If we could get a glimpse into the future, we would probably be transported to a world that makes use of technology at every corner - even more so than now. Ultimately, technology is leveraged for the purpose of convenience and streamlined processes to save us time, money and effort. How does this rapid adoption of innovative technologies influence the payments industry?
What are Remote Payments?
Remote payments, or contactless payments as they are commonly referred to, are payment transactions that are carried out remotely. These payments require a device or software that connects people in different locations or via the internet. In other words, you don’t need to physically be next to whomever you need to pay if you’re doing a remote payment.
Since the world was pushed to explore more options for contactless and digital payment transactions a couple of years ago, these have become the preferred payment choice for many. Besides the fact that they make life a lot easier for customers, remote payments can also be considered a tool for financial inclusion, which is a step in the right direction for both entrepreneurs and our economy.
There are already so many different types of remote payment solutions available, and the list keeps on growing. Some of the most commonly used remote payment methods include mobile wallets, payment links, virtual gift cards and in-app payments.
The Benefits of Remote Payments
People prefer solutions that are convenient. It all boils down to reducing effort and time amid the hustle and bustle of life - which is a definite bonus when compared to the hassle of having to draw, carry and count cash.
What can you look forward to when offering customers the option to pay remotely? Here are 3 unbeatable advantages of remote payments.
1. Transact on-the-go
As a business owner who offers a remote payment option to customers, you will be giving them the luxury of transacting from anywhere and at any time. Have you ever spoken to a customer who said they’d only be able to come into your store to get what they need when they have a moment? Maybe it’s after work, after they drop off their kid at a soccer lesson or one of the many other reasons that keep people busy and on the go these days. People need convenient solutions, and smart business owners know that customers are actively searching for them.
Remote payments offer a much-needed solution to this challenge. Throw a delivery service into the mix or an ecommerce platform, and customers will be flocking to support your business.
2. Embrace cash-free payments
We’ve all heard the saying “cash is king”, but has the king finally been dethroned for a more deserving suitor?
Cash-free payments are far safer than handing over a wad of cash to pay for your goods. This safety factor is two-fold in that it applies to the risk of theft as well as hygiene. Remote payments are secure thanks to the use of two-factor authentication systems, OTPs, biometrics and other security measures. In addition to safety, going cash-free is also a more efficient payment method that saves customers and businesses time. A win-win all around!
3. Expand your offerings
Taking advantage of remote payments will open up a whole new world of opportunity for your business. Depending on your business and what you provide, you could start a delivery service, an ecommerce store, offer virtual classes instead of in-person sessions and much more.
By diversifying your offering, you’ll be able to explore new streams of income that have the power to grow your business exponentially. If you’d like to offer a delivery service, you can make use of payment links, ecommerce payment gateways for browser payments or in-app mobile payments. If you’re a service provider, you can never go wrong with offering online sessions that can be paid for via EFT or payment links.
4. Accept deposits before you start the job
Gone are the days when service providers needed to complete a job before receiving payment. Thankfully, nowadays the norm is that you can request a deposit to secure a booking or appointment. This ensures that you have access to working capital and it lowers the risk of non-payment.
The last thing you need as a business owner is to complete a job and then be ghosted when it’s time for payment. Accepting deposits is now a standard practice that helps secure your income and weed out any chancers looking to take you for a ride.
Get Ready for the Future of Payments
The booming industry of remote payments is here to stay thanks to the newfound demand for simplified systems that save everyone time, money and effort. With remote payments comes opportunities for business owners and convenience for customers. If you want to level up your business and move into a space that's going to take over the world of payment solutions, start by
Keen to get started? Find out how you can send a payment link from the iKhokha app with iK Pay Link.