Small Businesses Migration from Cash to Digital Payment

Kutubkhan Bohari | July 16, 2022 | 358 views | Read Time : 01:39 min

Small Businesses Migration
Bill payment and bookkeeping are difficult tasks for all types and sizes of business. Historically, conventional finance and accounting practices have caused headaches for all people involved, as well as financial consequences when things go wrong.

Nonetheless, there is the introduction of new digital payment solutions designed to assist businesses to establish efficient processes for managing, sending, and collecting business-to-business (B2B) payments in order to stay competitive.


The Shift Towards Digital Payments

Of the numerous options that small and medium-sized businesses have, for improving their performance, the adoption of digital payment solutions is among the highest in terms of value for both, businesses and their clientele. From automating payment and invoice collections to providing a safe, secure customer experience and managing risk, digital payment solutions add value to the small business finance structure.

Historically, complex and costly infrastructure was required to make payments safe, secure, and reliable. Hence, with the emergence of new convenient and secure types of payment solutions such as UPI, eChecks, and tap-and-go cards, a substantial increase in inclination towards the use of contactless and cashless payments has been reported. In fact, as per a study, approximately 1 in 3 customers in the U.S. choose to make contactless payments.

The radical shift towards the adoption of this mode of payments around the world is presenting an opportunity for small businesses to not only address the needs of customers but also to take advantage of the many benefits of adopting digital payment solutions, including streamlining business processes.


The Future Ahead

Today, there is a greater-and-greater appetite from investors and innovators to modernize the financial service and transactional infrastructure.Similarly, small businesses are emphasizing on improving their payment and expense processes and adopting new digital payment solutions to benefit from their better cash flow management, increased accessibility for customers, and streamlined operations.

Spotlight

Restaurant Solutions, Inc.

Our mission is to provide a cost-effective restaurant management system for independent restaurants that our competitors are unable to replicate. Our restaurant management system is backed by a service that focuses on educating our clients on how to continually succeed, and our dedicated industry experts provide every RSI client with the knowledge, support and systems they need to reach their financial goals each and every day!

OTHER ARTICLES
TECHNOLOGY,SMALL BUSINESS ADVICE

Emergence of 5G Presents a World of Opportunity to Small Businesses

Article | July 14, 2022

Together with 'artificial intelligence' (AI) and 'machine learning,' 5G has emerged as a hot topic in the tech industry over the last couple of years. There's a lot of buzz about the next generation mobile network's technological capabilities, and for good reason: faster, more consistent, and higher bandwidth mobile connectivity can open up new levels of productivity, versatility, and opportunity for small businesses. Benefits Motivating Small Businesses to Invest in 5G The world may be in for a devastating recession as a result of the war's impact and the emergence of new waves of coronavirus pandemic. This is encouraging enterprises to prioritize digital transformation. Digital innovation helps to develop tools and strategies that businesses can use to overcome challenges and solve complex problems. Improved hardware and smarter software enable data collection and analysis for scalability.With its promising strength of connectivity, exceptional frequency of data transfers, and high-speed, 5G technology can foster digital innovation, especially among small and medium-sized businesses (SMBs), allowing a wide range of highly skilled workers to work from any location or workplace. Here are some major benefits, encouraging SMBs to invest in 5G, as follows: Provide businesses with increased operational flexibility. Increasing the sales channel's productivity. Creates an intuitive supply chain. Facilitate access to cutting-edge technologies such as augmented and virtual reality (AR and VR). Improves workforce functionality and safety by lowering latency. Enhances the customer experience. A Plethora of Opportunities for Small Businesses With a projected annual growth rate of around 97 percent and 40 percent of the population around the world using internet of things (IoT) apps on a 5G network, the new digital technology has the potential to create an incremental opportunity of around $251 trillion by 2025. A large number of businesses, irrespective of size or industry, are considering preparing themselves for the deployment of advanced 5G technology to benefit them and their customers. In addition, the deepening trend of digital transformation and the incorporation of cloud technologies are presenting a wide range of opportunities for businesses to scale up their connectivity, reach, and productivity.

