May 14, 2018, 8:34 am

New Payment Methods and How They Could Boost Your Business

by: The Financial Blogger    Category: Business
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Source: @rshevlin via Twitter

So, you’ve established a website, started to generate leads in your chosen field and – most importantly – begun to make some money. Now, however, you need to start considering how you want your money-making scheme to move forward.

There are many of different places you could start with reviewing your operation, but one issue that should definitely be up for review is how you are accepting payments from your clients. After all, considering it could ultimately prove key as you look to take your business to a whole new level.

Emerging trends

While there is of course still a place in business for traditional payment methods such as credit or debit card and even cheques, there is growing evidence that a number of people are keen to have different options when it comes to buying products or services. According to SmartDebit, research in the UK last year suggested that 90 percent of consumers think businesses should offer a range of payment methods, with 58 percent adding that they would probably prefer to spend money with such organizations.

Bitcoin statistic coin ANTANA” (CC BY-SA 2.0) by antanacoins

Unsurprisingly, many businesses have taken notice of such calls. For example, major organizations like Microsoft and Expedia have taken the plunge and started to accept payments in cryptocurrencies like bitcoin in recent years, while this guide to various casino deposit options shows how that industry has also embraced letting people pay using everything from bank transfers to e-wallet platforms like PayPal. In addition, Amazon even now allows people to buy goods through voice purchasing on their Echo range of devices.

But while businesses are offering this diverse range of payment methods, are there actually signs that consumers are embracing them? Well, according to new research from payment solutions provider TSYS, the answer is very much yes.

Growing appetite

The organization’s 2017 US Consumer Payment Study found that younger generations, in particular, are increasingly interested in using new and emerging payment methods, with 60 percent of people who own an AI device such as the Amazon Echo using it to make purchases. In addition, more than half of respondents said they were interested in using a mobile wallet rather than a card to pay for shopping, while 45 percent of people aged between 25 and 34 have also used a service such as PayPal or Zelle.

While the study did also confirm that traditional payment methods like debit and credit cards and cash remain hugely popular, the findings undoubtedly highlight that interest in different platforms is clearly on the rise.

Worth considering

When all of this is considered, it genuinely does seem like there is a real appetite among consumers for them to be able to make purchases in a manner which suits them. With younger generations, in particular, embracing new payment methods, it seems that going forward, businesses are going to have to ensure they are meeting their needs.

Whether you are making money online for a living or simply to generate a little bit of extra cash, considering the issue of payment methods could ultimately be key to your operation’s long-term success.

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