Understanding how technology is making the payment process easy for businesses

paypalIn the past few years, small businesses have experienced a massive surge in sales. As a result, they’ve had to process many payments and fill many invoices. Under normal circumstances, these businesses would have found processing payments and filling invoices a hard task. However, the ‘modern’ day payment technology and solutions have made the payment process easy for them. Over the past few years, the digital payment industry has evolved significantly and even today its landscape continues to change at a rapid pace. Following are the some current and future payment solutions that are making/ will make the payment process easy for businesses.

PayPal

PayPal is a payment solution that probably every ‘online’ consumer in the world knows about. Without any doubt, it is the most well known online payment solution available today. In order to accept payments, businesses do not need any kind of special equipment. Using PayPal, you can accept credit cards online or payments directly through PayPal. PayPal does not have any set up or cancellation fee. However, you’ll need to pay thirty cents for every transaction you make. You may also get lower rates if your sales volume is high. The only drawback of this payment solution is the lack of protection for individuals or businesses selling intangible goods or performing transaction/delivering goods in person.

Square

If you’re looking to take payments in person then Square is meant for you. With Square, you can take payments only on mobile devices i.e. iPads, iPhones, and other Smart Phones. With any doubt, ‘Square’ is the most feature rich and advanced mobile payment solution available today. Square is extremely easy to use. This is something the small businesses that are currently using Square will endorse. One of the fastest ways to accept credit cards on mobile devices is what square offers you.

The good thing about Square is that you can accept payments over the phone even if you’re not in ecommerce business. You can do this by either swiping the consumer’s card in person or using the keyboard of the Square app. Delay in transferring funds is what people with merchant accounts typically experience. As they are linked to your bank account, Square accounts help you to avoid such delays and deposits are made into your account within one or two business days.

Contactless Debit Card

Smart Phones have changed the way we browse, organize our social lives, and communicate. By doing so, they’ve changed the way we live our lives.

However, there’s one aspect of the Smart Phone that we don’t pay much heed to and that aspect is its ability to kill cash, alter our ways of making important financial transactions and replacing the ‘traditional’ debit card.

The concept of online banking has been existent for years. However, the concept of making payments through phone come has come to the fore only recently. Today, there are systems that allow you to use your phone as a contactless debit card. The technology used by these systems is near-field communication (NFC) technology. To work, the NFC technology uses mobile payment services in conjunction with the same chips placed in bankcards.

 

Technology has changed the way we live their lives. This includes the way we make and accept payments. Modern payments solutions such as PayPal, Square, and contactless debit card have made the payments process easy for businesses by taking out the complexity from it and making it simple.

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