How Electronic Payment Solutions Have Helped Businesses Grow

How Electronic Payment Solutions Have Helped Businesses Grow

Electronic and online payment processing has been a system that has been imbedded into our lifestyle for a few years now. This is payment solution package that has helped to speed up the service provided for customers within the retail industry. In the past payment solutions were simple, yet took much longer to clear and process, leaving people waiting for the cheque or card to clear and unsure about whether they were able to spend any money before the payment was processed.

Some payment solutions are designed so that they are self service orientated and easier to process as the person using the system will know where the payment is going and when it is being processed. In conventional uses when entering into a retail outlet, one would either hand over their card or write a cheque, to which the transaction will take place and clear within a matter of minutes. Direct debit payment processes are more common, allowing businesses and organisations to collect the money directly out of the customer’s bank account.

People can make payments practically anywhere they want to, provided they have a credit or debit card at hand. Whether they are on the phone or online the internet, people can purchase anything in an instance rather than waiting for their order to be delivered and then paying by cash. In the past this would not be possible and many people would need to make payments in person.

Throughout history there are records of payments methods that were highly effective for people looking to receive goods of their choice. Bartering was a common method of making payments and dates as far back as 100,000 years ago. Practically every culture had practised bartering as part of a way to make a living and was normally conducted as a way to trade specific things such as trading livestock for clothing, or a weaver may trade their basket for a supply of fruits.

This kind of bartering was normal and was normally between two people, who were able to make a fair agreement over what they would be exchanging. From bartering came the commodity money, basing it around the idea that the commodity itself had a value to it. The earliest forms of money were strung beads, shell jewellery or dyes. The most famous notable money of them all is gold, which was used widely in Ancient Egypt.

As time progressed money became a very common method of making payments, with the development of gold and silver coins, notes and then later credit cards which made payment methods even simpler. The idea of credit cards was developed during the late 19th century, though this could be more commonly associated with our modern day debit card. This helped to progress payment solutions, making transactions less arduous and foolproof.

Businesses have benefited from this because they are able to process payments quickly and deliver the goods immediately, keeping the customers happy.

Anna Stenning is an expert on payment solutions having worked in an industry that relied on electronic payments.