How Digital Wallets Are Changing Business

In recent years, you’ve probably become more and more comfortable with the idea of online banking. Some banks and companies have even begun offering fully digital checking accounts. The success of Paypal, Venmo, and Apple Pay isn’t a coincidence. Those services provide people with the easiest experience to both send, store and receive money. Digital wallets are tools that help widen payment accessibility and increase the number of opportunities for business to occur.

Here’s a few ways that incorporating digital payments/wallets can help grow your business.

  1. Co-existing with Cash
    1. There will always be a need for physical currency like cash. Credit and debit cards showed that people aren’t looking for ways to eliminate cash, but to complement it in places that make sense.
  2. More Buying, Less “Selling”
    1. Digital wallets decrease the steps in the purchase process. Which allows a streamlined way to purchase what they want, when they want it.
    2. Automating transaction calculations help both buyers and sellers to feel like their time is being valued. Increasing the positivity of the overall experience.
  3. The New Normal
    1. There will always be a balance between the physical and digital marketplace. It makes sense to incorporate a payment method that works seamlessly in both.
    2. More stores and services are integrating these payment options as the world has adjusted to contactless payments.
    3. There will continue to be advances in payment technologies. Observing trends and adapting to them will help give your business much needed flexibility in a fast-changing modern economy.

If you have any questions about accounting in QuickBooks or are looking for business advisory services, feel free to reach out! We are happy to assist your business in any way we can!

Thanks for reading!

The QBcure Team