The other day I didn’t realize that I left the house without my wallet. I had no credit cards or cash on me. I panicked for a minute. Then I realized that I had my phone, which is all you need these days to get by when you’re not carrying any money. That’s because more and more businesses are offering more convenient digital forms of payment.
Technology is changing the way consumers make purchases. Did you know that consumers are making more than $4 billion dollars worth of purchases from their mobile phones? Research shows that number could increase to $34 billion.
Cash used to be king, but if your small business doesn’t take credit cards or offer digital payment options, then you could be losing out on revenue. Does your business accept digital cash payments? If the answer is no, then here are some of the new ways to pay that every small business owner should know about:
- CASH APPS – There are a lot of new cash apps out there that let you create an account and store your payment details into your mobile device. If that cash app is accepted at your local retailer, then you can use your phone to make a purchase, pay bills and transfer money. Some of the most popular cash apps include: Apple Pay, Google Wallet, Venmo and mSwipe.
- DIGITAL CURRENCY – Digital currency, like Bitcoin, used to be a payment method found only on the dark web to make payments on illegal or questionable items. But these days, Bitcoin is being accepted all over the world by hotels, restaurants and even at retail stores. Consumers like it because it allows them to buy items instantly and there are no foreign transaction fees if you’re making a purchase beyond your borders. If you’re a small business owner accepting this form of payment, make sure your accountant or bookkeeper knows how to handle the transactions. Beware, this payment method isn’t regulated by any government yet, so rules are pretty fluid.
- STORE APPS – Some big box stores, like Walmart, have their own apps which you can download onto your smartphone. These in-store apps allow you to pay for items from a physical store with your mobile phone quickly and without waiting in line.
- SOCIAL MEDIA PAYMENTS – Social media use has skyrocketed over the last ten years; millennials can’t live without it. Now besides checking in or posting pictures, millennials are using social media payment options to make quick money transfers from one user to another.
Thanks to the millennial generation, digital payments are on the rise. Don’t let your business get left behind. If you need help understanding how you can earn more with digital payments, email us. At Brigade Bookkeeping, we’re always working to make our clients more profitable!