History of the Credit Card Payments Industry for Businesses
Looking at the history of credit card payments reveals the ongoing evolution in technology and impact that various changes in society have done to further change how businesses conduct transactions. In this infographic on B2B payments, you will be able to trace the history from paper money to virtual cash. What’s interesting is the idea that there were visionaries as early as 1887 that imagined that payments would become digital and move away from paper money. Yet, as the guide reveals, it’s been a slow shift in attitudes and actions related to this move to a digital payment form, especially when seeing the large expanse of time from the 1940s until 2014 when credit cards still only made up ten percent of B2B payments.
The B2B guide also illustrates the emergence of other virtual forms of payment, such as the development of ACH and eChecks, which took hold within the B2B environment at a much faster rate than the adoption of credit cards for business transactions. From that point forward, the guide illustrates the emergence of various technological developments that have further propelled the migration to virtual payment solutions, including PayPal’s e-invoicing systems and SaaS platforms that enable further payment options.
The infographic also provides an extensive explanation of the five main B2B payment types, including checks, ACH transfers, credit cards, electronic funds transfer, and online payment platforms, as well as the advantages and disadvantages of using each for business transactions. All the B2B payment types have their benefits and issues, illustrating that some B2B payment types work better for certain kinds of business models.
The last section explains how a business can protect itself from the common types of fraud found with each type of B2B payments. Numerous tips from the FBI are also included to help you, as a business owner, recognize the signs of scams and possible fraud can be within the world of digital payments. These recommendations are intended to show you that, despite the increasing security measures and tools now available for online and mobile payments, the virtual payments environment can still make a business vulnerable.
However, despite the ongoing vulnerabilities, the guide to B2B payments is intended to show businesses the overall benefits that come from migrating from paper-based transactions to virtual payments, offering access to more customers through more payment options, a lower cost per transaction, greater efficiencies and increased cash flow that a business needs to thrive and grow.
History of the Credit Card Payments Industry for Businesses was originally published on Due on October 23, 2016 by John Rampton.
