Categories
Operations

Is Your Business Ready For Digital Payments?

Our world is becoming increasingly digital, and so is payment processing. Here are five digital payment methods that your business can use to process transactions.

Businesses and consumers alike are interested in faster, safer, and more convenient payment methods, as cash is becoming obsolete and, especially in the wake of COVID-19, contactless transactions are highly desired. Here are five trending digital payment methods consumers will prefer to use in the coming years.

What are digital payment services?

Digital payment services are forms of contactless, cashless and paperless payment methods. Technology has allowed the world to embrace these more convenient exchanges of payments through services like mobile apps and AI/machine learning. According to Statista, the number of digital payment users is projected to grow by 5.4% in 2020.

Types of digital payment methods

Various digital payment methods are trending today. Here are five of the most popular payment types to implement as a business:

1. Devices with biometric authentication

Customers are going digital with their payments, increasing the need for security. Biometric authentication is a form of verification that uses fingerprinting scanners, facial recognition, iris recognition, heartbeat analysis and vein mapping to prevent identity theft and fraud.

Currently, many phones with digital wallets like Apple Pay and Google Pay use fingerprint or facial recognition, but additional options are in the works. For instance, Visa is piloting a biometric payment card that will allow users to authenticate a transaction by touching a sensor on the card that can determine if the fingerprint is a match instead of entering a PIN code or signing a receipt.

By 2021, there is expected to be over 18 billion biometric transactions happening each year. As a business owner, it’s important to protect your data, as well as your customers’ information, and biometric authentication is a promising way to achieve both intents.

2. Mobile point of sales (mPOS)

Convenient payment processing should be a top priority for businesses today, since there will be 27.7 million mPOS devices by 2021, compared to 3.2 million in 2014. Mobile POS systems are tablets, smartphones or other wireless devices that use an app and a card reader to process payments as a cash register would.

This offers businesses the freedom to eliminate a central checkout area and accept payments from anywhere in their store, and even off-site. For example, you can bring your payment system to a trade show and other off-site locations without worrying about how you’ll carry out transactions. Customers can swipe their credit cards or debit cards using the card reader attached to your device and instantly make a purchase – it’s that simple.

3. Smart speakers

Voice commands are no longer a futuristic concept. Through smart speakers like Google Home, Apple HomePod and Amazon Echo, consumers can give a voice command to make an instant payment or purchase. In fact, 35% of users buy products like home care, groceries and clothing through their smart speakers.

Some consumers fear this isn’t the most secure method of making purchases. Still, this digital payment trend is projected to grow to 77.9 million users by 2022 (up from 18.4 million users in 2017). With this type of growth on the horizon, it will be important to optimize your online store for voice search so your business is easily recognizable through tools like smart speakers.

4. Contactless payment

There are various mobile payment apps that allow users to transfer money, purchase products, pay bills and complete virtually any other type of financial transaction, all with the tap of a finger. By creating an account and storing your payment details in it, purchasing goods and services using a mobile phone is quick and easy.

Examples of this technology include Venmo (which is also great for peer-to-peer payments), PayPal, Google Pay (previously known as Google Wallet), Apple Pay and Samsung Pay. Allowing customers to make electronic payments with their wallet app/digital wallet or other mobile payment apps offers a convenience that can’t be matched.

There are costs involved with contactless payment methods. First, you will need to purchase card terminals that are enabled with near-field communication technology. There’s no fee to accept Apple Pay and Google Pay, but just like all other credit card transactions, rates and fees do apply when consumers use a credit card to pay for goods or services in your store. (These transactions are considered card-present transactions.) You can check with your processor about these specific rates. [Read related article: Mobile Wallet Guide: Google Pay vs. Apple Pay vs. Samsung Pay]

Many consumers are turning to these methods because they feel that it’s a safer option and that it’s quicker than counting out cash or swiping a card. And, for the many consumers who perpetually have their phone in hand, it’s much easier to access.

Contactless payments aren’t limited to mobile wallets. New credit cards are also equipped with the RFID technology used for contactless payments. With a contactless credit card, customers simply hold the card close to the card reader – they no longer need to swipe their card, insert it into a card reader or even tap it against the terminal.

5. Social media payment options

Social media networks have expanded their reach to include payment solutions such as transferring money from one user to the next (P2P payments) or from consumers to retailers, directly within the network.

An overwhelming number of millennials turn to social media when looking to purchase. An Animoto study found that 75% of millennials’ purchasing decisionsare influenced by a brand’s presence on social media.

Facebook, Instagram and Pinterest all offer business accounts that allow brands to sell to consumers, with digital payment transactions conducted directly on the site for a small fee. According to a 2018 study from Avionos, 55% of online shoppers had made a purchase through a social media channel.

