According to Vantage Market Research, the mobile payments market is set to hit $6317.5 billion by 2028! This is certainly news not to be taken lightly as a business owner.
Yet it can be daunting for anyone running a business to look at all the digital payment possibilities out there today. There are so many developers out there that have come up with innovative ideas to help you make paying for things a breeze.
Some digital payment methods might be much more suitable for your needs than others. That’s why we’ve put together this short guide where we’d like to show you five digital payment methods you should consider upgrading to.
So without further ado, read on to see our five chosen payment methods:
1. Virtual Debit Cards
Virtual debit cards are an excellent way for business owners to take control of spending among their employees. All you do is open a main account where you deposit funds, then you can create virtual cards for different employees to use.
You can place controls on the different cards you allocate and can stop these types of cards from being used in real-time with a click of a button! There are also fixed value or spend limit options often available with online payment methods such as virtual debit cards.
2. Peer-To-Peer Online Methods of Payment
Peer-To-Peer online payment methods have been around for a while now. PayPal is one of the main examples we can mention, but there are so many more now to consider.
When researching peer-to-peer options, look at how much the company charges for transactions. Also, check out independent reviews to see what problems other users may have with the company.
3. Social Media Methods of Online Payment
Social media is a huge part of people’s lives, with billions of users across the globe. So, if there are payment methods attached to these platforms, it makes sense to get involved with them as many of your customers may wish to use social media as a payment method online.
Take some time to research which platforms your customers are more likely to use. Then, explore how you can integrate social media payments into your business model.
4. Cryptocurrency Payments
Many businesses and consumers alike are wanting to use cryptocurrency as a form of payment these days. One of the reasons for this is that they wish to retain a level of privacy that other payment methods don’t offer.
Bitcoin is an obvious cryptocurrency to check out. Although, Ethereum is another popular option.
5. Contactless Payments
A final payment method upgrade you can consider is contactless payments. These are payments where customers can do quick and easy transactions with your business.
Instead of going through a lengthy billing procedure, a customer just taps their card on a panel and the payment is complete. This can be done with a card and now in many cases with a mobile device.
The Various Digital Payment Methods To Consider
We have just scratched the surface in terms of digital payment methods on offer in this modern world. However, the ones we have mentioned are well worth looking into, and we especially like the virtual debit card options.
For more advice on topics like this, go to our main blog page.