As we enter the new year, we have to begin looking at ways to pay others. It’s no longer the case that we rely solely on cash to pay others or receive. That means we need to consider how money makes its way around the world and into our own pockets, in 2016.
The most obvious way we pay is with cards. This allows you immediate access to your account, allows you to directly engage with the seller or with the person providing you with funds. This is particularly the case with credit cards.
With credit cards, we’re able to obtain items we can’t at that moment afford. Yet, credit cards are a dangerous path for many to walk:
“Not financing your purchases doesn’t mean you can’t pay with a credit card – you just have to pay your bill in full within a month. The convenience, protection and cash-back rewards offered by credit cards make them a handy tool if you use them wisely.
“The truth is if you can’t really afford it, you may be giving yourself a gift in the short term, but you’ll be giving yourself an expensive headache in the long run.”
However, credit cards have long been stigmatised due to the issues of credit and financial instability we’re currently dealing with. Of course managing finances should be our own responsibility – using proper tools like a bond repayment calculator to keep a budget for example is better than trying to acquire a credit card.
There is also the point that payment technology needs to evolve. For example, payment services company Adyen has seen significant growth due to its alliance with social media networks. As Bloomberg highlights:
“Since its debut in 2006, Adyen has evolved from enabling Web companies such as Facebook Inc. and Yelp Inc. to accept and process payments, to developing mobile-payment tools for clients such as Uber Technologies Inc. and Airbnb Inc. As those companies grew, so too did Adyen’s sales, with annual transaction volume reaching $50 billion last year.”
The problem is that we are not just dealing with individuals but businesses and customers. This means that businesses need to recognise that customers will engage using credit card payment.
Business News Daily lists the best systems to use for credit card payment in 2016 and it’s important that businesses recognise it.