The Complete Guide to Payments Solutions and How They Are Changing the Game
Why Traditional Payment Methods are an Outdated Waste of Time
The modern individual now has at least three different ways in which they can use to pay for goods and services across their day-to-day life. These include cash, credit cards, and contactless payment methods such as Apple Pay and Android Pay.
As more and more people resort to digital payment methods, traditional payment methods are becoming less and less popular. Companies, in turn, have been paying close attention to this trend and have been taking steps to offer digital payment solutions of their own accord.
What to Consider When Choosing a Payment Solution
This article will address these questions and more while going into some detail about the process of choosing a solution.
When choosing a payment solution, it is important to understand the nuances between credit cards and Bitcoin. Bitcoin transactions are peer-to-peer, meaning that no third party is involved in the transaction — resulting in lower fees. On the other hand, credit card transactions involve a third party — the credit card company.
Merchant accounts are an option if you do not wish to go through these hassles or if you want to avoid dealing with establishing your own merchant account altogether. Merchant accounts provide many benefits such as fast payment processing, risk management, research support, marketing support and more.
How to Handle Payments for Your Small Business
The easier way to process payments for your small business is to use a merchant account provider. It is easy to set up and manage.
Some credit card machine providers would charge an annual fee for the machine itself. While others will charge you per swipe. Some providers offer different pricing plans based on the type of business you are in — like restaurants, bars, or retail stores.
Is Bitcoin the Future of Digital Payments?
There are a lot of ways to pay for things digitally. And with cryptocurrency, it’s a digital currency that exists only in the virtual world. We’ll take a look at bitcoin and how it works.
Bitcoin was created in 2009 by an anonymous person or group of people using the name Satoshi Nakamoto. A peer-to-peer financial system is set up that uses digital bits known as bitcoins as currency. Transactions are recorded on the blockchain technology, which cannot be tampered with or hacked without leaving evidence behind.
One of the major advantages of bitcoin and other digital currencies is that they are not associated with any country or government, which means that they have a very low risk for government interference or censorship by local authorities. However, this anonymity can make them vulnerable to hacking and theft through malware programs because malicious actors can infiltrate devices without needing to establish trust beforehand.
Conclusion: The Future is Now and it’s All About Digital Payments
Digital payments are the future and not just because they’re convenient. A majority of consumers and businesses prefer digital payments because they offer a secure way of transacting and provide access to better banking services.
Digital wallets and payment apps make our lives faster, easier, and more convenient. They make it possible for us to pay for goods with a click of a button — all we need is our mobile phone.
Using Fluna, you can build your application and use Fluna Pay, Stripe or any other payment provider that you prefer. With or API components, it is ease and fast to integrate your application and start charging for your services and goods.