Changes in payment methods have been propelled forward by consumers. We will continue to see the rise of various alternative payment methods, such as those above, while the use of cash and credit cards, in particular, as the Avionos consumer survey illustrates, will continue to decline.

5 Trending Digital Payment Methods: Is Your Business Ready For Them? [Business.com]

About Our GE Network Expert - Min Tang

Categories
Operations

Advantages of AV Control Systems to Small Business

Having AV control systems and equipment in your business space demonstrates that your business is modern, tech-savvy and innovative. However, the actual value is the satisfaction and sense of fulfilment you derive when using these technological audio-visual systems. An effective AV control system ensures that engaging and informative content is displayed at the right time. And most small businesses need this approach as it is part of their marketing processes.

Saves time

For every company, time is valued, and anything valuable must be profitable as well. Whatever time and effort you spend during business working hours to handle inefficient things, are wasted, especially if it is related to technology. Therefore, to make a huge change, you must work with tools that can help you save time, effort and money. A perfectly working AV control systems allow activities to be done faster, better and with ease. 

Create an opportunity for unity

if you work with several people who are specialized in different areas and doing different things. Unity and oneness are critical, and the big question is, how can small business owners unite their employees. This is always challenging, but with the right knowledge and tool, it is easy to achieve. AV control systems like office contact phones, video conferencing tools can help create collaboration and unite team members.

Satisfy your clients with the right AV control system from Neets

As a business that wants to be successful and have the appropriate resources to thrive in the stiff competition in the market, you must consider a lot of things. AV control systems are one of the essential elements, you think your business does not need an AV system or you probably haven’t gotten to the stage? A soldier who is ready for a fight and sick victory won’t rely on a gun as his only weapon. Why you consider other things, take the burden of AV control systems off your back by visiting neets.io today!

Categories
Finance & Capital

Switzerland To Become Crypto Friendly

Switzerland continues to expand its position as a crypto and fintech location. New legal changes are expected to pave the way for the development of blockchain and distributed ledger technology (DLT).

More legal security, fewer obstacles for blockchain applications and the minimization of abuse – these are the cornerstones of the new blockchain laws in Switzerland. Already in June 2020, the National Council had approved amendments to the law, which should improve the framework conditions for the blockchain industry.

Now the Swiss parliament announced on September 10th, 2020, that the Council of States (the second chamber of the Swiss Federal Assembly in addition to the National Council) has also approved the bill. With this, the Alpine state once again proves its innovation-friendly attitude and its potential as a fintech and crypto location. Cryptocurrencies are already accepted as means of payment in many places in Switzerland.

If you want to read more about the new blockchain law Switzerland has and to find why Switzerland is one of the most crypto-friendly countries, download for free our companion app. The Born2Invest mobile app brings you the most important financial headlines in the world, for you to stay informed.

Fewer hurdles means  more innovation!

For example, it should be easier for companies that only offer financial services to institutional or professional customers. In future, they will not have to join an ombudsman’s office. In order to limit the risk of abuse, a new category of authorization is to be created for the commercial operation of DLT infrastructure providers. Furthermore, the separation of crypto-based assets from the bankruptcy estate will be clarified by law.

Switzerland has always been one of the most crypto-friendly countries. Especially in the canton of Zug a flourishing crypto scene has established itself. Numerous companies, associations and organizations around Bitcoin and Blockchain have settled in Zug, including the Crypto Valley Association. In future, citizens in Zug will even be able to pay their taxes in Bitcoin (BTC) and Ethereum (ETH).

Switzerland strengthens its position as a crypto friendly country

With the new framework, Switzerland intends to further strengthen its position as a crypto-nation. Among other things, startups should benefit from the changes in the law. Especially in the current economic crisis, increased legal security is important here, as was already stated in June when the National Council discussed the changes.

The coronavirus has made the situation even worse for many companies. According to a survey by the Swiss Blockchain Federation, almost 80 percent of the startups in the Swiss crypto industry expect to go bankrupt.

Last but not least, the removal of hurdles for blockchain applications and higher legal security should also attract foreign investors and companies to Switzerland.

Since last year, through a collaboration with the European payment and transaction service provider Wordline, the crypto broker Bitcoin Suisse started to increase the acceptance of cryptocurrencies in Switzerland. The companies have entered into a partnership to provide crypto payment services for merchants in Switzerland, as Switzerland Global Enterprise reported on November 11th, 2019.

