Whether you run a restaurant, a tech company, or anything else where you accept and deliver money from and to clients and customers, you need to have different methods to make this possible. There are many various methods in which we can now pay for services, and be paid for these services, too.
And this is the same for the people you will be receiving payment from, too. What was once a standardised process of handing over paper notes or metal coins, or even a piece of paper that had no worth until a number was written on it, has now evolved into a plethora of different options.
Regardless of what sort of business you are running, you need to offer as many different payment options as possible if you are to appeal to the broadest customer base. While we all have money, how many of us actively carry around physical cash anymore? When was the last time you went to an ATM and withdrew from your account?
The guess would be not often. Advancements in technology have provided us with the convenience to not worry about searching through seemingly bottomless jacket pockets searching for spare change, holding up the line behind and then just shoving whatever large enough note you can find towards them.
This evolution of payment has benefited everybody. It has streamlined the currency exchange process and allowed people to carry out transactions in a quickly and conveniently. Online shopping has revolutionised the way we received products; be it Christmas or birthday presents, replacements for unusual items that you can’t find in the stores, or even products that are not available in your country.
It has also taken a lot of the worry away from mailing money across the country or the world. When sending even small amounts of cash, you might be concerned that it gets lost along the way. Being able to transfer your cash online, through mobile banking, or using PayPal or other fintech platforms eases this stress.
Additionally, there are also companies that have embraced the growing popularity of bitcoin. Furthermore, some countries, such as cash-strapped Venezuela, have begun relying almost entirely on this cryptocurrency to sidestep the hyperinflation and economic crash the nation suffered last year.
Of course, with this reliance on digital currencies and payment methods, there needs to be caution. Hacking scandals at even the most famous and respected finance firms have dominated the news in recent years, leading people to question where their data and money is safe.
With everything in life, technology is not infallible as some believe. Putting your trust in binary and servers may save us time and make our lives more convenient, but there is always a looming risk of falling victim to those who want to take advantage of this trust.
When considering potential payment methods for your business, it is essential that you undertake proper research and approach it the same way you would approach any other serious business change. You want to make it as easy as possible for customers to use your service, but this convenience must not come at the risk of their private information.