Archive - January 5, 2023

Would you prefer to live in a cashless society where all transactions are done electronically, with paper money vanishing completely?  During the annual survey from Diary of the Consumer, it was discovered that only 19% of payments in 2020 were done in cash. These numbers are 7% lower than those of the 2019 survey. Without forgetting the pandemic’s impact, we still see an unusual increase in the use of cashless payment methods. Data on different factors gives us more insights.We have to consider how to regulate and execute payments between consumers and merchants. All tools have been already come up! Payment processing providers facilitate this task. POS terminal, website purchasing form, mobile application to confirm paying, etc. — all these modes go with payment processors. The...

It is almost impossible to overstate how much progress the entire world of commerce has experienced due to the advent of digital and online payments. In this day and age, individuals and businesses can now complete business transactions worth millions of dollars in a matter of minutes. Just twenty years ago, suggesting such a transaction to anyone would practically scare them away, but today, it has more or less become standard practice. Over the past decade, several policies have been made in different countries to regulate physical cash handling, all to promote the culture of digital and online money processing in these regions. Many countries have even gone as far as introducing “e-currencies” to serve as additional legal tender within and outside their borders. This exists...

What are chargebacks from a perspective of American law and business? By this concept, we mean such a form of consumer protection in which a monetary transaction is canceled due to a person’s statement challenging the withdrawal of money for a product or service as a result of payment using a credit or debit card. Business Hack 1. Write a Clear Return and Refund Policy 81% of consumers who initiate a chargeback do it for convenience reasons. That is why any business, whether an enterprise software industry representative or a small souvenir seller on a Florida beach, needs to explain its refund or return policies to customers clearly. It will significantly reduce the chargeback level. Business hack 2. Communicate with Customers before They Refund Payments The level of a chargeback...

Different trends continue to shape the future of industries globally, and how the key market players utilize these trends will influence the development of the economies in different countries. The power dynamics are changing as business enterprises gradually evolve from using cash and checks to the more comfortable way of digital payments, making such transactions more seamless and efficient. Generally, how the market players go about using these trends will influence the global digital economy. These key market players are currently adopting new product developments, partnerships, and strategies to continue boosting their profits and maintaining their market share. This article examines some of these future trends, including the ones at the forefront and others less known. It will also...

Maintaining an online customer base requires a solid and reliable payment system for both parties. Sometimes it’s painful to see businesses’ loss of potential customers because their payment methods aren’t exactly what customers do need to finish transactions.  In this case, the problem is obvious: there are no customers to purchase without the proper payment method. So, how to set up online payments without much hassle? The most convenient payment methods from our partners Let us clarify the entire process for you. Regardless of what business you’re in, the steps to offer payment options are the same. Best Practices for Collecting Payments Online If it is needed to provide customers with the best experience possible, businesses should consider several factors that simplify the...