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Finance

The Future of Electronic Payments

Electronic payments have come a long way from their humble beginnings. From PayPal to credit cards to touchless payments and beyond, electronic payment methods have evolved to meet the security and convenience needs of users everywhere. What does the future look like for the electronic payment world? Today, we’ll be discussing what lies ahead in the world of digital payments and what you can expect in the coming years. Keep reading to learn more!

POS Systems

These tools are making electronic payments easier than ever, but did you know you can also use POS software to manage your inventory? These incredibly versatile tools offer much more than just a payment processing platform and can be utilized in both brick-and-mortar and eCommerce businesses.

POS systems help make electronic payments simple and quick; increasing sales volume and keeping lines (and online checkouts) moving.  Your customers want a quick and safe checkout process, and your business needs precious data from these transactions to help you increase your efficiency; both of which can be acquired from the use of a POS system.

Besides making checkouts easier, POS systems compile plenty of analytics data for you to work with. From daily, weekly, and monthly sales numbers, to detailed graphs on sales and item trends, the modern POS truly does it all. You can export your analytics charts into just about any platform, allowing you to print them out or share them with others in your business.

The POS industry is expected to continue to grow into the next decade, so we’ll likely see improved tools and new startup companies that offer powerful technology to improve your POS options. Keep an eye on this growing industry and try one of these tools today!

Mobile Payments

With so many consumers turning to their mobile devices to access the internet and shop for their favorite items, it’s only natural that mobile payments would make an appearance and start to grow. The ease and convenience of mobile payments are incredibly appealing to consumers. Since the mobile phone is the most widely-used communication tool on the planet, it only makes sense to have payments completed directly from mobile devices.

Digital wallets are actually considered to be more secure than traditional credit card transactions, and with cybercrimes on the rise, consumers are constantly looking for better ways to send their money safely. Protecting the customers’ personal information is an integral component of digital wallets, and consumers are taking advantage of this service for convenience and security.

Cryptocurrency

Digital currencies are something of a controversial idea, but currencies like BitCoin may become the future of payment processing. Digital currencies are generally considered to be more secure; providing much greater security to users and protecting data with greater fervor. You’ll be able to send payments anywhere in the world with little to no fees, and there’s no middle-man taking fees from the transaction.

Whether or not you trust cryptocurrency, the idea continues to grow and gain traction. Soon, we’ll likely see certain cryptocurrencies being accepted by major online retailers (there are a few that already accept it) and traditional brick and mortar stores as well. There exist plenty of opportunities currently to invest in cryptocurrencies, so if you’re looking for a potential investment, this may be a good option for you.

Cash is Still King

As advanced and diverse as digital currencies and electronic payment methods have become, digital payments still have one fatal problem: security. While all necessary measures are taken to ensure the security of online payments, it simply isn’t enough in some cases. Major companies like Target and Capital One have suffered data breaches in recent years, which affected millions of people across the United States.

With cybercrime on the rise, security is becoming a major concern for consumers, who are returning to making purchases with cash to ensure the security of their money. Cash is still king, as it can’t be stolen or threatened by a hacker 3,000 miles away. Unfortunately, as incredible as the world wide web is, there are still threats lurking outside even the most secure servers.

That being said, it’s important to understand that online retailers, bankers, and more, take every precaution to prevent such cybercrime, which is rare to begin with. Whether you choose to use a digital wallet or a credit card, your information is protected and monitored by the company you’re working with.

The Take-Away

Electronic payments will continue to evolve in the coming years, from cryptocurrencies to improved POS systems and beyond. We can expect to see further security methods being developed as cybercrimes increase and data protection becomes more and more important. When choosing a digital payment method, be sure to check the platform’s security credentials and history to be sure your information will be protected.