Businesses are evolving, and while many people prefer paying with cash or credit, there are others that want to use alternative forms of payment. What alternative ways are businesses accepting payment?
1. On-the-go Payment Options
There was a time when businesses had to be at one central location. These businesses could only accept payments in either cash or using a point-of-sale system. While these systems all worked, they also made it impossible to accept payments easily outside of the office.
But all of that has changed with on-the-go payment acceptance.
We’re seeing a lot of people use Square to accept debit and credit cards anywhere. I recently went to a major craft show, and almost every vendor was using Square or one of the alternative methods of payment.
A decade ago, the vendor would not have received my money because I pay for most things with my debit card.
Square allows businesses to accept payment anywhere, and this means anywhere: parks, local events, conferences – anywhere.
2. Cryptocurrency Acceptance is Rising
Cryptocurrency is a volatile asset, but it has started to bring in real attention from companies and banks around the world. The fast transfer of money, no or low fees and the ability for all of the currency to be safely stored with encryption is attractive for businesses and consumers.
Money is funneled right into a bitcoin wallet, and it’s accessible to the business almost immediately.
Wallet growth shows that there are some 24 million bitcoin wallet addresses alone, and that’s just bitcoin, not Ethereum or other popular cryptocurrencies. As more businesses start accepting this alternative form of currency, we’re seeing banking institutes and governments following with laws and regulations on the industry.
3. Payment Processor to Payment Processor
A lot of businesses, especially freelancers, are starting to accept PayPal, Stripe and Transferwise. Why? These companies have made it easy to accept payments online. You don’t need a complicated processing agreement or system to start accepting credit or debit cards.
But we’re seeing a lot of business-to-business transactions occur directly.
One business will pay for a product using the money in their PayPal balance, and this makes it as easy as possible to have money transferred into an account. A lot of freelancers will treat their accounts as a checking account, leaving the funds in the account and paying their bills without ever needing to write a check.
With online options available, we’re also seeing a lot more subscription services. You can send out recurring invoices on PayPal, or you can sell products on Amazon’s marketplace and set up subscriptions for customers.
In the past, it was a hassle to offer subscriptions to consumers, but now it’s fast and easy.
There are also options to log in and pay with Amazon. While you’ll be using Amazon to process the payments, it builds trust among consumers and also keeps visitors on your website. Mobile and desktop payments are possible, so it’s easy and secure to use.
Smartphones are also being used to accept payments, so there are more than enough offline and online options to receive payments from customers.