All Cashed Up: How to Make the Most out of Technology Driven Payment for Your Business

cardsThe world today is technology driven, there is no denying it. Although us humans are still yet to be under the command of robots and still have control over the ones we have created; we are under the control of technology. More to the point, our businesses are under the control of technology. If they have embraced the technological advances of today then they are making the most out of the tools that are at their disposal, but this isn’t a cause for celebration: customers come into their dealings with modern day businesses with a predetermined idea of what will be on offer. If a business hasn’t embraced them, then they are falling well behind in their respective markets, and will soon fall out of existence altogether.

Specifically, the use of technology driven payment is one that needs to be exploited by businesses. The need to accept credit cards and electronic payments is now a necessity, as we are fast becoming a cashless society. With the pace of change in the UK payment market, for example, showing that over the past five years the debit card has proved itself as not only being the generally preferred method of payment in regards to frequency, but also the one that holds the most value in terms of total amount; therefore, it is paramount that if a business owner hasn’t done already, that they utilise such a service as quickly as possible. According to Netpay: 70 percent of consumers now prefer to pay by card and 19 percent of people avoid stores that do not accept cards; so it seems using a technology driven payment system may save and even bring custom. For example, a prospective customer may automatically think that a business they wish to work with or buy from has a technology driven payment facilities, and subsequently not think to bring any notes or spare shrapnel with them. If they were to do so and then turn up at the business’s till to find that they in fact can’t pay for their chosen products with their debit card they may become annoyed, leave and never return: losing the business both a potential customer in the future and also their custom now.

So, it now seems that only by accepting technology driven payment services, a business’s growth can improve and can remain competitive within the marketplace. Business owners can even use technology to slash expenditure; and as well as this, the shift to technology driven business strategies are happening as well.

Embracing the ever-changing world of today is an act that scares most people, no matter of age or occupation. Whether it be refusing to use streaming services in favour of using DVDs; not changing to the latest model of phone because they don’t want to abandon their current, trusted one; or refusing to ditch their shrapnel in favour of technology driven payment, as human beings, we must embrace and grow with the times.

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