Photo: Mike Licht

 

Every day, new technologies are introduced and invented – most of them beneficial in some way. Fortunately for most business owners, a lot of the technology we see being worked on currently is extremely work-oriented; productivity apps, calendars, communication apps, video conferencing, and payment methods are just a few of the thousands of tools you’d find. Everyone who works wants to be more efficient and waste less time, and because of that, we’ll never see a decline in the amount of work put into trying to invent the ultimate business aide.
For a business that sells a tangible product, payment has long been a source of concern and frustration. For example, if you run a produce company and sell from a farmer’s market, how do you handle your income? Every customer likes to pay differently, but luckily for entrepreneurs, it’s about to get a whole lot easier.

By now, most people have heard of PayPal. Not only is it an efficient means of collecting payment online, but they’ve also released a small piece of hardware that connects to your phone through Bluetooth. This device allows customers to either swipe their credit or debit cards through it, or pay through NFC payment systems, such as Apple Pay and Android Pay. Several other companies produce these devices as well, the most notable of which is called Square.

Photo: NKCDC Philadelphia

Not Reader specific, but this is just a shot of the UI where you can select a method of payment. To use the Reader, select Card.

Photo: Michael Hancock

As well as being safe and reliable, these devices eliminate the concern both parties could usually feel during a transaction. Since you can be e-mailed a receipt with detailed information, most customers won’t fear credit theft or unseemly dealings. On the contrary, one of the safest ways to pay currently is with NFC tap-to-pay technology through your phone. Activating it requires a secure PIN, password, or bio-metric data – such as facial recognition or fingerprint – thereby eliminating the possibility of your information being stolen.
The advances made in this area have helped business owners work more efficiently, and increase sales and productivity. In a survey of small business owners, over 54% of them indicated they were using new technologies to process payment, and that this method has had noticeably increased their sales. Due to those numbers, more than 67% of owners said they plan to increase their company’s size in the coming year, as opposed to just under 50% last year. Quicker payments means more sales, more time with customers, and more profits!

Photo: Adam Fagen

Photo: Michael Raso

It’s quick and easy to get started using new technology, and even a cursory Google search will turn up dozens of detailed guides for whatever you’re looking to accomplish. Staying ahead of the trend in the technology department allows you to be aware of developing ideas, up-and-coming gadgets, and which inventions work – as well as the ones to avoid.

 

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