Cashless Payment Options for 2017
With much advancement in technology and the proliferation of counterfeit currency, the need for paperless payments and transactions is inevitable. Any business seeking to stay competent in their industry, appeal to their clients and stay ahead of the competition, must consider cashless solutions.
Why not make it a goal to go cashless in 2017? There is no better time than the New Year for a company to reinvent themselves and offer their clients payment solutions that align with current market trends. After all, electronic payments will continue to grow as time progresses and as technology becomes more sophisticated.
A cashless society is beneficial in many ways to countries, citizens, and to businesses. Electronic payments facilitate the payment process for everyone: they are faster, easier to track, and they offer flexibility and convenience. In fact, many countries are already on their way to going cashless. In countries such as Belgium, France, and Canada, 90 percent of consumer payments are made through cashless methods. Trailing behind are countries like the United Kingdom, Sweden, Australia, the Netherlands, and the United States where over 80 percent of consumer payments are made through cashless methods, according to an article on World Atlas.
So you understand the importance of cashless payment methods and the direction the world is heading into, but you still need to know what options you have if you are considering cashless options for 2017. Find below some of the best cashless options offered by DCR:
A prepaid card is a payment card issued by a financial institution where cardholders preload their card with funds or have funds preloaded to it by an institution or employer. It functions like a debit/credit card, except: it’s not connected to a bank account and you can only use the amount preloaded on the card.
Prepaid cards are flexible and widely accepted. In fact, you can make purchases with prepaid cards anywhere in the world where payment networks such as Visa or MasterCard is accepted. Prepaid cards are also reloadable, so cardholders can continue to reload their cards as they see fit.
MWallet is a payment service that allows users to make or receive payments without revealing their financial information. MWallet works like payment ambassador for your personal cards. It connects to your cards (e.g. debit card or credit card) and processes your payment through an online portal instead of paying with your card directly.
Considering the risk of online fraud, 51% of companies describe themselves as highly or moderately vulnerable to information theft, according to Kroll Global Fraud Report. MWallet is secure and it uses anti-fraud technology to reduce the risk of identity theft and online fraud.
TruTap Mobile App
The TruTap app turns your phone into an NFC tap and go wallet. You can make payments by simply tapping your phone at any contactless point of sale device. Because the TruTap app is on your phone, it provides you with utmost flexibility and convenience.
Reload your card anytime and anywhere, transfer funds from one prepaid card to another, and check your card balance and transaction details in real time. If you are concerned about security, TruTap is secured by the latest Carta WorldWide cloud-based Host Card Emulation technology, which features a multi-layer security backed by network purchase protection.
If you are concerned with prepaid card limits, you can add reserve funds, which is a function that allows up to 100, 000 on a prepaid card.
You can never go wrong with a debit checking account. Debit cards allow you to preload your cards with money before using it. With a debit card, you also receive an overdraft option, which serves as a safety net in case you spend more than was budgeted.
A credit card is different because you are using credit instead of preloading the card. Credit cards allow you to shop almost anywhere the payment network is accepted, whether you are shopping online or in-store. Though credit cards are useful, they can often cause people to sink into debt due to high credit limits and failure to pay credit bills on time.
Virtual Terminals / Cloud based payments
Payments can now be processed from any location with Internet access thanks to the ability to store information in the “cloud.” A virtual terminal allows businesses to process payments, requires no additional software, and inputs cardholder information and runs transactions manually. A payment gateway is a cloud-based credit card processing terminal that is houses credit card records and is used to link transactions to credit card networks for approval by financial institutions.
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