Business and Technology: Three Growing Trends for Payment Methods

It’s hard these days to speak about the progress of technology without it having advanced further by the end of the conversation. 

Selling platforms are making it easier for people to shop online. Selling beacons are sending out promotions to potential customers as they walk by that retail store. Cryptocurrencies are being integrated into making purchases.

The options for revamping your business to fit the technological needs of your clients are endless. 

Here are three ways to your upgrade your small business for diversifying payment methods. 

QR Codes

In the past, we used cheques to pay for groceries. Now it seems that cold hard cash is being traded in for a swipe of a credit card or scanning a chip. People are using their payment feature apps on their smartphones. 

Setting up QR codes for your business is another way to allow your clients the convenience of using their smartphones to make a payment for your goods and services.  

It will only be a matter of time until you start seeing this method of payment pop up on vending machines and even in laundry mats. You can even find credit card operated laundry machines nowadays, which will come in handy for landlords.

Not only are QR codes used for payments, but they also have a plethora of usages for marketing.

Internet Shopping Platforms

People are more conscious than ever when it comes to shopping. Buyers are reading and writing customer reviews. When they’re hungry, they are going online to look for the nearest sushi bar or whatever they’re in the mood for.

Being able to purchase a new pair of shoes in a preferred color and requested size online is becoming the new norm. Shoppers are opting out of driving to a crowded mall and wasting an afternoon. 

Internet shopping is convenient. You can do it from anywhere and make a purchase at any time of the day or night. 

Savvy business owners are taking note and using platforms like Shopify to get their items online and therefore becoming more accessible to a broader audience of potential buyers. 

Bitcoin and Altcoin Payment Platforms

According to financial forecasts, cryptocurrencies and their real-world integration are projected to increase indefinitely. We see a slow but steady rise in the value of digital currencies like Bitcoin and Ethereum. 

Forward-thinking businesses are setting up shop for their stores to accept cryptocurrencies. 

The fact that Bitcoin’s value is not static means that payment processing platforms often offer the conversion of Bitcoin and other altcoins into fiat currency, thus protecting the merchant from the fluctuation in the crypto bull and bear market.

The Future is Now

There’s no denying that technology is changing the whole scope of how customers shop. People are buying their weekly groceries in their pajamas at their computers.

The youth is looking to invest, buy, and spend in alternative forms of currency, and the rest of us are getting used to paying our bills on our smartphones.

The more options you offer a client, the wider the audience of buyers you will have, and the more satisfied they will be.