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In 2017, $160.6 billion US dollars in non-cash transactions were recorded for North America alone. By 2022, this figure is projected to amount to $201.8 billion US dollars. [Source: https://www.statista.com/statistics/265767/number-of-cashless-transactions-worldwide-by-region/]
As individual smartphone usage continues to gain ground and more businesses embrace digital operations, financial transactions are also becoming increasingly technical. Individual device technology is becoming increasingly more secure, which means that businesses can benefit from extending non-cash payment options to their customers. This translates into unmatched convenience for the customer, but there are several benefits for the businesses, as well.
Businesses often rely on checks or even a line of credit for their payment. This can quickly translate into overdue payments, eventually becoming bad debt if not pursued actively. Furthermore, a check may also get returned due to insufficient funds. Online payment gateways, however, ensure instant payments.
Constantly ensuring that the cash register is secure from internal employee theft can become a drain on startups or small businesses. An online payment method ensures that funds move into a secure account without employees being able to access cash.
No Physical Space Requirement
Space and infrastructure can be a luxury for a business that is bootstrapped. Online payment methods can help a business circumvent this requirement. Businesses no longer need to account for storage of paper receipts or invoices. Virtual payments create a trail that can be saved, shared, or accessed when required without spending time creating and tracking paper records.
Strong Cash Flow Management
Because virtual payment modes allow for instantaneous fund transfers, there is no question about unpaid invoices or overdue payments. This contributes greatly within the business to positive cash flow management, increasing liquidity.
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Trends Influencing How Small to Mid-Sized Business Accounting Departments Operate.