The world of business is changing. The economy is becoming more globalized and digitized. No longer are paper checks the norm for paying someone or getting paid. There are now so many ways to transfer money and receive it. Businesses can do transactions with each other much more easily from across the office or across the world. This is changing business in general. Here are some ways that online payment platforms are changing business.
Facilitating eCommerce
Online platforms like ProfitPay enable the eCommerce process and make it easier to conduct transactions. Streamlining eCommerce allows customers to make purchases effortlessly. There is nothing to it. Businesses will make more money on every transaction. Keeping all orders on one platform allows the customer to seamlessly pay and the business will keep more from all orders and payables in a single place. Analytics and reporting are at your fingertips, allowing businesses and individuals alike to take control of their finances.
Creating Marketplaces
Online payment platforms are creating new marketplaces because it is easier to conduct business. With application programming interfaces (API) and an easy-to-use all-in-one platform, businesses can facilitate every payment and create their own market by accepting payment. You can also pay out service providers and sellers around the world. With new ways to receive payment, there are all kinds of new marketplaces being created.
Helping Businesses from Underdeveloped Countries
New payment systems are also helping businesses from underdeveloped countries by allowing them to send payments to each other and conduct business across continents and the world. A new pan-African payment system enables businesses to send payments more quickly, without all the fees that are associated with transfers. These platforms provide transferred funds in the local currency. In addition to creating new marketplaces, online payment platforms are facilitating the economies of underdeveloped countries.
Business Travel
When it comes to business travel, the funds can be tricky. Who is paying for the flight? The hotel? What about the meals? Online payment platforms enable businesses to pay each other and their employees for business expenses. They provide sales to suppliers that protect your online payment and transaction processes worldwide, providing the kind of peace of mind that is necessary when conducting international business and travel. Online payment services take a different approach than banks. International money and payments are more protected, secure, and widely accepted.
Virtual Cards
In addition to the physical debit and credit cards that you can use to make payments, online payment platforms often provide virtual cards that you can pay with at places that accept virtual payments. With branded company cards, you can make vendor payments and spend money on other virtual purchases.
They also often offer media buying options, seamless payment processing, digital banking, and the ability to get more cash back on purchases than credit cards might offer. Online payment platforms don’t just allow you to pay or receive money on a computer, either. You can also make purchases on your phone with a virtual card.
Buying Advertising
Finally, you can help grow your business with online payments by buying advertising, marketing tools, and purchasing media opportunities. This allows you to issue unlimited cards for unlimited campaigns. The precision that these platforms provide unmatched opportunities to buy content and ads from the accounts that manage your advertising. If you are trying to start advertising abroad, an online payment account will enable you to pay in your currency and have it transferred to the ad agency in their local currency.
With business converging around the world and economies growing like never, online payment platforms are enabling business. They are changing business by providing protected transactions, growth capital, new payment methods, the ability to receive money, and the control of fraud. Internet companies can make more money by being charged fewer fees and protecting money transfers to and from international accounts.
Only time will tell how these kinds of online platforms may change the world economy and the ability for people to do business across borders, but one thing is for sure. Business as we know it will never be the same. No longer do you have to settle. Companies can advertise internationally and do deals with businesses that are not in their country. Global collaboration may raise the standard of living and provide prosperity for an increasing number of people.
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