The Future of Payment
Does technology driven payment spell the end for cold, hard cash? Will cash payment even play a role in the world of tomorrow? There are a whole host of things that have been killed by technology, and if you prefer using services such as debit card, credit card, and mobile payment, rather than using coins or banknotes, then you are contributing to the ‘killing’ of physical cash. But is this a bad thing?
In the earliest transactions, dating as far back as 350 B.C., parties would barter with each other and take payments in the form of services and resources — then livestock such as cows, sheep and even camels were known as the currency — a few thousand years later smaller objects such as the shekel, shells, crude and metal and then precious metal coins were what were considered to be cash — jumping forward hundreds of years into the future and America introduced the gold-backed U.S. Dollar — and then came the digital age, and the technology driven payment it has induced, which is fast becoming the way of paying and processing payment in the modern world. Throughout the whole of history, the people of their certain times and generations optimised the best method of payment afforded to them at that time, which is why you should to by using technology driven payment and merchant services if you are a business owner.
Need more convincing? Look no further than the pace of change in the U.S. payment market showing that over the past five years the credit card has not only proved itself to be the generally preferred method of payment, but also the one that holds the most value in terms of total amount. This is because of the freedom that they offer the consumer — they can pay for anything, anytime, anywhere; this could result in a prospective customer for a business not bringing any spare shrapnel with them as they think they’ll be able to pay for anything in one foul swoop of their card. And if the business hasn’t got the facilities to deal with this card, they’ll lose the customer and their custom. Now, with mobile credit card processing offering even more freedom for the consumer, businesses must be able to cope with mobile methods of payment. if they can’t then the prospective customer will find another business that can. So if technology driven payment was to continue on this trajectory, does cash really stand a chance?
All businesses, from the past, the present and even the future will need to optimise the technology at their disposal if they want to be successful. Modern technology is always a benefit to businesses, which is why technology driven payment is the future of payment.