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5 New Payment Options That Your Business Should Consider
September 13, 2018
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5 New Payment Options That Your Business Should Consider

With the rise of digital wallets, mobile payment applications, and the drive for more digital options, the payment world is quickly changing. In fact, according to recent research from finder.com, an estimated 110 million Americans reported having used a digital wallet at some point in their life, with 75 percent admitting to using them due to convenience. For small businesses, the types of payments you accept will partially depend on your typical clientele and the products or services you offer. However, as we look into the crystal ball of payments, there are five new payment options that could be in your business’s future.

Should Your Business Accept These 5 Payment Options?

1. Cryptocurrency

As you can tell by the headlines and digital chatter surrounding blockchain and cryptocurrency, there’s a new form of payment gaining ground. Since cryptocurrency uses encryption technology to transfer money over the Internet instead of a middleman (like a bank), it’s an appealing way for digitally-savvy spenders to transact. Although cryptocurrency may seem intimidating because it’s fairly new and known to be volatile, there are ways to protect yourself. Secure online platforms, like Coinbase, converts cryptocurrency to your fiat currency, reducing the risk of losing value.

2. Afterpay

Afterpay is a platform that allows users to pay for goods over a period, rather than immediately at the point of purchase. There are four equal installments due every two weeks, and no fees if repayments are made on time.

This service is great for small businesses, as it allows for purchases to be made even if customers don’t have the funds readily available. Furthermore, this is a low-risk payment service for businesses to offer since Afterpay pays upfront for the item(s) and takes on any risk or credit fraud that may occur. By adopting this payment service, you’ll allow customers who otherwise would be turned away for lack of funds to purchase your goods, increasing sales and attracting new customers.

3. Identity Check

Identity Check by Mastercard uses finger touch and facial recognition to verify their purchases instead of typing in a username and password. With its easy-to-use interface, Identity Check creates a more convenient, faster way to login and checkout.

This service aims to enhance the experience for online shoppers by eliminating the hassle of remembering passwords to confirm payments. Since this payment method incorporates every day activities, such as taking selfies, it’s an easy platform for users to adjust to. If your business has an online store and wants to attract a broad demographic of customers, keeping this platform on your radar is essential.

4. Pay-By-Palm

Pay-By-Palm is an upcoming technology that allows you to, well, literally pay by scanning your palm. The biometric identifier uses the pattern of veins inside a user’s palm to confirm the shopper’s identity, and then deducts a payment from the linked bank account.

This form of payment takes convenience to a new level allowing users to leave their wallets at home. With the increasing popularity of virtual wallets, we’re already seeing more and more shoppers leaving the tangible forms of payment at home. As this technology is enhanced and perfected, businesses should expect to see demand grow.

5. Social Media Payment Options

Social media platforms are widely used worldwide. With the rise in online stores and the expansion of social media stores, it only makes sense to provide users with an efficient way to pay for goods within these platforms. If your business has already to the Facebook Marketplace, accepting social media payments could set you apart from your competitors and increase your sales.

Regardless of the type of business you run or services you offer, adopting these upcoming payment methods could set you apart from your competition while also improving your customers’ journey.

If your business is already utilizing any of these payment options, share your experience with us in the comment section below!

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Jennifer-McDermott
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Jennifer McDermott is Consumer Advocate at personal finance comparison website finder.com. She has more than 12 years’ experience under her belt in the finance, lifestyle and travel industries where she’s analyzed consumer trends. Jennifer loves to uncover interesting insights and issues to help people find better.
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