The world has drastically shifted toward digital payments over the last decades. As the years have passed, digital payment technology has only become more flexible, secure, and cost-effective. This shift has made it much easier for businesses of all sizes to go global, accepting payments from all around the world and scaling like never before.
Some of the benefits of digital global payments are immediately obvious – they allow companies to reach more customers. Some of the benefits are more subtle – they cut down on paper waste and make global payments more environmentally friendly. In any case, the net benefit of digital global payments far outweighs any challenges this type of payment infrastructure presents.
Now, nearly any business can capitalize on the convenience of digital global payments. Every business from the smallest company to the largest corporation can sell internationally, even to countries that may not have an advanced banking infrastructure. In this blog, we’ll be exploring the trends in digital global payments and how they continue to transform the way the world does business.
Read on to learn more or click below to schedule a demo with Dots to find out how we can automate your global payout processes.
Increased Speed and Efficiency
Digital payments have become much faster and more efficient over the years. In many cases, digital payments can go through nearly instantly, letting money change hands within seconds. Even slower digital payment methods rarely take longer than a couple of days to clear. Cumbersome paper-based methods have been mostly left behind in the digital economy, as these transactions can take days or even weeks to process. People who are more comfortable with checks can now use eChecks or even do a cash transfer from a POS system.
Along with making things more convenient for the customer, digital payments also improve cash flow for businesses. Digital global payment methods allow companies to reliably do business with international customers without having to worry about waiting for money to clear. Additionally, many digital payment methods have built-in fraud detection to help reduce chargebacks and other fraud issues for businesses.
Digital global payments are also more efficient for accounting since all payments are automatically tracked and recorded. Customers get an automated record and receipt of their payments and businesses can integrate accounting tools to keep track of everything. Along with reducing fraud, customers and businesses get more peace of mind.
More Payment Options
One of the best benefits of the rise of digital global payments is the myriad of payment options customers and businesses have. Customers can now pay the way they prefer, with options like debit and credit cards, PayPal, Apple Pay, Google Pay, and cryptocurrency.
Letting customers have their choice of payment options also increases customer satisfaction and loyalty. It can also lead to more conversions for e-Commerce businesses by making it easier for customers to check out. Offering multiple payment options can also open businesses up to new potential customers, allowing them to tap into new markets.
Businesses that work with international contractors or freelancers can also benefit by offering multiple payout options, allowing the people you work with to have a better payout experience. Payout APIs can even automate tax reporting and compliance for businesses that work with international workers, making it even simpler for them to utilize their services and pay them.
It’s worth keeping in mind that these various payment options all come with their own fees and stipulations. While these payment methods are highly convenient, businesses should discern which methods make the most sense for them. It’s a balance between offering the payment options your customers will appreciate while also making sure you’re not paying more than you need to for fees.
Overall, digital global payments can help businesses save money. While these methods do often come with their own fees and costs, they’re much less costly than traditional payment methods like paper checks and wire transfers. Businesses can easily and quickly send and receive funds without having to pay overly high fees.
Digital global payment methods also make currency conversion extremely convenient, which can also save businesses a significant amount of money. This can be especially convenient for smaller and mid-sized businesses that wouldn’t be able to take on the currency exchange costs otherwise.
Digital global payments can also automate much of the payment process, helping to reduce manual tasks and other processes that take up time and resources. In short, the low costs of using digital payments are well worth it for the additional revenue and saved time they can provide.
As digital payments have evolved, the security measures have evolved with them. Digital payments have become incredibly secure thanks to strong encryption protocols, authentication processes, and more. Also, businesses can implement their own security measures to increase security.
Many digital payment systems offer protection against fraud. While digital payments are immune from fraud and scammers, the compliance regulations and security systems in place have helped businesses avoid dealing with these issues. Businesses still need to do their part to remain diligent and watch out for the signs of fraud, but much of it can be automated.
Some of the most important security measures that many digital payment methods have in place are PCI compliance and SSL. These regulations and security measures help to keep sensitive information safe as it transfers hands. Overall, digital payments can be much more secure than traditional payment methods, and many of the top payment processors already have these measures in place.
Get Started With Dots Today
Digital global payments have changed businesses in many ways. Along with facilitating easier payments, they also make it easier for businesses to pay international contractors they want to work with.
If you’re a business needing to offer multiple payout solutions to your contractors, Dots can help. Dots API is the perfect solution for marketplaces and other businesses looking to add multiple payout options for sellers, contractors, gig workers, and freelancers. Dots can easily integrate with your current infrastructure and allow you to add multiple payout options with just a single line of code. With Dots, you can automate your entire payout infrastructure in minutes instead of hours or days.
Dots makes it as convenient as possible to offer the payout options your contractors use most. Dots also provides features for automated tax compliance and reporting, embeddable digital wallets, and much more. Interested in learning more about Dots and how it can improve your payout workflows? Schedule your demo with Dots today.