The number of mobile users is through the roof- over 3 billion people will own a Smartphone by the year 2020. Today, customers want businesses to provide services to them via phones, which can be accomplished through custom mobile apps. They also want to be able to buy products from companies conveniently via their phones, without having to go down to a local store or office.
Businesses have two broad ways to accept payments from customers: via physical methods like cash or checks and digitally (Payment Gateway). Physical methods are slow to human errors. Cashless payments, on the other hand, offer businesses substantial benefits, like:
Accept instant payment
Get money deposited directly into your account, saving you time
Businesses don’t have to worry about guarding and securing cash
Automatic process, which eliminates human bookkeeping errors
Less workforce and resources needed to handle transactions
Cashless payments are not only convenient for your business and customers, but they represent the future of all transactions. Mobile wallet usage is expected to grow by over 80% between the years 2015 and 2020, for example, and this is only the beginning.
Types of Solutions
There are three major ways to make (and accept) digital payments. They are:
Net Banking:Net banking involves transferring money directly from a person’s account into yours. Net banking a fast and secure way to accept payments, though many customers are hesitant to share their bank account details online.
Plastic Money:Plastic money includes prepaid cards, credit cards, and debit cards. This method has been around for a long time. Online credit card thefts are rampant, though, and again customers have a hard time trusting website owners with their info.
Mobile Wallets:Mobile wallets are a recent invention. They are a convenient way to make payments, and thanks to encryption technology, very secure too. Wallets sometimes use artificial currency (like Bitcoins), and they are slowly becoming popular worldwide.
If you own a mobile app, you can get a payment portal integrated into your site by hiring an experienced team of developers to do it for you, quickly and affordably.