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Case study

Cashless Payments – What You Need to Know

Wednesday 29 March 2017 | 09:42 AM CET

Nadezhda Marinova, myPOS Europe Ltd: Today, the digital payment industry is rapidly evolving and shaping the future of finances

A large number of companies of all sizes and types have switched from traditional cash payments to e-money and smart online payment systems. The change has been driven by the need for transparency, scalability, and meeting customers’ expectations.

This article explains the main aspects of cashless payments and outlines some of the greatest benefits merchants and customers can avail of.

Why SME companies choose digital payments?

Low-cost and flexibility

For decades, companies have been relying on banks to manage their finances. Thankfully, the digital technology disruption has created new and innovative payment platforms which offer alternatives to banks in payments. Welcome to myPOS, a cashless payments solution that helps small companies manage their finances at their fingertips, the digital way.

Traditional banking services are associated with binding contracts and excessive service fees. All that can be a huge drawback for small and medium-sized businesses. To avoid high fees and cut off their expenses, businesses have started the adoption of alternative payment solutions. Such new players significantly lower the expenses for payment services and also guarantee faster availability of funds.

Payment solutions like myPOS do not bind merchants to any annual and monthly fees, related to account service and maintenance. In most cases, merchants are only charged an affordable fee per transaction and the overall cost falls dramatically.

Furthermore, merchants prefer such payment processing providers because they enable them to easily manage finances on their own, from everywhere and on every device.

Instant settlement of funds

Unlike the transactions going through bank systems, those processed through electronic payment platforms, like myPOS are made instantly and merchants have an immediate access to their incoming funds.

myPOS e-Money Account is a lifetime free account which collects all funds from processed card payments and provides full reporting on account balance, the status of transactions and lots more. It comes with a unique IBAN, which allows the account owner to get paid or perform money transfers to any bank in the world.

Variety of cashless payments

In addition to cost-effectiveness and robust reporting, cashless payment solutions are much more convenient for customers to pay – from card payments on mobile POS devices to diverse ecommerce integrations and distant payment tools.

Customer behaviour is changing and the majority of people seek better and more convenient ways to pay. Hence, they are more likely to buy from merchants who can offer a variety of payment methods to choose from. Inevitably, attracting more customers leads to revenue growth and better competitive positioning on the market.

Is security of cashless payments a concern to merchants?

It’s a well-known fact that many people consider e-money accounts and cashless payments less secure than cash payments and traditional payment services. Security seems to be the biggest barrier for non-users, but are these doubts justified?

Digital technologies have evolved to a stage where the companies providing online payment solutions invest a lot of resources in developing security features to protect client information, in addition to observing the respective legal regulations for financial institutions.

myPOS, for instance, is PCI Compliant and guarantees security through real-time monitoring system for fraudulent activity and other personalized security features which add extra layers of security.

What does the future hold?

Mobile and other forms of cashless payments will continue to grow rapidly in the next couple of years. Smart Android-based POS devices, such as myPOS Smart, offer a real opportunity to merge payments with business apps and create a unique business environment for merchants of any industry.

Value-added services that bring opportunities for incremental revenue will continue to grow. Among the nifty extras that myPOS offer to its merchants are: Payment Request for accepting distant payments, Top-up for prepaid mobile phones and Private Label GiftCards for custom-made close-loop payments.

If you’re also planning to reinvent your payment system, choosing and partnering with the right payment solution provider is crucial to successfully enter the world of cashless payments and grow your business.

About Nadezhda Marinova:

Nadezhda Marinova is the Chief Marketing Officer at myPOS, looking after the product development and marketing communications of the brand across Europe.

 

 About myPOS:

myPOS is a leading provider of cashless payments, enabling small and medium size businesses across the European Economic Area to accept and process cashless payments via POS devices, website and mobile. myPOS makes a difference in merchants lives by ensuring seamless experience, flexibility and freedom.

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