Alternative payment methods can not only help you as a business but can also help your customers in general which is excellent for the business. These can be used as a crucial tool which can enable your business to grow not just nationally but also on a global scale. The digital age has enabled us the opportunity to opt for the convenience of alternative payment methods which makes transactions organised, affordable and easy. It also ensures security and safety of transactions as there is no physical exchange involved.
It is important for small scale businesses and startups to understand that the economy is increasingly becoming digitalized and in this digital environment it is important that business do not blindly cling to the traditional means of doing businesses. It is important that they embrace the new trends and ride the gravy train. And in this day and age of digitalisation business that are failing to embrace this alternative payment methods and means are being left behind. In this article we are going to talk about some of the ways in which alternate payment methods is going to help your small business. We are going to look at the multi-dimensional facets of it.
Alternative payment methods ensures frictionless payment and transactions and this is one of the greatest advantages of alternative payment systems because it ensures better sales or more enhanced sales as customer enjoys freedom of transaction and flexibility of payment. As the barriers in transactions are removed, the ease of doing business and transaction is enhanced and as a result of that you are able to enjoy a greater inflex of sales and profits as a business and on the other hand your customers enjoy a greater degree of convenience and flexibility in shopping and buying product and services.
Studies have also shown that almost as high as 60 percent of the customers tend to abandon their products in the shopping cart when they experience friction in transaction and payment. This is a huge portion of your traffic which could have been converted into customers and now this portion is nothing but missed opportunity to turn into a profit and get your sales high. With alternative payment systems in place you can turn your it from a loss to profit.
Some alternative payment systems are also offering the option or the facility of buy now and pay later. This is becoming quite popular among the customers as this allows the customers to shop for products and services without worrying about the cash in hand. This trend is increasingly affecting (and quite directly) the way people make purchases and how they plan on making a purchase. This nudges them into making a purchase. If you are looking for alternative payment systems or for cross border payments, consider Noire Pay.
Cryptocurrencies are becoming increasingly popular with the passage of time.
Now, even governments, banks, and payment transfer companies are adopting blockchain technology and cryptocurrencies for cross-border transactions.Ripple Blockchain:Currently, Ripple’s XRP stands at the third spot in global cryptocurrency rankings.
Ripple is embracing the latest blockchain technology and has succeeded in reducing payment processing time to only four seconds.RippleNet and Ripple XRP were formed in 2012 to enable the transferring of digital assets and money in no time.
Due to its ability to process payments with lightning fast speed and scalability, the number of companies joining its platforms is rapidly increasing.Another interesting fact is that Ripple has experienced a surge of about 35000% in value in the year 2017, making it the largest increase in the value of all the cryptocurrencies in the world.
However, this escrowing of funds has diminished their worries and now more and more people are investing in it.One of the most significant differences between other cryptocurrencies and Ripple is the type of blockchain these digital currencies use.
Ripple uses a protocol instead of using blockchain to transfer money.Ripple & XRP:The increasing number of banks and financial institutions joining Ripple has forced the creators to extend the number of transactions per second to 50000.The creators are also planning to bring XRP into the mainstream currency landscape to further facilitate the cross-border transactions in minimal possible time.
