Sending money to others is nothing new. It has always been possible to drop a check in the mail while money transfer services have made it easy to send money in mere minutes to loved ones overseas. It doesn’t stop there!
Because technology is always evolving, the way we pay people is evolving too. Here are four of the newest ways to pay that will undoubtedly make your life easier.
Mobile Wallets
Swiping your card at the checkout counter is still the norm. Cards have even gotten more secure over the last few years with the addition of the chip card. It scrambles each and every transaction, making it more difficult for thieves to get a hold of your information, but it doesn’t make paying easier.
That’s where mobile wallets come in.
Instead of swiping your card, you can transfer information from your mobile device to a payment reader. Simply tap your phone to the device and radio frequency identification technology will allow you to process the payment in seconds without the need to swipe your card and use the keypad to complete your transaction.
In order to make this payment method work, you have to download an app, depending on what kind of smartphone you have.
Cell Phone Readers
Even if mobile wallets are easy, using credit cards is still the most common way to pay. They even trump cash payments, which can make things tricky for small businesses.
Instead of accepting cash and check only, even the smallest businesses can use cell phone readers to take credit card payments from anyone with a card. Popular cell phone readers include:
- Square plugs into your audio jack and works with most iPhones and Android phones.
- PayPal Here plugs into your cell phone jack and requires an app with convenient features.
- Intuit GoPayment is compatible with Apple and Android, as well as BlackBerry devices.
Email the Cash
In the not too distant past, there was always at least one hurdle between you and the ability to send your money. Not anymore! Square Cash enables you to email your cash.
All you have to do is download the app and upload your credit card number. Then, compose an email to your friend, using the CC line and Subject line to complete the transaction. After the recipient enters their debit card number, the money is transferred to their account.
Digital Invoices
Tired of pestering friends, family, and clients to send you that payment? Make it easy with a digital invoice! Using Square Invoices, PayPal, or another service, you can send and track invoices without the need to rely on paperwork, checks, and credit card numbers. With the click of a button, you can remind them to pay you too!
Cash and credit cards will continue to be accepted in the immediate future, but new technologies may someday make the old-fashioned ways of paying obsolete. After all, there’s no doubt these four payment methods make sending and receiving money easier than ever before!
