10 Ways Consumers Are Using Virtual Payments
More and more Americans are embracing virtual payments in lieu of traditional cash, checks and money orders. What’s more, they’re using virtual payment systems in increasingly creative ways. The following list outlines 10 of the more popular applications for virtual payments:
1. Online Shopping
Online shopping (aka e-commerce) is probably the most obvious example of virtual spending. Simply locate the product or service that you want to buy online, enter your credit card information and click “place order.”
2. In-Store Purchases
Credit card terminals, mobile credit card processing and virtual wallets (e.g. Google wallet) all represent in-store payment systems that use virtual currencies. Just swipe, click or wave, and the transaction is complete.
3. Paying Your Taxes
Yes, you read that correctly. Instead of mailing in checks to the IRS and state tax offices, you can now pay from the comfort of a computer or mobile phone — instantly, safely and securely.
4. Paying Utility Bills
Many utility companies now accept online payments via credit card or bank. Login to your personalized dashboard, check the balance and pay with one click.
5. Managing Subscriptions
You might receive your magazines in the mail, but there's no reason to rely on the postal service to send your monthly payments. The same is true of Internet service providers, cable companies and any other subscription-based services.
6. Loan Repayments
Mortgages. Car payments. Credit cards. Student loans. All of these lend themselves to instantaneous and secure online payments. You can even set up automatic reminders and recurring billing so that you never get charged late fees again.
7. Charitable Donations
Whether you want to donate to hurricane relief or contribute to cancer research, most fundraising campaigns now accept virtual payments and credit cards. Even churches are increasingly replacing physical collection plates with virtual ones.
8. Direct Deposit
Having your salary deposited directly into your bank account is convenient. You don't have to wait for checks to clear. And you don't have to drive to the closest bank (during inconvenient business hours).
9. Retirement Savings
One of the easiest ways to save for retirement is to make all contributions 100 percent automatic. Every month, you can deposit a set amount into your IRA or 401(k) without having to remember or do anything.
10. Online Banking
Strictly speaking, online banking is not a "virtual payment" system. But it’s the linchpin that ties all of the above together. And the rise of online banking is also one of the driving forces behind America's increasingly cashless society. From one centralized dashboard, you can manage your entire financial life — safely and securely.
Making Virtual Payments Work for You and Your Customers
If your business doesn't already accept virtual payments, you’re potentially missing out on a huge opportunity. Remember that Americans are carrying less and less cash. And they increasingly demand the flexibility, security and convenience of virtual payments.
Why limit your company's growth potential when adopting paperless processing is both easy and affordable?
If you're not sure how to get started, use the free resources below to learn more, or click Get Sarted Today! to have one of our experts contact you shortly: