2019 was an amazing year for technological advancement. Most of the new products worked on last year were great additions to business models. Some of them helped us cut our costs and time spent on individual projects. However, not all of them were as popular as AI projects, thus leaving most new software in the backstage of fame.
Startupers are only now starting to realize how important it is for them to make transactions as simple as possible for their users. And this became clear very soon after multiple focus groups had to mention how they were more likely to buy products from different companies as long as they could do so as fast as possible.
Because of this information, it’s almost guaranteed for every established company or startup to begin focusing on its financial technology sector. Meaning that every department of every brand will now try to make their payment systems as easy as possible. Because of this, it’s essential that startups follow suit to have at least some competitive capabilities.
What do digital transactions even mean?
Although it may seem like a digital transaction is simply people filling in their credit card details to purchase items online, it’s not necessarily the case. Most customers don’t save their credit card details in their browsers, thus making the process of making a payment extremely hard every time they try to do it.
What I mean by digital transactions are digital wallets, third-party payment companies, and even the blockchain.
That’s right. People who are able to top-up their wallets online and simply use it only for shopping or paying for services expect companies to support these new platforms. The more wallets or payment methods your startup supports, the more likely are you to gain the trust of a customer.
For the customer themselves, making a payment is extremely fast by just putting in their email address and hopefully having a 2FA system on their smartphones. All of this they are able to do without taking out their credit cards from their wallets and slowly filling in all the required fields.
As for you as a company, the transaction time from digital wallets is 10 times faster than regular bank transfers, thus helping you earn your due amount much quicker and speed up your growth.
Privacy was a serious issue in the past two years. Some of the largest companies found themselves in legal scrutiny for overstepping their boundaries. Nowadays, no matter what internet platform you are hosting, you will still get some kind of mistrust from your users. Almost everyone will think that you are somehow gathering information and benefiting from it without the user’s consent.
In order to avoid such accusations, it’s best to have an extremely powerful cybersecurity system set-up on your platform. Not only is this beneficial for your customers, but for you as well. But in terms of transparency, there is one technology that you could possibly use.
Blockchain. This technology has been on the rise ever since the 2017 boom for popularity. However, it is still facing some publicity issues due to the past. No worries though, as long as the system is installed, your customers will be able to see almost everything that’s going on in the background of your system. Thus you’d be able to prove that you’re trustworthy with their data.
But why are people so careful with their data?
Many would say that there’s nothing to hide if you’re not doing anything illegal, right? Well, it turns out that’s not necessarily the case.
According to one of the real money online casinos in Canada, privacy is extremely important when customers are using services that are legal but have bad publicity or moral issues with the community.
Sure, casinos are definitely one of them, but sometimes they can be perceived as harmless places to have fun in. Not everybody thinks like this though, and definitely not the banks.
In fact, banks dislike casino payments so much that they tend to decrease the credit score of customers that make them. In order to avoid this, most people go for digital payments where the bank has no access.
Your business may not be revolved around something that has bad publicity or issues with the community, but giving the users some privacy via digital wallet payments or even crypto payments is going to add that extra zing to your customer loyalty that could propel your business to the next level.
Digital transactions are cheaper
Another important thing to note about digital transactions is that they are extremely cheap for both the user and the company as well.
Usually, most bank transfers have some kind of fee attached to them, which can be extremely high depending on how much you are sending at a given moment. With several digital transaction platforms, the percentage scales in regard to how much you are transferring. The higher the amount, the lower the fee.
Therefore, if you have a company that focuses on things such as luxury goods or others that tend to have higher prices, digital transactions could be the perfect way to save quite a lot on your financial department alone.
The action becomes extremely cheap for the user as well as they don’t have to pay any fees if it’s a payment and not a transfer.