Read More
TECHNOLOGY,SMALL BUSINESS ADVICE

Cyberattacks: Surfacing Threat to Small Businesses

Article | July 20, 2022

The internet has transformed into a modern-day silk road that supports almost all aspects of modern life. Growing penetration of the internet has made it possible for businesses of all sizes to reach all parts of the sector and access previously inaccessible areas, increasing productivity via the use of digital tools. Any business strategy that involves using computers online, even if only for an email and a website, needs to include cybersecurity measures. The theft of data and digital information is now more common than other types of theft and is becoming one of the most commonly reported types of fraud. Impact of Cyberattacks on Small and Medium-Sized Businesses Cybersecurity is emerging as one of the most serious economic and security challenges for businesses all around the world. It is not just a threat to big businesses, multinational corporations, and governments, but they are a major problem for small businesses too. According to a recent study, nearly 22% of small businesses have been the targets of cyberattacks. Also, around 46% of the security breaches were reported across small and midsize businesses in 2021. A cyberattack can have a devastating impact on enterprises, especially on small businesses. In fact, about 60 percent of small enterprises that are attacked and experience a breach shut their business within six months. Not just this, there are more detrimental repercussions that businesses can encounter, including the following: Financial losses due to business disruption Financial losses brought on by the theft of financial data High costs to remove threats from the network Reputational harm following disclosure of data breach to customers Demand for Cybersecurity Making SMBs Hotspot for Investment The need for effective cybersecurity measures increases in lockstep with the increasing number of organizations expanding their operations online. In addition, the rising incidence of security breaches, data theft, and others in small and medium-sized businesses (SMBs) is mandating these enterprises to adopt security solutions such as data backup solutions, encryption software, and password-security software, making them the center point for investment. Attributed to this, the prominent providers of cybersecurity solutions are focusing on coming up with advanced security software specially designed for SMBs.

Read More
TECHNOLOGY,SMALL BUSINESS ADVICE

HR Trends in Small Businesses 2022: Embracing the New Normal

Article | June 30, 2022

The global workforce is coping with the new normal that includes — remote or hybrid work, new laws and regulations regarding the COVID-19 pandemic, and increased interest in employee health and wellness programs. The HR departments of small businesses are adapting to these changes. So, let us take a quick look at what to expect in 2022: Priority: Diversity and Inclusion Small business HR departments will prioritize diversity and inclusion in the workplace for talent acquisition, employee engagement, and retention Advancement: Automated HR Processes HR will use technology to streamline onboarding and recruiting processes in 2022 Environment: Remote Work The possibility of long-term remote work with technology and new policies is on the horizon Interaction: Virtual Employee Engagement SMBs must work towards engaging their employees through virtual meetings, employee surveys, and clear communication Support: Employee Health and Wellbeing Small business leaders should step-up to support their employees’ well-being through a healthy and flexible work environment Enhancement: Improved Employee Benefits The focus will be on increasing healthcare benefits, flexible work arrangements, and health wellness programs New Leave Policies: Paid Sick Leave Small business HRs need to be aware of new paid sick leave policies and accommodations to help employees cope with the pandemic Health Advisory: COVID-19 Vaccination for Employees Small businesses need to take proper precautions if mandating a compulsory COVID-19 vaccination policy Compliance: Burdened HR Departments Modified employee labor laws will require HR departments to modify their HR strategies frequently Drug-testing Laws: Impact on Drug-free Work Policies Medical marijuana usage policies differ across states, so HR departments will need to remain up-to-speed with them A Productive 2022 for Small Businesses Small businesses’ HR departments are working to retain, engage, and safeguard employees to lead their companies towards a productive 2022. However, they need to be diligently compliant and offer lucrative benefits to employees to sustain and grow their business.

Read More
TECHNOLOGY,SMALL BUSINESS ADVICE

Reasons Why Small Businesses Need CRM?

Article | June 30, 2022

CRMs, as highly customizable software, can be tailored to any small business. From an e-commerce business to an educational service to a logistics firm, every industry benefits from CRM integration to manage, organize, automate, and grow revenue and operations. The CRM industry has grown by 600% since 2010. It is expected to generate $80 billion in revenue by 2025. 6 Reasons Every Small Business Needs CRM It aids in the collection and organization of customer data:CRM solutions enable cleaner customer data. Data mining and enrichment are automated and standardized to ensure that nothing is overlooked. Data duplication is impossible with advanced duplicate prevention features. Advanced Database Segmentation Enables Personalized Communication with Leads:Personalization is expected by 63 % as a standard of service, and they believe they are recognized as individuals when they receive special offers. A CRM solution enables you to effectively personalize your communication with leads. Most small business CRM systems include advanced segmentation filters and tags that allow you to divide your audience into smaller groups based on a variety of criteria. Beneficial to run well-managed email campaigns: Email marketing can generate a 44.4 % ROI, generating $44 in revenue for every $1 spent. According to Hubspot, 93 % of B2B marketers use email to share content, and 59% say email is their top ROI driver. Email marketing is extremely cost-effective and scalable and generates considerably higher quality leads for your small business. Enables you to keep track of the sales process: The CRM system visualizes your sales process, highlighting the points where leads frequently abandon ship. This allows you to quickly identify threats and opportunities, as well as weaknesses and strengths. Avoids missed lead opportunities:CRM systems make sure that small businesses never miss a lead. Even if the sales rep goes on a different route, the lead will still get recorded with efficiency. Increases Sales Performance: Businesses that have integrated CRM into their operations report a 34% increase in sales productivity. CRM automatically populates customer profiles with data, schedules mailouts, and relieves you of the responsibility of monitoring your inbox. It keeps track of your agenda and keeps an eye on your calendar. In a nutshell, CRM frees up your time for more important tasks such as understanding your customers' needs or selling. For effective expansion of business and increasing sales, small businesses-integrating CRM software will serve with endless benefits.