Switzerland strengthens its position as a crypto friendly country [Born2Invest]

About Our GE Network Expert - Min Tang

Categories
Uncategorized

The Future of Business Travel

Business travel has always required a certain degree of planning and intentionality. But in today’s post-COVID-19 world, the need for strategic forethought is more important than ever before. How you prepare will dictate whether or not it’s a safe, healthy, and productive trip.

The Impact of COVID-19 on the Travel Industry and Business Travel

Few industries have been hit as hard by the COVID-19 pandemic as the travel industry. This includes airlines, hotels, resorts, cruise lines, rental car companies, conference centers, and popular tourist attractions.

Just how hard has the travel industry been hit? Consider the latest data points and statistics from the U.S. Travel Association:

  • Total travel spending in the United States is projected to drop 45 percent by the end of the year. (Domestic travel spending will fall by 40 percent, while international inbound spending will shed 75 percent of spending.)
  • Whereas the U.S. economy is in a recession, the travel industry is officially in a depression. Overall unemployment is hovering around 51 percent – twice the unemployment rate of the worst year of the Great Depression!
  • Since the beginning of March, the COVID-19 pandemic has caused more than $250 billion in cumulative losses for the U.S. travel economy.
  • While road travel levels are nearly back to pre-pandemic levels, it was down 73 percent in the first week of April.
  • For much of April, daily TSA screens at U.S. airports were well below 100,000 – a decline of 96 percent from pre-pandemic levels.

These are just a few of the most striking data points. They show just how seriously the travel industry has been impacted and how much ground must be made up in order to get back to normal.

Certain types of travel will take a while to return to full strength. International leisure travel, for example, will be slow to bounce back. Business travel, on the other hand, is viewed as being much more important. So for companies and their employees, the question becomes: What does the future of business travel look like?

The New Normal for Business Travel

Whether it’s for business or pleasure, business travel will never look the same. The only thing we can equate this situation to is 9/11 when the entire air travel industry changed in a matter of days. Prior to the terrorist attacks, security was lax, kids could visit the cockpit during a flight, and there were no major concerns over air travel. But within hours, the entire TSA process changed, cockpits were locked down, and multiple systems were put into place to identify possible threats.

The travel industry is about to undergo significant changes again. Only this time around, the changes are intended to stop an invisible, deadly virus, rather than terrorists. A new normal is on the horizon and here are some developments and trends we can expect to see in the world of business travel:

1. Business Travel Will Become More Intentional

By some estimates, there will be a 5 to 10 percent permanent loss of business travel. (This means roughly 50 cents to $1 out of every $100 spent on business travel is gone forever – never to return.)

There will be a further dip related to failures. Numerous airlines, hotels, and travel companies won’t survive the economic effects of the pandemic and this will result in less inventory and opportunities for business travelers to utilize the resources they accessed prior to COVID-19.

Most importantly, each individual business will revisit its current approach to travel and make intentional decisions regarding what types of business travel are worth resuming.

“Sales and certain other kinds of business trips likely will remain essential and continue to be big revenue drivers for travel companies,” Dan Reed writes for Forbes. “But lots of businesses are learning right now that they really can get more done, and do so at much lower cost, via teleconferencing than they previously believed.”

In other words, all of those fluffy business trips where people travel just because “it’s the way it’s always been done” will need rethinking and retooling. Some businesses will choose to resume to normal, while others will leverage their newfound affinity for Zoom to cancel the bulk of their travel.

2. Domestic Travel Will Outpace International Travel

As current data already shows, domestic business travel is going to outpace international travel. We’ll see an uptick in ground travel first, followed by regional air travel, followed by cross-country air travel, and then by international travel.

Whether grounded in factual data or not, there’s a perception that it’s safer to travel within the United States than it is to travel abroad – even if COVID-19 numbers are higher in the U.S. Plus, there’s always the possibility that other nations shut down American flights into their borders.

3. Foreign Travel Restrictions May Linger

Presently, the CDC makes it clear that, with few exceptions, foreign nationals may not enter into the United States if they’ve visited China, Iran, the United Kingdom, the Republic of Ireland, Brazil, or the European Schengen area within the past 14 days. And it’s likely that travel restrictions will continue to linger for a few more months (at the least).

As restrictions are lifted, expect an increased focus on documentation. ESTA for business purposes will become more important than ever, as will medical records. (Proof of antibody testing and/or vaccination – if one becomes available – are all possibilities.)

4. Companies Will Enact Strict Policies

In large businesses that have hundreds or thousands of employees traveling the globe, expect stricter company policies that dictate the precise expectations and processes for employees. Videos, handbooks, and training on things like hygiene, packing, and human-to-human interaction will all be revisited.

How Will Changes Impact Your Travel?

