Retail Payments – A Change Is Upon Us

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With money being the very backbone of the retail industry, the need for easy to use payment options is an essential aspect of everyday business. Whether it is about in-house payments to traders and suppliers or dealing with the common public, there seems to be a change upon us, seen through the increase in types of payment methods. Staying abreast with the changing trends is a necessity nowadays for a successful business and adopting these new payment options can make all the difference.

Credit and Debit Cards

If there is one mode of payment that every retail shop need, it is credit and debit cards. An increasing shift towards credit card use was the first inclination that people no longer want to carry cash with them. Moreover, the popularity of credits cards, seen especially in areas of large money transactions, is ever-growing. Online sports betting sites, for example, all accept credit cards as a safe form of depositing and withdrawing money. It makes no difference if you are a novice learning how to bet on sports or a professional, the security that credit cards provide is reassuring and the perfect way to focus on the things that make a difference. There have been advancements in the industry over the years and with two-stage authorisations now a common occurrence, it has only become a much straightforward way of transaction.  

Cryptocurrencies

Cryptocurrencies in mainstream retail is no longer a dream for the future. People across the world, from funeral homes to coffee shops, are moving towards accepting bitcoins as an adequate mode of payment. The trick though is to be an early adopter and make the most of this payment gateway that still fascinates people. With Mark Zuckerberg recently launching a new digital currency, Libra, the cryptocurrency game is about to change. Backed by leading companies of the world, Libra is set to bring a new age in the way we pay for things, and it would be smart, in this case, to join the bandwagon that could path the way to a more retail-friendly future. 

Mobile Payments

Every few years there’s a new way to shop. For the Millennials, mobile phones are an extension of their body, and it makes sense that they would be their wallet too. There has been a sudden rise in mobile payment methods over the last couple of years. Places like India and China have shifted to this form of money transaction seamlessly, making every day retail purchases a breeze. Moreover, these payment gateways have been able to collaborate with retailers and offer special discounts to customers, making it a win-win situation, hard to decline. While this shift hasn’t had much effect on credit card usage, as the latter still holds importance because of its lending power, the functionality of debit cards has indeed declined as a result of mobile payments.

Barter

Not your conventional form of transaction, barter in retail is now popular as payment for marketing and promotions. With bloggers and influencers in various fields ready to promote products in exchange of keeping them for free, retailers are using barter to gain an audience that would have cost them hard-earned cash through media marketing earlier. While this mode of payment doesn’t bring much to the table, it is a viable way to go about doing business with the new generation who are more into experiences than cash.

Lee Rivett