibility is essential, Moneris solutions help small businesses stay competitive and deliver the seamless experiences customers expect.
Finally, what advice would you offer to small and medium-sized businesses looking to leverage payment data and trends to drive growth and make smarter business decisions?
Your commerce data holds powerful insights. By looking at when and where your customers are spending, which products are moving and how demand shifts seasonally, you can uncover valuable patterns. For example, a rise in out-of-province shoppers might signal an opportunity for targeted promotions or partnerships with local attractions. The businesses that thrive are the ones that turn insights into action—and Moneris is here to help you do just that.
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. Our platform is dedicated to fostering dialogue and sharing insights that inspire and empower small and medium-sized businesses across Canada.
