{"id":3362,"date":"2018-10-28T15:21:57","date_gmt":"2018-10-28T13:21:57","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=3362"},"modified":"2020-03-29T10:17:51","modified_gmt":"2020-03-29T07:17:51","slug":"online-payment-methods-small-businesses","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/online-payment-methods-small-businesses\/","title":{"rendered":"5 New Online Payment Methods for Small Businesses"},"content":{"rendered":"


\n<\/span>Cash may soon have to abdicate its throne. There\u2019s a revolution happening right now, as you\u2019re reading this. Digital technology<\/a> is quickly becoming the new king of customer payments. As easy as cash, but more secure, tech, digitized payment options are increasingly being adopted by small-to-medium businesses globally and we predict that they are here to <\/span>stay<\/span>.<\/span><\/p>\n

\n

With the coronavirus sweeping the world, it’s never been more important to be accepting digital payments as more and more business go online.\u00a0<\/span><\/p>\n<\/blockquote>\n

The digital payment processing industry<\/span><\/h2>\n

A payment processor is a company that handles all the transactions between two parties and in this case, we\u2019re talking between a customer and a business owner.<\/span><\/p>\n

The payment is completed by relaying all the payment information (like a credit card) from the customer\u2019s account to the business owner\u2019s bank account. <\/span><\/p>\n

New digital payment methods<\/span><\/h2>\n

There are hundreds of different digital payment processing options out there and over the last decade, the online payment processing industry has grown at a rapid pace. New providers and platforms are popping up right, left and center on a near-daily basis.<\/span>
\n<\/span>
\n<\/span>Merchants need to adapt towards fast, simple and secure mobile payments, seeing as customer habits are becoming more and more mobile-geared with everything now online. Gen Z’s (born between 1996-2010) have never known life without technology, living through their mobiles screens. They are now taking spotlight over their predecessors and are set to surpass millennials as the most populous generation this year (2019) and make up 32% of the population according to Bloomberg<\/a>. They expect<\/em> fast and seamless payment experiences. For small business owners, it’s sink or swim…
\n<\/span><\/p>\n

These are the top 5 digital payment options for small businesses.<\/strong><\/p>\n

1. Mobile payments<\/span><\/h2>\n

In-store mobile payments are expected to overtake credit cards and are predicted to grow from $75 billion to $503 billion in 2020 as told by <\/span>BI Intelligence.<\/span>
\n<\/span>
\n<\/span><\/a><\/p>\n

\"\"<\/p>\n

In-store mobile pay<\/span>ments haven\u2019t quite taken off yet, but mobile wallets offer many benefits to both consumers and merchants. Just imagine never having to forget your wallet again – it\u2019s all on your phone! Mobile wallets offer faster checkout and greater security features (data is encrypted and stored in the cloud not on the device itself).<\/p>\n

With the mobile payment trend on the rise, it makes sense that mPOS\u2019s have been developed. In fact, it\u2019s estimated that near 28 million mPOS devices will be circulating in the US by 2021. A mPOS<\/a> or mobile point-of-sale, is a tablet, smartphone, or wireless device that functions as a digital cash register. It is ideal for any retailer that wants to streamline their sales process and looking to keep up with payment trends.<\/span><\/p>\n

You can offer a variety of mobile payment options through your mobile POS, letting customers choose their ideal payment method. You can also offer a loyalty program through your mobile POS, which is another popular payment trend that we discuss in detail later on.<\/span><\/p>\n

As the business owner or manager, you can also get quick insights into sales and staff member performance on your mobile device and track inventory in real-time.<\/span><\/p>\n

Benefits of a mobile point-of-sale include:<\/b><\/p>\n