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How Technology Is Transforming Business Payments

admin | May 25, 2023

Handling business payments has long been a challenge that entrepreneurs had to navigate from the very first sale that their company made. In the past, small businesses often had to decide whether to only accept cash or be open to receiving checks. Later, start-ups had to decide if it was worth it to pay the credit card transaction fee.

Today, you still have some decisions to make regarding how your company accepts and processes payments. But, the good news is that technology has made many options better than what you were stuck with before. Taking a look at how technology is transforming business payments helps you stay on the cutting edge for finalizing your company’s sales.

Encouraging the Use of Mobile Wallets

The adoption of mobile wallets has taken some time, but the rate of people choosing this transaction method is expected to increase as technology makes it easier. As more business owners open up their POS systems to provide options such as tap to pay or Apple wallet, you can expect to see more consumers demanding to have the ability to ditch their old credit cards and utilize the convenience of being able to pay from their phone with just a few clicks.

Increasing Demand for B2B Online Payments

While companies have bent to consumer requests for easier transactions for years, B2B sales have held out for longer by sticking to paper-based record keeping. In fact, many businesses still use checks for their transactions, which is expected to become outdated. Online B2B payment platforms are offering better ways to send out digital invoices and receipts along with accepting payments. Using digital payments not only streamlines the payment process, but it also offers potentially more privacy compared to having paper copies floating around an office.

Offering Embedded Payments

Having to work through multiple checkout pages is a huge turn-off for customers. Embedded payment technology makes it possible for your customers to store their payment and account information online so that all they have to do is hit click once and confirm their choice. Using these systems helps to prevent customers from leaving items in their carts out of frustration. Allowing for embedded payments also increases customer loyalty, since people tend to come back to the companies that honor their time.

Focusing On Eco-Friendly Payment Systems

Sustainability is still at the forefront of consumers’ minds, and the same people who have switched to using reusable shopping bags are also interested in using other options to reduce their environmental footprint. Cashless transactions make it possible for your business to ditch carbon paper receipts and provide your customers with digital records of their purchases that are easier to keep up with. Eliminating the paper mess makes a strong impression on your customers and it has a positive impact on your staff’s ability to manage the POS process.

Introducing new payment technology into your business operations can come with a few hiccups. Remember to do your due diligence before switching to a new platform or procedure, and consider reaching out to other business owners who may have insight into how a specific type of technology worked out for them. Continuing to learn and grow helps you make the most of the new ways you can streamline business payments over the next few years.

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