Read More

Spotlight

Restaurant Solutions, Inc.

Our mission is to provide a cost-effective restaurant management system for independent restaurants that our competitors are unable to replicate. Our restaurant management system is backed by a service that focuses on educating our clients on how to continually succeed, and our dedicated industry experts provide every RSI client with the knowledge, support and systems they need to reach their financial goals each and every day!

Related News

SMALL BUSINESS ADVICE

Capital on Tap Virtual Cards Release to Provide Instant Access to Small Business Funding

Capital on Tap | September 28, 2022

Capital on Tap, a global FinTech providing access to an all-in-one small business credit card and spend management platform, introduced virtual cards as part of their mission to help small business owners run their businesses faster, simpler, and more efficiently.The virtual cards will be available immediately for the majority of approved applicants. Most applicants receive a credit decision within 24 hours, meaning approved cardholders will be able to make purchases on their Capital on Tap Business Credit Cards, issued by WebBank, within just one day of submitting their application. "For busy small business owners, the virtual card is a true game changer,David Luck,Having immediate access to funds is critical for success in this challenging business climate that often requires quick decisions and multiple strategic pivots." Co-Founder and CEO of Capital on Tap Virtual cards can be added to Google and Apple Pay accounts so cardholders can immediately make purchases in person or online. Small businesses also benefit from an added layer of security with virtual cards. Cardholders can replace them in real time, so if the account information is compromised or even if a cardholder makes a purchase from a vendor, they just don't feel completely confident in they have the option to void that card for all future purchases and instantly generate a new one. With no lag time between the cancellation of the card and the receipt of the new one, cardholders will never be without access to funds. Of course, all security features of the physical Capital on Tap Business Credit Card also apply to virtual cards. Account holders can also set spend limits on their virtual cards. This is useful for business owners who want to issue a virtual card for single use, such as travel or a large purchase. While account holders are currently limited to one virtual card per account, the option to generate multiple cards simultaneously will be available later this year, allowing cardholders to issue virtual cards to individual employees, and even designate separate virtual cards for different categories of business spend. About Capital on Tap Capital on Tap makes it easy for small businesses to manage their business spending, access funding, and earn best-in-class rewards. More than 200,000 small businesses have spent $5 billion on their Capital on Tap Business Credit Cards across the US and UK.

Read More

MANAGEMENT

Capital CDC Supports Local Economic Development and Business Resources in New Mexico

Capital CDC | September 27, 2022

Capital CDC strives to make a difference in the communities we serve through unwavering advocacy and reinvestment in local economic development.Recently, Capital CDC donated $15,000 to WESST, a non-profit, small business development and training organization committed to growing New Mexico's economy by cultivating entrepreneurship. Since 2013, Capital CDC has provided financial donations to non-profits and economic development organizations in New Mexico totaling $124,500. Capital CDC contributes to these types of organizations annually to help grow the resources available for small businesses in New Mexico. "We are so grateful for the generous gift we recently received from Capital CDC! Thank you for supporting WESST's transformational work with New Mexico small businesses. With this support, WESST continues providing supportive business services and access to capital for the diverse entrepreneurs who need it most. This work wouldn't be possible without partners like you!" Katie Knipe, VP of Development at WESST.

Read More

SMALL BUSINESS ADVICE

Simply Business Partners with biBERK to Offer Workers' Compensation Coverage to Small Business Customers

Simply Business, LLC | September 27, 2022

Simply Business, LLC., a Boston-based digital insurance agency focused on small businesses, today announced the launch of a partnership with biBERK Business Insurance, a Berkshire Hathaway company, to offer workers' compensation products online to small business owners in the United States.Through this new partnership, small business owners can receive a biBERK workers' compensation quote through the Simply Business website. They also have the option to digitally bind policies and speak to a licensed insurance agent to ensure that the coverage they've selected best meets the needs of their business. "We're committed to helping small businesses grow by providing specially tailored insurance solutions, and this new partnership makes it easier for our customers to get exactly what they need,With the help of biBERK, we're able to provide more comprehensive coverage to entrepreneurs across the country." David Summers, Group CEO of Simply Business This offering is currently available to small business owners in Washington D.C. and all 46 states where private carriers are eligible to operate. About Simply Business Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 850,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value. biBERK biBERK is a small business insurance company that's part of the Berkshire Hathaway Insurance Group. All of Company's major insurance subsidiaries are rated A++ by A M Best Company with millions of customers and over 75 years of insurance experience.

