New Technologies for Payment Transactions for Your Business

In the last couple of years, technology has taken over our lives and has changed the way we live. This is especially true with how we pay for all of the things we need and want.

We are no longer a cash-based society. A study was done to see which countries were the most cashless. Canada took the number one spot with 57% of the people claiming they mostly use cashless payment methods.

The United States is ranked 5th, with 45% of the population using alternative options for transactions. However, the United States has the highest number of credit cards per capita out of all the other countries studied.

In both Canada and the United States in the last five years, they have seen an increase of card use and this is likely to continue to grow in the years to come.

Businesses must be adequately equipped for these types of changes in order to stay productive. We are going to go over new technologies that have been created to support our growing cashless society.

Shinepay

The days of saving your quarters for the laundry matt are over! Experts at Shinepay state that they created a way to “save time and effort by reducing or eliminating coin collections.” This revolutionary technology allows customers to pay electronically, and you can, “securely access your funds instantaneously from anywhere.”

No wifi is required for Shinepay as it runs off of Bluetooth. The setup and installation are straightforward! Your clients can use the scan to pay from their smartphones to pay for the machine.

Shinepay also automatically generates a report for you, so you can better manage your sales and which type of payment people are using. From this page, you can also withdraw your earnings and track the coin usage.

Shinepay has changed how we pay for laundry and can assist businesses in trying to adapt to the cashless society we are becoming.

Apple Pay

Apple, in general, has changed our technological lives for the better and now it’s changing how we pay for things. This is a cashless and cardless way of paying for transactions. It’s an excellent option for businesses with younger target clients because they are more prone to use Apple Pay.

Apple pay works as a mobile wallet and works by holding a mobile phone up to a reader, which accepts the payment without a swipe or chip reader. It uses NFC, or near field communication, to connect the acceptor and the client’s phone.

For your business to use Apple Pay, they must have an NFC reader, which are affordable and usually easy to set up. The most popular one is the Square Reader. Your clients must have an Apple product such as an iPhone, iPad, or Apple Watch to use this type of payment.

Do not worry, though; there are options for clients with other brand phones and tablets.

Google Pay

Google Pay is designed for Andriod phones and can also be used with Apple devices. It works in a similar way as Apple Pay.

With Google Pay, clients can make payments online or in-person at your store. They use existing banks to process the fees for your business. This is a good option if you know your clients will have both Andriod and Apple phones.

PayPal

One of the most viable online and in-store payment options is PayPal. Your clients can add their PayPal accounts to their mobile wallets, and you can accept their money in that way.

One feature of Paypal is that you can request payments for online purchases, and you can also create invoices for your clients. PayPal creates reports so you can view your transactions and manage how much you are making.

The Bottom Line

We are becoming more reliant on online and mobile shopping and in-store transactions. We are moving away from using cash for a payment option. Businesses need to switch from cash to accepting card, online, and mobile payments to stay up to date.

In a world always creating new technologies to make our lives easier, companies must know about these changes to keep clients, especially if your target customers are younger.

These are just some of the best options we found, but there are many more ways to convert to a cashless business!