Financial transactions
have become easier than ever with the many digital payment options available
today. However, this is a bit of a double-edged sword. Where does one begin to
make sense of all the possibilities? We hear all this new jargon, from the option
to sell bitcoins online
to innovative tech that allows customers to tap their transactions. It all
seems somewhat daunting, and we instinctively know that a lot of it has to be a
fad or at least rather niche.
This doesn’t mean that
there aren’t some feasible and efficient payment options you can implement to
improve customer convenience. While there are several ways to turn site visitors into loyal buyers, payment options are important. The trick lies in
understanding how these options work, and what degree of market adoption they
enjoy. There is no point in investing in a technology that only a fragment of
the market uses.
NFC Payment
One must then look for
the options that have a broader market adoption, and there are a number of them
that stand out. The possibility that is garnering the most significant market
share is NFC payment, and
it is prudent to understand why. Most new technologies fail because they rely
on the implementation and adoption of entirely new tech. NFC, or near field
communication, owes its success to the fact that it utilizes a technology that
most people carry around in their pocket in any case.
The technology was
initially developed to share media and documents between personal devices
instantly. It just so happened that it is the same technology your bank card
uses to make single-tap payments. Using readily accessible payment services
that act as an intermediary between the banks and your client, a simple tap of
their device is all it takes to complete a transaction.
QR Code Payments
Unfortunately, not all smartphones have NFC capabilities. This doesn’t exclude users without the facility to use their smartphones to make transactions. Companies like Zapper have stepped in with an alternative solution. QR codes made their debut as a novelty method of directing internet traffic in an engaging and fun way. You may remember a few years ago when scanning QR codes were all the rage, and every brand was coming up with ways to get you to scan a code to get more exposure.
That trend has died
down, but the technology has found a new purpose by way of payment option.
Zapper links to your bank account and allows a simple method of transaction.
You simply scan the code and follow the on-screen prompts and bob’s your uncle.
It turns out that this is also a very secure method of payment. Although it was
initially a fifty-fifty bet on whether it would see significant adoption, the
number of options and ways for QR payments has made it accessible enough to see
a decent market share.
PayPal Payment
Speaking of market share, PayPal is one of the most broadly used payment methods for international transactions. For the legion of freelance workers across the globe who get paid in USD, there is a bit of a challenge and process of freeing funds into local currency. It is because of this rather notable demographic that it is strange to see how few companies offer payment options for PayPal accounts.