Read More

SMALL BUSINESS ADVICE

Capital on Tap Virtual Cards Release to Provide Instant Access to Small Business Funding

Capital on Tap | September 28, 2022

Capital on Tap, a global FinTech providing access to an all-in-one small business credit card and spend management platform, introduced virtual cards as part of their mission to help small business owners run their businesses faster, simpler, and more efficiently.The virtual cards will be available immediately for the majority of approved applicants. Most applicants receive a credit decision within 24 hours, meaning approved cardholders will be able to make purchases on their Capital on Tap Business Credit Cards, issued by WebBank, within just one day of submitting their application. "For busy small business owners, the virtual card is a true game changer,David Luck,Having immediate access to funds is critical for success in this challenging business climate that often requires quick decisions and multiple strategic pivots." Co-Founder and CEO of Capital on Tap Virtual cards can be added to Google and Apple Pay accounts so cardholders can immediately make purchases in person or online. Small businesses also benefit from an added layer of security with virtual cards. Cardholders can replace them in real time, so if the account information is compromised or even if a cardholder makes a purchase from a vendor, they just don't feel completely confident in they have the option to void that card for all future purchases and instantly generate a new one. With no lag time between the cancellation of the card and the receipt of the new one, cardholders will never be without access to funds. Of course, all security features of the physical Capital on Tap Business Credit Card also apply to virtual cards. Account holders can also set spend limits on their virtual cards. This is useful for business owners who want to issue a virtual card for single use, such as travel or a large purchase. While account holders are currently limited to one virtual card per account, the option to generate multiple cards simultaneously will be available later this year, allowing cardholders to issue virtual cards to individual employees, and even designate separate virtual cards for different categories of business spend. About Capital on Tap Capital on Tap makes it easy for small businesses to manage their business spending, access funding, and earn best-in-class rewards. More than 200,000 small businesses have spent $5 billion on their Capital on Tap Business Credit Cards across the US and UK.

Read More

MANAGEMENT

Capital CDC Supports Local Economic Development and Business Resources in New Mexico

Capital CDC | September 27, 2022

Capital CDC strives to make a difference in the communities we serve through unwavering advocacy and reinvestment in local economic development.Recently, Capital CDC donated $15,000 to WESST, a non-profit, small business development and training organization committed to growing New Mexico's economy by cultivating entrepreneurship. Since 2013, Capital CDC has provided financial donations to non-profits and economic development organizations in New Mexico totaling $124,500. Capital CDC contributes to these types of organizations annually to help grow the resources available for small businesses in New Mexico. "We are so grateful for the generous gift we recently received from Capital CDC! Thank you for supporting WESST's transformational work with New Mexico small businesses. With this support, WESST continues providing supportive business services and access to capital for the diverse entrepreneurs who need it most. This work wouldn't be possible without partners like you!" Katie Knipe, VP of Development at WESST.

Read More

SMALL BUSINESS ADVICE

Simply Business Partners with biBERK to Offer Workers' Compensation Coverage to Small Business Customers

Simply Business, LLC | September 27, 2022

Simply Business, LLC., a Boston-based digital insurance agency focused on small businesses, today announced the launch of a partnership with biBERK Business Insurance, a Berkshire Hathaway company, to offer workers' compensation products online to small business owners in the United States.Through this new partnership, small business owners can receive a biBERK workers' compensation quote through the Simply Business website. They also have the option to digitally bind policies and speak to a licensed insurance agent to ensure that the coverage they've selected best meets the needs of their business. "We're committed to helping small businesses grow by providing specially tailored insurance solutions, and this new partnership makes it easier for our customers to get exactly what they need,With the help of biBERK, we're able to provide more comprehensive coverage to entrepreneurs across the country." David Summers, Group CEO of Simply Business This offering is currently available to small business owners in Washington D.C. and all 46 states where private carriers are eligible to operate. About Simply Business Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 850,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value. biBERK biBERK is a small business insurance company that's part of the Berkshire Hathaway Insurance Group. All of Company's major insurance subsidiaries are rated A++ by A M Best Company with millions of customers and over 75 years of insurance experience.

Read More

Events