5 Ways Businesses Can Leverage Digital Payments to Boost Their Business in a Post-Covid Environment I Digital Banking Firm DNBC

LONDON–(BUSINESS WIRE)–Global demand for digital payments has exploded. The dramatic increase in contactless payments around the world presents an opportunity for businesses to not only meet customer demand, but also reap the many benefits of digital payment.

Stay with us as we explore these opportunities so you know how to use digital payment to boost your business in the post-COVID environment and beyond.

1. Accept online payment by credit card

Nearly 420 billion transactions worth $7 trillion could move from cash to cards and digital payments by 2023 and up to $48 trillion by 2030.

If you don’t accept credit cards, you risk losing hundreds of potential customers who aren’t willing to pay cash.

So if customers have advanced payment options, they are more likely to buy more.

2. Use internet banking

With internet banking, you can process transactions at any time, which means you won’t have to delay your work to get to the bank.

If your business requires you to frequently make and receive payments around the world, a DNBC business account can help you transfer money quickly, wherever you are in the world.

“If you structure payments correctly, digital banking can create more predictable cash flows throughout the life of your business,” says Jimmy Lee, founder and CEO of DNBC Financial Group.

3. Accept payments by digital wallet and QR code

According to the World Payments Report, digital wallet users will grow from 2.3 billion to 4 billion in 2024. QR codes are expected to be used by 30% of all mobile users by 2025.

The use of digital wallets and QR codes has improved the payment process. With a simple phone call to a dedicated terminal, a customer can easily make his payment. Not only does this improve the customer’s user experience, but it also increases the number of transactions per unit of time.

4. Use the mobile payment app

With the popularity of smartphones, the opportunity to increase revenue through mobile payments cannot be ignored. The ability to sell and buy services and products online, manage customer accounts from anywhere are some of the main reasons businesses are approving mobile payment apps.

Some apps like DNBCnet are worth considering if you travel frequently and transact internationally. The app helps you track your business finances and manage your accounts on the go.

5. Implement an omnichannel payment solution to improve cash flow

The omnichannel payment solution can speed up customer payments. Many businesses use different payment systems to collect various payment methods and will often have multiple bank accounts linked to each system.

This complication is reduced by implementing a payment collection system that handles all payment types through a single solution. It also helps integrate cash flow records into one system and will likely reduce costs.

It’s time to increase your payment

One of the main benefits of digital payments is that they allow business owners to focus on delivering services.

Even the smallest improvement in payment performance can dramatically improve a business’ bottom line.

DNBC is one of the leading providers in the digital banking industry. It offers exceptional convenience and transparency to its users. Via their smartphone, customers can open a free account whenever and wherever they want.