Along with the times, people now rarely use physical money or cash in transactions. Instead, people prefer to make non-cash transactions, using e-wallet payments or known as electronic wallets. As a result, business owners inevitably have to follow people’s choices by preparing non-cash transaction methods, both for offline and online stores. Actually, what is an e-wallet? What are the benefits that a business can get if it uses an e-wallet?
Getting to know E-Wallets
Understanding e-wallet is a technology with a form of electronic service that can store payment data, for example using cards or electronic money to make transactions. This technology comes in the form of an application that can be accessed easily via a smartphone. The most important use of e-wallets is of course for ease of transactions, including shopping and paying monthly bills.
Users can also top up balances in e-wallets through transfers, cash deposits, mobile banking, or auto-debit Payment System Service Providers who have digital wallet services must have permission from the US Government first.
E-Wallet Development in the USA
Over time, the very practical way of paying with e-wallets has made this method increasingly popular. Every year, this digital transaction model is increasingly used, especially in the online shopping segment. Following this trend, there are now more types of e-wallets that you can use. Examples and lists of e-wallets in USA include Paypal, VENMO, Cash App, ALIPAY, Apple Pay, GoPay, Google Pay, WeChat Pay, Amazon Pay, and many more. Each of them has advantages that you can adjust to your needs.
Benefits of Using E-Wallets for Business
The shift in people’s preferences from cash payments to digital by using electronic wallets is certainly not without reason. The e-wallet payment method has many benefits for businesses, including:
Easier transactions. The main benefit of using an e-wallet is that transactions are easier. Because, you no longer have to prepare money with a smaller nominal amount for change. Buyers only need to scan a QR code or barcode to be able to make payments. Next, the money from the buyer’s electronic wallet will go to the seller’s e-wallet.
- More practical and efficient. Another advantage that you can get by using e-wallet payments is that your business becomes more practical, effective and efficient. As a business owner, you can maintain and improve the quality of service to customers with easy payments using this digital wallet. In fact, you can also combine your business in an online system, both in terms of sales and financial management. Through this system, which is certainly more sophisticated and modern, you can expand your reach to get more customers. Very profitable, right?
- Lots of promotions and attractive offers. Business owners need the right marketing strategy so they can increase sales figures so that profits also increase. One marketing strategy that is often used is offering promos and attractive offers to customers. This is another advantage of using e-wallet payments, namely the many promotions that are carried out regularly. For example, there are discounts for purchases of a certain nominal amount, discounts for special types of products, shopping discounts for new users, or in the form of vouchers or cashback for customers. This means, you don’t have to spend any more money to promote your product because you can take advantage of the promotional program provided by the digital wallet. This promotional program only applies to customers who have made digital transactions, aka using e-wallet. Very interesting, huh?
- Guaranteed security. No less important, e-wallet payments also provide security guarantees for every transaction carried out, both from the seller and buyer side. For sellers, digital transaction systems help reduce criminal acts of money theft in stores. Because all forms of transactions carried out are automatically stored in the electronic wallet.
Meanwhile, for buyers, transactions with e-wallets are just as safe. This is because buyers do not need to carry large amounts of cash, which of course will invite irresponsible parties to commit criminal acts of stealing money. So, you don’t need to hesitate anymore to switch from conventional transactions to digital ones by using e-wallet. The reason is, digital wallets have adopted a strong, multi-layered security system for every transaction that their users want to carry out.
- Paying bills is easier. Not only does it make transactions simpler, e-wallet payments also make it easier for you to pay monthly bills. That way, you don’t need to waste time and energy just visiting offline outlets to pay bills. This also applies to bill payments to distributors.
- Be more detailed and neat in compiling transaction bookkeeping. One of the obstacles that is often experienced when running an MSME business is administrative problems, especially managing finances. It is not impossible for transactions carried out conventionally to result in bookkeeping that is not detailed and neat.
Of course, this will be different from using an e-wallet. This is because data obtained from transaction history via electronic wallets tends to be more detailed and neat. All income and expenses can be monitored, both in terms of amount and transaction time. So, financial evaluations will be easier to evaluate so that business cash flow is maintained. Those are some of the benefits you can get by using e-wallet payments.