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There are no Podcasts in your queue. Opinions expressed by Entrepreneur contributors are their own. Back in the day, making a payment as a business or a consumer was pretty straight-forward. You could pay by cash or check. Then came credit cards followed by debit cards.
While these all worked, they tended to be paper-intensive processes that could take a few days to process — except for cash, of course. When more business started to be conducted on the Internet, those that relied on cash or checks were suddenly left out of the new opportunities available for transactions. As the opportunities grew for retailers and businesses to conduct transactions online, consumers and businesses started to be more interested in paying new ways but were concerned about situations of large-scale fraud and card theft. The result has been a greater focus on developing the technology that alters how payments are made for all types of transactions.
Here are eight examples of startups changing how we pay for products and services. That’s what makes this new payment solution so convenient. This easy payment alternative helps you pay back what you owe through an online transaction option. The payment solution also comes with reports and forms to track all payments owed and made. Openbucks There are times where you may be sitting there with a number of gift cards that would otherwise go unused, but the funds on those cards could be better used elsewhere. That’s where Openbucks comes in, allowing you to use those gift cards to pay for items you want online just like you were using cash for those transactions. While the startup is still growing its list of companies that allow such payments, there is a significant opportunity for both businesses and consumers to make the most of the currency they have available no matter what form they have it in.
This also ensures that gift cards don’t go unused but that help consumers toward getting what they actually want. It offers a mobile and cloud-based platform so that contractors can accept those deposit payments from customers on the spot, including debit or credit cards and electronic checks. They can provide customers with access to instant financing to fund their construction projects as well as offer Visa debit purchasing cards to employees who need to buy materials rather than having to rely on a company credit card. The company has also created a similar all-in-one tool for personal finance, helping consumers with similar money management issues. Its solution can enable businesses of all sizes to take this new form of payment, giving them a competitive advantage over others that have not yet started offering this payment method.