For a wide array of reasons, many businesses, and even whole countries strongly prefer cash over credit payments. This includes Germany, India, and many other major players in the global economy. However, with the growth of eCommerce payment processing solutions, online payments are getting easier and more secure than ever. This has the potential to revolutionize these cash-loving economies.
Online Payments Will Take Over
It’s apparent why online payments are growing in popularity; they’re almost always faster and simpler than spending cash at a brick and mortar store. They allow you to shop on your own schedule. Companies are evolving in many ways; new ones are springing up without physical locations, businesses that aren’t adaptable are losing money to others with online payment systems, and much more.
Because of these growing trends, online payments will become the norm, most likely sooner rather than later. Cash-loving and economies will have to adjust. This could lead to more government oversight of businesses, which could have negative and positive (catching white collar crime and improved worker conditions) ramifications.
Online Payments Will Help the Economy
The exchange of money for goods and services will be faster when online payments become the norm. This will help other businesses provide their services better and faster and we’ll all spend more as a whole. Online payments also provide access to niche, foreign products that consumers wouldn’t have had access to otherwise, which encourages healthy, improved spending.
Furthermore, creating secure eCommerce payment processing solutions is an industry in itself. Technology is a growing and across many industries, new job growth will fuel prosperity in emerging economies.
Online Payments Will Evolve
When online payments were new, internet users had very little options for sending and receiving funds. Now, online payment systems are diversifying to meet various needs. For any issues that skeptical consumers might have about online payments, a solution will be developed by a processing company.
One very small example is the growth of prepaid credit cards. These were originally marketed, in part, for parents to give their children a limited amount of purchasing power. However, they’re proving to be popular with consumers who don’t want their purchases easily tracked. We’re not saying this is the most elegant solution to those who are nervous about oversight, but this type of customer should inform business owners about the need for secure payment solutions.
Be Prepared with Allied Wallet
If you’re invested in your financial success, you’ll need to strategize on how regional and global economic growth affects your business. In order to be prepared, you’ll need to consider which eCommerce payment processing solutions are best for you. Allied Wallet is a forward-thinking, globally-minded credit card processing company that doesn’t ignore the realities of the present and the future.
We believe that online payments are taking over; in America alone, cash transactions are down to only 46% of all payments, according to a 2014 Federal Reserve report. This is why Allied Wallet offers incredibly secure payment processing solutions, including support for European Direct Debit cards, ACH payments, and over 100 world currencies to be accepted online. Plus, we can arrange it so that your store can accept real-time payments. These are just a few of the ways that we keep you prepared for the new global economy.