LONDON--(BUSINESS WIRE)--Worldwide demand for digital payments has skyrocketed. The dramatic increase in contactless payments throughout the world presents an opportunity for businesses to not only meet customer demand but to take advantage of many benefits of digital payment.
Stay with us as we explore these opportunities so you can know how to utilize digital payment to boost your business in the post-COVID environment and beyond.
1. Accepting payment online by credit card
Nearly 420 billion transactions worth $7 trillion may move from cash to cards and digital payments by 2023 and as much as $48 trillion by 2030.
If you do not accept credit cards, you take the risk of losing hundreds of potential customers who are not willing to pay in cash.
So if customers are provided with advanced payment options, they are more likely to purchase more.
2. Make use of Internet Banking
With internet banking, you can process transactions at any time, meaning that you won't need to delay your work to take a trip to the bank.
If your business requires you to frequently make and receive payment globally, a DNBC business account can help you transfer money quickly no matter where you are in the world.
“If you structure payments properly, digital banking can create more predictable cash flow over the life of your business,” says Jimmy Lee, Founder and CEO at DNBC Financial Group.
3. Accept digital wallet payments and QR code
According to the World Payments Report, digital wallet users will grow from 2.3 billion to 4 billion in 2024. QR codes are predicted to be used by 30% of all mobile users by 2025.
The use of digital wallets and QR code has improved the payment process. With a quick wave of the phone at a dedicated terminal, a customer can easily make their payment. Not only does this enhance the customer’s user experience, but it also increases the amount of transactions per unit time.
4. Utilize mobile payments app
With the popularity of smartphones, the opportunity to boost revenue through mobile payments can’t be ignored. The ability to sell and buy services and products online, manage customers’ accounts from anywhere are some of the key reasons why businesses are approving mobile payment apps.
Some apps like DNBCnet are worth considering if you frequently travel and make international transactions. The app helps you keep track of your company's finances and manage your accounts on the go.
5. Implement Omni-channel payments solution to improve cash flow
Omni-channel payments solution can accelerate customer payments. Many companies use different payment systems to collect various payment methods and will often have multiple bank accounts relating to each system.
This complication is reduced by implementing a payment collection system that handles all payment types through one solution. It also enables cash flow records to be integrated into one system and will likely reduce costs.
Time to level up your payment
One of the key benefits of digital payments is that they allow business owners to focus on delivering services.
Even the smallest improvement in payments performance can significantly boost the bottom line of a company.
DNBC is one of the leading providers in the digital banking sector. It offers exceptional convenience and transparency to its users. Via their smartphones, customers can open a free account whenever and wherever they want.