Technologies for Accepting Business Payments

 

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The payment industry is currently receiving more attention than it has in years thanks to new breakthroughs in technology. Switching terminals and updating your web store is both costly and time-consuming so it’s important you choose the right system to invest in from the beginning. Over the long-term, this could net you some significant savings.

Bitcoin

Bitcoin is a new online payment system. It is an open-source, peer-to-peer network that allows users to directly trade with each other without the need for a traditional intermediary. It is commonly described as the first decentralized digital currency and is the largest of its kind in terms of total market value. The main incentive for businesses is that transaction fees are much lower than the typical 2-3% charged by most credit card companies. In fact, the Coin of Sale POS payment system operates on .59% charge rate. Across an accumulative number of sales, this could have a dramatic effect on your profit margins of our business going forward.

Near Field Communications

Near field communications, commonly abbreviated to just NFC, allows smartphones and other similar devices to establish a radio communication with each other. This works by either touching the devices or from close proximity, typically between 10cm or less. While NFC is not cutting edge technology, it is now becoming more widespread in the retail industry as it has become standardised in credit and debit card terminals. This means that you can now pay for your goods or services by simply swiping your smartphone across the register. Apple recently debuted its own Apple Pay service last year, which has caused competitor services like Google Wallet and Samsung Pay to step up their interest in the market.

PDQ Terminals

PDQ, short for process data quickly, terminals are used to process credit and debit card transactions. It is now possible to buy pocket size, mobile PDQ terminals from specialist suppliers such as Card Cutters. Because these machines operate on an extended battery, with the ability to process up to 650 transactions on a single charge, they are ideal for mobile businesses or those attending trade shows and exhibitions. These mobile terminals use a SIM card and a GPRS signal to allow you to accept payments securely from outside your premises.

There’s never been a better time to invest in a modern payment system for your business. Cashless payments have now overtaken the use of notes and coins, with 52% of transactions made over the last year made electronically. Cash-based payments are expected to drop a further 30% over the next ten years. As the popularity of debit cards, contactless, and mobile payments continues to grow, customers are going to expect to be able to pay by card wherever they shop.

 

 

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