Technology has surged in the past year, and it doesn’t seem like it is going to dip; instead, it is gaining more popularity as we now have hybrid work models, online media, virtual events, and the latest being digital payments, yes! You read that right, digital payment.
Now that entrepreneurs have most of the necessary tools at their disposal, with the latest innovative tool being a payment method, what benefit does it give them?
What is Digital Payment?
Digital payments are transactions that occur online. It includes wire transfers, virtual cards, and a digital wallet that all cryptocurrency traders recognize.
Digital Payments Method For Entrepreneurs
When Jeff Bezos started his online book store, he had something at the back of his mind, creating the largest online store to save people the stress of going down to physical outlets to get things they need.
Jeff’s dream wouldn’t come through without digital payment. Imagine being provided with the option of ordering things online and paying offline; this is reasonable to some point, but it’s bad for business as many people can take advantage of this to scam business owners.
Digital payments have been the breakthrough of most online businesses, as we’ve seen with eBay, Amazon, and others.
Mobile Payments
Mobile payments like Bizum, Paym, and Venmo are recognized in countries like Spain, the United Kingdom, and the United States, respectively. This method of payment allows customers to use their mobile devices to make payments by accessing their bank’s online services.
QR Payment
The technology behind QR is a brilliant one, and it works like magic. Once your customer’s mobile device is connected to his bank account, he can easily scan your business QR code to make payments. Your business QR code would have been connected to your bank account so that you can receive value for each transaction done with the QR code.
Bank Cards
These are credit and debit cards that customers can use to make payments whenever they patronize your business.
Currenxie
Currenxie is an online payment platform that can help manage your business’ expenses and payments across borders. Currenxie is up there with the likes of Venmo and Zelle in terms of credibility.
Currenxie review is online for you as an entrepreneur to read and scale up your business’ payment method.
Benefits Of Digital Payment To Entrepreneurs
Security
The hike in the number of cybercrime is alarming, and there are no signs it will be stopping soon because the more technology progresses, the more cyber thieves develop dubious means to steal money and personal data from people.
Digital payment is here to the rescue of entrepreneurs like you. Digital payment deals directly with banks with no need for card numbers prone to cyber hacking.
With digital payment, there is no constraint regarding location and time. Payment can be made anytime of the day and at any place around the world.
Control
Digital payment allows you to keep track of your inventories and improve profit margin by lowering the high cost of tax compliance. With digital payment, you can easily go through your payment history and plan for future sales.
Visibility
Think of digital payment as owning a business website; it gives you that visibility you deserve by attracting your target audience. Amazon attained the feat of the largest online store and increased its revenue when it adopted digital payment.
Digital payment will help you gain maximum profit with more customers and also limit bank charges.
Women Empowerment
The pandemic made more employees give up the work that wouldn’t give them the flexibility to work from home hence the high number of women embracing entrepreneurship. This is good news, but due to the responsibilities of many of them, they can’t travel to bank branches to perform transactions.
Digital payment is a life saver for women in entrepreneurship as they can perform all business transactions right at their outlet with maximum security and full control.
Conclusion
The pandemic is a blessing in disguise because it helped us think beyond our capacity to innovate technology-inclined tools that would help us survive the post-pandemic era. Imagine queueing in banks for business transactions; it will slow down productivity and make business owners record loss upon loss.
Digital payment, one of the offspring of technology, is here to make things better in all business sectors; entrepreneurs can now perform business transactions without the fear of losing money to hackers.
