In this post, DNBC share 5 ways companies can leverage digital payment to boost their business during the Covid-19 pandemic.
Worldwide demand for digital payments has skyrocketed and research indicates that nearly one in three U.S. consumers select digital payments as their preferred method of payment.
The dramatic increase in contactless payments throughout the world economy presents an opportunity for businesses to not only meet customer demand but to take advantage of the many benefits of adopting digital payment.
Stay with us as we explore these opportunities so you can know how to utilize digital payment to boost your business in the post-COVID environment and beyond.
1. Accepting payment online by credit card
Nearly 420 billion transactions worth $7 trillion may move from cash to cards and digital payments by 2023 and as much as $48 trillion by 2030, Accenture estimates.
If you do not accept credit cards, you take the risk of losing hundreds of potential customers who are not willing to pay in cash.
So if customers are provided with advanced payment options, they are more likely to purchase more, which will lead to sales increase.
2. Make use of Payment Platform
With payment platform, you can process transactions at any time, meaning that you won’t need to delay your work to take a trip to the bank.
If your business requires you to frequently make and receive payment from country to country, a DNBC international business account can help you make fast international money transfers no matter where you are in the world, and all at a low cost.
“If you structure payments properly, digital payment can create more predictable cash flow over the life of your business” says Jimmy Lee, Founder and CEO at DNBC Financial Group.
3. Accept digital wallet payments and QR code
According to the World Payments Report, digital wallet users will grow from 2.3 billion to 4 billion in 2024. QR codes are predicted to be used by 30% of all mobile users by 2025.
The use of digital wallets and QR code has improved the payment process by offering faster checkout speed while maintaining credibility and authenticity.
With a quick wave of the phone at a dedicated terminal, a customer can easily make their payment. Not only does this enhance the customer’s user experience, but it also increases the amount of transactions per unit time.
4. Utilize mobile payments app
With the popularity of smartphones among consumers, the opportunity to boost revenue through mobile payments can’t be ignored. The ability to sell and buy services and products online, manage customers’ accounts from anywhere are some of the key reasons why businesses are approving mobile payment apps.
Some international money transfer apps like DNBCnet are worth considering if you frequently travel and make international transactions. The app will help you keep track of your company’s finances and manage your accounts on the go.
DNBCnet App – International Money Transfer at Your Fingertips
5. Implement Omni-channel payments solution to improve cash flow
Using an omni-channel payments solution can accelerate customer payments. Many companies use different payment systems to collect various payment methods and will often have multiple bank accounts relating to each system.
This complication is reduced by implementing a payment collection system that handles all payment types through one solution. It also enables cash flow records to be integrated into one system and will likely reduce costs.
Time to level up your payment system
One of the key benefits of digital payments is that they allow business owners to focus on delivering services, not conducting financial transactions.
Even the smallest improvement in payments performance can significantly boost the bottom line of a company.
DNBC is one of the leading providers in the digital payment sector. It offers exceptional convenience and transparency to its users. Via their smartphones, customers can open a free account whenever and wherever they want.