Companies Are Getting Creative with Their Payment Methods, and Here’s Why
Publicly supporting, utilizing, and accepting alternative payment methods is often a great way to promote your business, especially amongst more modern, technology-friendly demographics. Of course, not all companies are eager to embrace these new developments, but today we thought we’d take a look at a couple of ways in which businesses are gradually starting to get creative with their payment methods and why it is benefiting the company, their employees, and their customers.
As perhaps the most famous cryptocurrency in the world, it is no surprise that businesses are utilizing Bitcoin in a variety of ways. While when the mysterious programmer – or collective – known as Satoshi Nakamoto first launched it in 2009 only computer-savvy individuals could collect and distribute Bitcoin, now almost anyone can get their hands on the currency using front-end interfaces like Gui Miner that will effectively mine Bitcoin for you. Not only are customers now able to buy all types of goods and services from companies like Expedia and Sears using the digital money, but companies can also now make their own transactions and pay their employees with Bitcoin – actions that have many benefits.
While traditional currencies can take days to transfer between accounts, Bitcoin transfers occur almost instantaneously, thus ensuring that business transactions such as invoices are never late. In addition to this, the transactions themselves are often extremely cheap, thereby saving companies, even more money as well as time. Finally, the fact that Bitcoin is inherently secure means that companies and their customers can rely on the currency completely without fear of theft or fraud.
Ever since the introduction of Apple Pay and Android Wallet, it appears that the idea of using credit cards or cash as payment methods has become less popular. According to a report published late last year by NTT DATA, Ingenico ePayments, Oxford Economics and Charney Research, customers are extremely eager to start using mobile payments for many of their financial transactions. In fact, of the 2,000 consumers that were surveyed, 70% stated that they wish to use mobile payment methods for travel, technology, retail, healthcare, and entertainment purchases, while some even reported trusting tech companies over traditional banks.
Mobile payments are notoriously swift and simple, which is why companies such as Starbucks have started creating innovative ways to tie their company to mobile payments. The leading coffee chain has created a loyalty program that entices those regular customers who embrace mobile payments to return; plus, when customers are in-store, queues tend to go down much faster due to how easy and convenient transactions are. Meanwhile, Walmart added mobile payments to their mobile app as far back as 2015 – a change that apparently improved the shopping experience for many customers according to reports.
It appears that by embracing alternative payment methods such as Bitcoin and mobile payments, companies are able to streamline almost every financial aspect of business. Needless to say, this improvement alone is sure to attract more happy customers and dedicated employees. We look forward to seeing how businesses around the world will continue to get creative with these payment methods, as it will hopefully lead to an even more pleasant experience for patrons.