How Can Businesses Send and Receive Money Easily With the Help of Tech Advancements

For many businesses, both large and small payment processing is often the bottleneck in operations.

Sometimes the cost of operating a certain payment platform is too high. In other cases, not having a certain payment platform means you aren't able to cater to your particular market. Especially for businesses that are operating in multiple regions at the same time, it is important to have payment solutions that can cater to a wide audience.

Luckily, with the technology we have access to today, there are multiple platforms that are very economical to operate and that have excellent reach. Setting them up is easy, and you don't have to do much to manage the payments from the platform to your personal or business account. Here are a few ways you can improve your business by adding some smart payment solutions into your operations.

ACH Processing

In the past, checks were a standard form of payment and were just as common as cash. In the modern-day, checks have become less common, though there are still ways in which you can use the same process but in a digital manner. If you want something secure and lightning-fast then ACH processing is the way to go. With ACH transfers, you use a website or software to input the same information that you would include in a check, and you submit this form to the payment processor. In a matter of seconds, you have moved your money to the business. This is also a good solution for businesses that are looking to pay vendors and other partners.

Apps

The majority of people today have a smartphone, and nearly all smartphone users are using the internet. There are countless money transfer apps available for both iOS and Android devices, and many of them can be linked directly to your bank account. In the past, international transfers usually took the longest and were the most expensive for both the sender and receiver. Through certain globally functioning apps, you can easily and instantly send money to Canada from South Africa, for instance, at virtually no cost. There are a lot of apps that are completely free, while others have a very minimal charge. The benefit is that you don’t need to have a laptop, you don’t need to sign in to a website, nor do you need to be in your own city. Wherever you are in the world, you have access to your funds just through your phone.

Digital Wallets

Another growing trend is the use of digital wallets. If you have invested in cryptocurrencies, or you use any digital tokens, then you already have a digital wallet. Regardless of what currency you have in your digital wallet, you can send payments to anyone. The wallet will automatically convert the currency into something that the recipient can receive, and again these are quite economical. You can charge digital wallets through your bank account, or you can even load money into the wallet itself. This is quite helpful if you are traveling or if your business has multiple areas of operation across the globe. 

Social Media

In recent times, social media platforms have also started money transfer services. For instance, you can send money through the messenger app on Facebook at no cost. Messenger will ask for your debit card information and sync it, and then you can transfer money to anyone, anywhere in the world. The recipient will also have to enter their credit card information, and then they can receive the payment and withdraw it from their regular account. While this service is mainly targeted towards individuals, you can also use it for small payments as a business or a freelance service provider.

P2P Payments

Another option that is growing in popularity is Peer to Peer payment platforms. Services such as PayPal and Payoneer are examples of P2P payments. The great thing about these services is that it is a complete solution. You don't have to pair this up with a bank account. You can simply put your money into the P2P platform, and you'll have money to spend for whatever you need. A lot of businesses both online and offline depend on P2P platforms for sending and receiving money, especially the major brands such as PayPal.

This makes P2P payments a fantastic solution for businesses that need to spend money in or receive money from different countries. You can set everything up online in a matter of minutes, and you can even get a physical debit card from these platforms to use at a standard ATM if you ever need cash. Transfers are either free or carry a very minimal charge on the transaction. Bear in mind, however, that there is an annual cost of maintaining the account and using the service, but again this is quite nominal.

The main thing to look out for when considering a payment option for your business is how many of your customers it will serve and how effectively it will target the region that you are doing business in. Most of the digital payment solutions are free, but even those that do charge have a very minimal fee. If the payment system is simple, easy to use, and quick to process payments, that is the right solution to go for. You want the payment process to be as simple as possible to get customers to complete the purchase rather than stop because they weren't able to find a way to pay.