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The past 12 months have seen uncertainty emerge in the world of business and across the global economy in general, with Brexit and Donald Trump’s presidential election victory hinting that everything is about to change.
While this creates some anxiety, the flipside is that it also leads to opportunity. Astute companies will be able to adapt accordingly to any upcoming shifts and even potentially use them to their advantage.
What is clearer than ever is that, in a time of uncertainty, businesses need to know they can receive payments from consumers and clients in a timely manner, regardless of where each party involved is located. The good news is that a host of options are now available for firms big and small.
Here, we look at three examples of payment options which could make a huge difference to your business this year, whether you’re a large national enterprise or just an entrepreneur about to kick off a new venture.
Payment by phone bill
We’re probably most familiar with seeing this option used by the likes of Children In Need, when you’re able to text a number to donate and are charged accordingly on your bill at the end of the month.
However, it should be remembered that this method can be applied to a host of industries, from Apple’s iTunes store to online casinos. Casino provider mFortune, which offers its games both to web and mobile visitors, uses deposit by phone bill and allows players to make £3, £5 and £10 deposits via their handsets to get instant credit.
This approach is useful particularly where there is a need for consumers to pay in a quick and convenient manner.
Like the option above, this is driven by the fact that the great majority of us have smartphones sitting in our pockets. Mobile wallet services are huge, with recent research estimating that the market in 2016 was valued at $594 billion.
Paypal is perhaps the best known mobile wallet service, with it offering users the chance to receive and send money via mobile phones. Recent reports have suggested the service is set for a major breakthrough in the coming months, with discussions continuing with Amazon about it being added as a payment option on the online retail giant’s services.
The chances are that if you started your business online you may already have considered PayPal. If you haven’t added that option yet, however, the expected growth in this area means you cannot afford to ignore it anymore.
This might seem a leftfield suggestion but consider this: Recent research by Mastercard found that an estimated 136 million people in Europe do not have traditional bank account facilities, with some citing a low level of trust in major banking services as one a reason why.
With this in mind, it may well be the case that the coming years see more and more people turning to alternative currencies such as Bitcoin. Launched in 2009, it is notoriously volatile but its value reached an all-time high at the end of 2016.
While it may not be a mainstream option just now, exploring the possibilities it offers now could mean you are in a strong position if its use and adoption grow.
Ultimately, we know these days that consumers are keen on flexibility and convenience. This means businesses must meet their expectations on many matters, including the ways they can pay. Find house insurance deals at Wilsons Insurance.
Considering all potential avenues for payment options could make a huge difference to an evolution of your company.