Not so long ago, there were only three major ways to pay: cash, checks, and credit cards. Debit cards eventually showed up and replaced checks in most cases, but then online shopping and banking came into its own and mobile devices gave people easy access to these encrypted connections. Now even more companies in Las Vegas, NV are jumping on the e-payments bandwagon, and there are all kinds of ways to exchange money in a modern online economy.
Why carry paper money in a physical wallet when you could carry electronic money in a digital wallet? With the security systems you get on a modern smartphone, it’s not easy to steal money from a digital wallet and like a real wallet, you can keep the money in it separate from your bank account and credit line. It’s good for retailers, too, since they don’t have to add a credit card processing fee to the basic electronic transaction fee. There are several apps and companies that offer digital wallets:
- Apple Pay. Apple started ahead of the curve back in 2014, and while their wallet wasn’t very popular at first, more merchants now have the technology to accept payments directly from a smartphone wallet and so more iPhone owners are using Apple Pay when they check out.
- Google Pay. When Apple adds a new function, Google is never far behind. Google Pay works just like Apple Pay, although it also has the advantage of working with all the other Google platforms and accounts its user might have.
- PayPal. While PayPal isn’t the go-to online payment platform it used to be, it’s still kept up with the times and offers a digital wallet service that a large percentage of online merchants accept.
Social Media P2P Payments
While most social media sites let you sign up for free, many offer premium services or extra content for a fee. That’s why they have your billing information, and since these sites have millions of users they’re starting to help their members pay each other directly. For instance, Facebook Messenger can deliver peer-to-peer (P2P) money transfers, and you can now buy products directly when they’re listed on one of Facebook’s business pages. Snapchat has recently started Snapcash, a way to send money to other users with a linked debit card.
Cryptocurrencies are privately created digital money that uses digital wallets and encryption to keep track of every fraction of a cent. Bitcoin has been the poster child of cryptocurrencies for a long time, and with its value going up several new companies and currencies have shown up. You won’t find many places that accept all these alternatives, but a growing number of businesses will accept Bitcoin payments.
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While all this extra choice means more options for consumers, it can mean more headaches for merchants. An old card reader can only get you so far these days, and even cash-only businesses are finding themselves with fewer customers since e-payments are so easy to make. Modern businesses need to keep up with the times, and that’s why at Global 1 Wholesale Merchant Services we make sure our clients can accept as many new payment methods as possible.