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In the business world, payment implies a successful conversion and transaction. Thus, collecting payment is as important as making a sale. Not just does payment mark a conclusion of a trade cycle, it sustains the business operations. As technology progresses, consumers’ behaviors, competition, and regulations have continuously evolved. These dramatic shifts affect how people think about money, payment, purchasing, and banking. In response, payment processing evolution has taken place.

So, what does payment processing evolution mean? How can these drastic changes affect businesses? Perhaps, as an entrepreneur, you might ask these questions and more. And it is a good sign! Displaying an interest in knowing the answers and adopting these drastic changes will improve your business cash flow, and later on, lead you to success.

Payment System Timeline

Undeniably, types of payment systems have evolved over the centuries. From payments made with literal gold coins to virtual payments using digital wallets. All these changes addressed the constant and varying needs of each consumer. The payment industry has turned into a complicated space nowadays. Hence, to help you understand more about the evolution that has been happening in the payment industry, let us first look back on how the payment landscape started.

From the very beginning to 3000 B.C.: Payment system is in its basic form, called the barter system. People trade goods for goods and each good had a pre-decided value.

3000 B.C.: Barley was used as money. The payment system during this era works with commodity money instead of simple barter.

Around 700 B.C.: Payment is now distinct coins that hold value. The first coins were minted in 7 B.C. in India, China, Anatolia, and Greece, and became popular as the first legal tender ever recorded.

17th Century: Heavy coins were introduced, which later on upgraded to banknotes. This is the period when the paper money, which is largely used all over the globe, was made.

1659: Drawn notes, known today as cheques, were introduced by bankers of London as a payment instrument. These were all handwritten documents bearing the sign and seal of the issuing bank.

1979: Visa introduced and made the credit card terminal popular.

20th Century: Digital payment became known due to the onset of the Internet age. The age when paying money without cash or checks became possible.

21st Century, the Present Day: The rise of the digital payments at ultrafast speed. Aside from payments through cash, cheques, and credit cards, several new payments landscapes were introduced, including mobile, online direct debit, escrow, one-click, e-wallets, and cryptocurrencies, among others.

Payment Processing Evolution Overview

Payments are pivotal for businesses of every size. With the current advances in commerce and enterprise retail, payment processing methods are also changing fast. Businesses are consistently focused on satisfying the individual needs of consumers today wherever and whenever they arise. That makes keeping up with payment processing trends a complex, endless challenge to every business.

Given this scenario, the payment industry explained that payment processing is a segment that evolved over the years. This explains why around the world, banks, consumers, and businesses are making a shift in powerful technologies that accept payments in a convenient, reliable, and secure manner.

The Future of Payments

So, where is this headed? Trends speak for themselves. Experts forecasted that we are heading toward a cashless society. They see mobile phones as the payment hub of the future, reducing the need for carrying a separate card or cash. In fact, they projected countries such as Sweden and Denmark to go cashless in a few years. Likewise, mobile retail payments to rise to $410 billion by 2020.

Why Understanding Payments A Good Business Move?

Payments are often the neglected aspect of the trade process in any business. Even though payments are the customer touch-point, most of the businesses just overlook how the customer wants to pay. To stay on top of the game, know that the non-availability of your customers’ favored payment method could break their trust and eventually push them to your competitors.

The most noteworthy feature in the evolution of payments is that it has always moved toward a more convenient and secure option that benefits both your business and customers. You know how payment systems have changed with time and thus it will only make sense to keep up with it. Do you want to know more about the latest technology that can help you improve your payment processing system? Contact us now!

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ACCOUNTING SERVICES

Run fast, accurate, and automated accounting processes through Cloud Banking’s white label portal for accountants. Simply ask your customers to log on to your dashboard so you can download all their statements and reports—making it easier for you to do their taxes. Likewise, you can make sure that our platform can help you streamline everything from financial consolidation to compliance reporting and audits.

 

Our innovative payment solutions can easily be integrated into your existing accounting, invoicing, and billing software so you can get paid faster and more secure. Interested? Start by talking to one of our business specialists today.

HIGH RISK

Are you in the high-risk vertical market? Getting tired of looking for a reliable payment solution for high-risk industry? Don’t worry! CloudBanking got you covered.

We understand that banks and low-risk providers may instantly turn down merchant accounts who they deem industries with a history of high chargebacks, irregular high ticket sales, or that are highly regulated. Thus, finding a high-risk payment processing solution that keeps high-risk businesses running efficiently might be a daunting, frustrating process. This is all the more true for the CBD oil industry. However, CloudBanking understands that your business model works for you. We believe in your business’ desire to help the community and we’re committed to providing top-rated services.

Thus, we go the extra mile to ensure your business’ security and efficient cash flow. We provide tailored solutions and features because we understand your unique needs. You can now offer your customers a smooth and seamless journey with our innovative payment solution for high-risk industry.

HEALTH AND WELLNESS

Focus on what matters most to your business—your customers. And allow CloudBanking to take care of your payments. Our payment solution for health and wellness industry will be your trusted partner in improving your customer experience. With our innovative platform engineered to accept all kinds of payments and provide the security you need; we can guarantee you streamlined business operation.

 

In the ever-changing global marketplace, make your business at the forefront of innovation to give your customers the best customer experience. Trust that our payment solution for health and wellness is here to help you meet your customers’ expectations while improving your cash flow. Contact us today to experience the difference.

FIELD SERVICES

Are you one of the small or mid-sized businesses in the field service industry having trouble collecting payments? And are you tired of all the waiting and hassles? Then, it’s time for you to adopt a phone- and cloud-based payment solution for field services that will improve your cash flow and accuracy. Allow your field services staff to accept payment on-site so they can focus on the next job.

 

Level up in the game field by offering a cutting-edge payment solution for field services that will assist you in meeting your needs and improving your bottom line. Contact us to know how we can be your trusted partner in getting paid faster and secure.

RETAIL

The retail environment has evolved rapidly in the past years. To keep with the pace and increase your bottom line, you need to integrate a platform providing a full suite of card payment systems that fully satisfies the needs of you and your customers. CloudBanking’s payment solution for retail industry is here to help you stay in the game and be more competitive.

 

Powered with the latest technology, our credit card processing solutions allow retailers to accept any form of card payments such as credit cards, debit cards, and EMV-compliant cards. Our payment solution for retail industry can help you effortlessly manage your point-of-sale transactions while you boost your retail sales.

PROFESSIONAL

CloudBanking offers a customized payment solution for professional services companies, such as law firms, insurance agencies, and accounting firms. Our platform is designed to provide you a safe, convenient, and secure way to accept your service fees and lessen the administrative cost related to payment processing.

 

We understand that your business’ payment processing needs are unique. So you can’t just rely on any payment processing platform to manage your cash flow. You need a trusted partner to receive payments fast, secure, and easy. Enjoy this hassle-free process when you integrate our payment solution for the professional services industry.