The daily effort of having to handle cash is taking away from you a lot of time that can be better spent. Businesses do spend about 3x as many hours to process non-digital payments when compared to digital ones, according to a Visa report about small business digital transformation. Furthermore, this research studies showed that 74% of those businesses in services, grocery, retail, and food reported that the impact made by accepting digital payments greatly aided to more effectively manage the business.
Using various payment methods
Surprisingly, according to the same report, a low of 27 percent did state their preference in accepting digital payments over that of non-digital payments. One of the critical factors in making a sale is to be able to accept the form of payment that the customer prefers to use. According to this study, 78% of the customers preferred to use their debit or credit card or cellphone to make payments while shopping. As more customers tend to leave their cash at home to pay with the cellphones or cards, a business could be missing the opportunities to make money if they do not have the preferred payment methods.
Using online financial services
Long gone are the days that you have to choose a bank because of its location and accessibility. There is a way for you to choose which bank to open an account by going online. There is also a way for you to choose other financial institutions that do not require you to open a bank account and submit stringent documents such as when you use a money services app. With many of the financial services online, you are not required to have a maintaining balance. which is required by most banks for keeping the account active. There are financial institutions online that offer their services and most of them work as an e-wallet or provide a debit card for use for payment for online and offline merchants that accept card processing.
Make digital payments
There is no longer any need to spend money on transportation expenses to go to a bank or to a wire transfer agency. You no longer have to spend to facilitate such activities. You will also be able to spend the time saved on other matters as your transaction can be completed in just a few minutes if you use mobile payments. Customers do enjoy the convenience they have because of making digital payments. To search for the banknotes, counting out the coins, and even to write checks requires effort. Everyone wants to save time as it is priceless, and once spent, it can never be bought back.
Save more than money
People might think of the interest rate that they gain from owning a financial account such as that of their savings but with the low-interest rates that can be earned, unless you have a whole big sum of money that is tucked away, that amount will be minimal. If you have an online account that requires no maintaining balance, you’ll have the ability to make transactions that save you a lot of time, money, and effort.