Ronnie Millar
Co-founder and CEO, Paysend
As consumers get used to paying for things digitally, businesses need to ensure they have the time- and cost-saving technology in place to benefit.
Businesses need to acknowledge the acceleration of major shifts in payments behaviour during the pandemic and the move of consumers away from cash towards digital and instant payment options that saves them time and money.
The latest technology enables businesses large and small to process payments quickly, at low cost and with minimal administration.
The international payments market today remains expensive and inefficient for a significant proportion of users, with high barriers to entry for many businesses. However, everyone from a sole trader to a large corporate can now drive greater efficiency through payment technology to pay, hold and send money.
Business owners across the board are seeing greater adoption of digital payments in their personal lives and are realising that now is the time to bring this technology into their commercial environments.
There is an on-going education process within the payments industry to educate SME owners and also larger companies about how, even if they are already aware of digital payments, they can do things much more simply than they might perceive.
The latest technology enables businesses large and small to process payments quickly, at low cost and with minimal administration.
Fairer system
Payment tech vendors are also helping to create a fairer system for smaller businesses who in the past have been treated less favourably than large corporates by the traditional high street banks.
At Paysend, our modular B2B platform provides a menu of services that businesses can choose from. They may require technology that enables them to take electronic payments from customers and get money into their bank account quickly, or they could be handling foreign currency if they have customers overseas.
Global coverage
Paysend was set up in 2017 to help consumers manage their everyday finances. It was the first fintech to introduce a global card to card transfer service and now offers businesses operating online more than 40 payment methods. It supports connections between 12 billion cards globally across Mastercard, Visa, China UnionPay and local card schemes.
