Payment Technologies Helping Businesses Adapt
This is an unprecedented and challenging time for individuals and businesses alike. Many businesses have been forced to close, some of them permanently. In dark times like these, innovation and creativity are more important than ever. Here’s how people in the U.S. are using payment technology to support their businesses, their communities, and each other in the face of the COVID-19 pandemic.
Peer-to-Peer (P2P) Payment Platforms
Apps like Venmo, PayPal, and Zelle allow people to easily transfer money back and forth without needing to visit a bank, write a check, or even see the other person. With P2P payment apps, the only thing you need to send or request money is a username, so it’s easy to see why these apps have grown in popularity as the rise of COVID-19 has more and more people staying at home. And P2P payment apps aren’t just quick, secure, and convenient. Most of them are free—a definite bonus in these trying times. With COVID-19 leading to financial hardship for people around the country, P2P payment apps are being used to facilitate fundraising, supply “advanced tips” or appreciation contributions, and even by some small business owners to collect payments remotely.
Point of Sale (POS)
Innovative point of sale systems, like Clover, empower retail businesses to quickly and seamlessly transition their operations to accommodate a business landscape fundamentally altered by the COVID-19 pandemic. This is all possible because of a flexible suite of features and applications. Restaurants are pivoting to delivery and pick-up orders only, with apps like OrderOut and Chowly. To limit staff and customer exposure, retailers deemed essential are scheduling appointments with Appointments Pro and encouraging contactless payments—where a consumer simply has to “tap” to pay, allowing them to avoid contact with potentially contaminated surfaces.
Countless businesses have been hit hard by closures and reduced revenue, and many of them are turning to gift cards to bridge that divide. Selling gift cards online allows small businesses to generate revenue while providing a social distancing-friendly alternative for consumers that want to support their favorite merchants. Encourage your friends and family to do their holiday shopping early and load up on gift cards. Besides, who doesn’t like looking forward to brighter days, when we’ll be able to go out and actually use them?
A virtual terminal turns your laptop, desktop, tablet, or smartphone into a payment processing hub—no additional devices required! If your business needs to process cards remotely, a virtual terminal might be the answer. This solution gives you the flexibility and convenience of processing payments wherever you are. Just log in to the payment portal and you’re ready for business anytime, anywhere.
In times of hardship, businesses that innovate will be in the best position to open their doors again when this is all over. Payment technology offers an opportunity to carry on with commerce in new and diverse ways.
Source: BASYS Processing
This blog is provided for general information purposes only. The information provided should be used at your own risk and not as a substitute for legal and other professional advice in your state.