By Kelly Tutbury

New payment methods to consider in 2018

A new year is the perfect time for business owners to set goals to improve profitability.

If you aren’t yet familiar with digital wallets and the latest mobile payment technologies, you might be interested in the benefits they afford small businesses, such as:

  • instant access to funds and real time financial data
  • cost savings on third party transaction fees and POS systems
  • competitive edge—making it easy for customers to pay quickly and securely on any device.

Here’s a quick look at a few emerging payment options you may want to consider integrating with your business in 2018.

Cryptocurrencies

If cryptocurrencies, like Bitcoin, have been on the periphery of your awareness, look out. These alternate currencies are fast becoming mainstream payment options for small and big businesses alike.

Large companies including Microsoft, Tesla, and Shopify now accept Bitcoin. For businesses trading in large sums, the pros of accepting cryptocurrency can be very attractive, such as:

  • no transaction fees
  • instant payments
  • no exchange rates or conversion fees
  • encryption technology (e.g. blockchain) ensures secure transactions.

The ease and affordability of using Bitcoin for global business transactions is a major reason small business owners looking to expand into foreign markets adopt this cryptocurrency.

Of course, any new financial technology comes with its risks. Some worry about cryptocurrency’s potential volatility, and the risk of loss in an unregulated system.

The best advice before investing in any cryptocurrency is to make sure you understand exactly how it works—then weigh all the pros and cons for your business.

To learn more, take a look at Inc’s list of cryptocurrencies to watch in 2018. If you would like to know more Bitcoin etc and how the IRD treat it, please feel free to contact the office http://tutburyassociates.co.nz/contact/

Next steps
As digital technologies bring us closer to paperless financial systems, it’s important you offer your customers a range of convenient payment options, so they aren’t tempted to shop somewhere else.

Ensuring your customers can buy from you using their preferred payment options, whether cash, check, debit card, credit card, mobile payment options, or EFT, will help you stay competitive, long-term.