The Future of Business Payments | Trends & Insights

Miscellaneous

The systems of how payments are being received are drastically changing. More and more people are moving away from cash and turning to different methods. Since 2020 the number of card payments is tremendously increasing while cash payment due to no contact is drastically dropping. Consumers are turning from in-store shopping to in-house online shopping.

 

Retail Store

 

Cards dominate the in-store retail. Cash and checks usage is slowly trickling downward and other methods come into play. Due to the covid pandemic, in-store payment methods decreased by approximately 3% since 2020 but still hold the lead. When using cards as a payment method, in retail stores, certain fees may be attached, and a minimum limit may be in force.

 

eCommerce Business

 

Since 2020 online shopping has risen 14.4% and is substantially growing thanks to smartphone shopping. The rise of voice search is also a key point of the rising numbers. As more homes adopt smart speakers, more consumers will utilize smart speakers to shop online. This will make paying buy smartphones more popular in the eCommerce businesses. Many companies have adapted to the change and made it available to use at the store.

 

 

Cryptocurrency Investments

 

The government is on board when it comes to cryptocurrency, due to the fact that they can not keep up with the inflation and devaluation of the FIAT currency. Cryptocurrencies are considered more secure than credit and debit card payments. Cryptocurrencies do not need third-party verification. Take a look at Dan Hollings review if you are looking for cryptocurrency investment.

 

 

Digital Payments

 

 

Covid-19 has made the digital payment method increase from 45% to 58% in 2020. Contactless payment is becoming more of age as it populates. Half of Americans reports shifting purchases online from brick-and-mortar since the onset of the pandemic. Now that consumers have adjusted to the ease, convenience, and comfort that it offers, some may not want to return to the old ways. In today’s society business that doesn’t offer this option seems to decrease in sales.

 

Businesses that Start accepting Bitcoin

 

Bitcoin payment method is rapidly growing, and will one day become a popular method of payment. Many benefits come from accepting bitcoin payments such as low transaction fees, No fluctuating exchange rate risk and efficiency. Rather you are a corporation or a small business, you can adopt the bitcoin payment method. Bitcoin is very becoming for being the next worldwide currency.

 

 

Many businesses have altered the way things are due to the pandemic era of 2020. Consumers are also switching things up to match the global crisis. The rate that we are going cash is flowing out the door and the contactless method of paying is coming in.

 

Conclusion

The future of business payment is here and now. Many businesses that can’t stay on the wave will get left behind. The world is moving at a faster pace, so cash is seen as a slow down method, which businesses are trying to stay out of the slow lane.

 

About the Author

Emily Lamp
Emily Lamp

Emily Lamp is a professional writer, working closely with many aspiring thinkers and entrepreneurs from various companies. She is also interested in technology, business growth and self-improvement. Say hello to Emily on Twitter @EmilyLamp2.