Every situation is unique. It’s futile to cast a wide blanket across the business world or travel industry and say, “This is how it’s going to be.” So much about this pandemic is fluid. Circumstances and predictions seem to change on a daily basis, which leaves many businesses in challenging situations where they have to blindly balance risk and reward.

As the virus (hopefully) continues retreating and we get closer to a vaccine or cure, the expectation is that we’ll slowly resume to some sense of normalcy. But as suggested by the latest trends, “normal” is likely to take on a new definition for business travelers and the surrounding industries.

What Will the Future of Business Travel Look Like? [SmallBizTrends]

About Our GE Network Expert - Min Tang

Categories
Business Ideas

Top 5 Digital Banking Ideas

Advancing technology has taken all the industries by storm to bring digital transformation, and the BFSI sector is no exception! In fact, technological advancements are more useful in the fintech industry to ensure the security and accuracy of online transactions. It is fair to mention that the profitability and lucrativeness of the business model in the fintech sector depend solely on the security aspect.

If you own a fintech startup or want to venture into the digital solutions for the fintech sector, here we give the top five digital banking ideas.

P2P payment solutions

These days, P2P payment app development gains ground in the fintech sector. Peer-to-Peer payment solutions go beyond average banking apps. Venmo, SnapCash, and PayPal are some of the big names in the peer-to-peer mobile apps. It is easy to get a higher ranking on the Google Play and Apple App Store with a seamlessly-performing and feature-rich P2P payment apps.

These apps facilitate users to transact online without logging into the bank accounts. The apps have linked all the accounts and users can readily use their money to pay bills and help friends.

Stock market advisor apps

Millennials love to invest and trade in the stock market. However, they have no idea of finance management and investments. The stock market advisor app can help them get insights into stock markets and assist them to park their money into various investment options.

These days, many blogs and content are available online that guide us about the stock market and various stocks. However, such huge stuff is sufficient to confuse a newbie or a beginner who wants to decide a particular stock for a medium to long-term investment. There, the stock market advisor app can suggest some of the best investment options and guide users to make a portfolio. The advanced version of the app can have features like a financial planner, Demat account linking, and online trading.

Banking app

People have accounts in multiple banks. How about having a single app that includes all these accounts? A banking app acts like an online substitute for all bank accounts. It enables users to get rid of downloading all the apps of related banks to make online transactions. Users can also eliminate the complexities result because of multiple accounts through this app. A single banking app can direct users to multiple bank accounts and users can easily track and transact from all their accounts anytime.

Money manager app

Irrespective of time and region, people want to manage their expenses wisely but most of them fail simply because they have no control over where the money is going. Talking about Millennials, they do not know how to save money. Irresponsible and random spending leads to bankruptcy like situation. There, the fintech company or startup can help people by releasing the finance management or money manager app. This digital solution can help people especially Millennials.

The financial management app can help people manage their expenses through innovative features like monthly budget, calculation of the bills, splitting expenses, and comparison of expenses between two to three months. Additional useful features can be expense classification into various categories. Moven is a highly useful money management app that facilitates the users to keep track of their finances and cut down on unproductive expenses. The fintech startup can also incorporate a feature like ‘debt track’ to attract more users.

Mobile loan app

Thanks to advancing technology and increasing digitization, many online businesses and startups have paved a way for success. But then, the fund is necessary to expanding any business. However, typical banks take a long time to grant loans and make funds available to the business. Also, it is possible that the business person’s application gets rejected because of some silly reasons. It can ruin the dreams of entrepreneurs to expand their business. Here, the mobile app for loans comes into the picture. It not only provides loans instantly but also enables entrepreneurs to track the status of their application.

Mobile loan app solutions are designed to leverage the advantage of AI and Machine Learning. These apps can fetch and analyze the credit history of the applicant in a short time. In a way, the eligibility of the applicant is determined almost instantly and the applicant can get the loan accordingly. The machine learning enables the system to analyze the data and create customized loan options for the users. These apps save a lot of time and effort of entrepreneurs and ensure business growth. What’s more, the mobile-based loan apps can act as a useful source of working capital or operational expenses for a short to medium term. It fulfills the need for urgent funding to keep the processes running smoothly.

Concluding lines

A mobile app development company that offers blockchain and AI app development services can help you come up with innovative digital banking solutions. It is better to consult a reputed app development company to know more about digital banking ideas or implement them to make a user-friendly digital payment app solution. All you need to remember that security and convenience should be the top priority while developing a digital banking app for the fintech company.

Top 5 digital banking ideas from today’s most innovative fintech companies [Born2Invest]

About Our GE Network Expert - Min Tang