With the invention of the internet as we know it today in the 1990s the world of online and digital payments was blown wide open. The evolution of new digital payment methods has taken the world by storm and has opened up sales avenues for retailers that were never before available. 

The evolution of digital payments

In 1994 an institution called the Stanford Federal Credit Union allowed for the first online payment to be made. Although this system was not exactly user friendly and required specialized knowledge, it did open the floodgates of opportunity for advancements in digital payment technology, 

When PayPal joined the party in 1998 it expanded this world even more and allowed retailers and consumers to completely change the way in which they previously dealt with purchases. 

Currently the world of digital payments does not just include one method but encompasses several methods of using the internet to pay for goods and services. There have been advancements in not only online banking, but also currencies that can be used at retail outlets and even changes in payment structures. Methods that have never been seen before. 

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New Digital Payment methods with the greatest potential

As will all advancements in technology there are always fads that will pass before you have time to blink an eye. Ideas that may have had enormous potential in the boardroom but when it came to implementation simply turned out to be not as user friendly as was previously imagined. And then there are the ones that are here to stay, the ideas that once in fruition change everything. 

One such invention has to be the use of crypto currencies as a new digital payment method. Although crypto currencies may not be the most popular under the older generation it is certainly the financial buzzword when it comes to the younger amongst us. With so many crypto currencies on the market nowadays it would be basically neglectful of any business not to allow the use of these currencies as payment methods. When Bitcoin entered the world in 2009 no one had any idea what the actual effect of it would be on the world of digital payments. 

It would have been impossible to predict that only a short 23 years later it would be a currency that is accepted almost worldwide and that more and more retailers would follow suit in accepting this currency as payment. 

Another brilliant innovation in the new digital payment methods world is the implementation of the BNPL payment option – buy-now-pay-later. This allows for consumers to apply for this option at check out, receive immediate notification of approval, and to then pay for their purchase over a period of time. As you can imagine this has opened up the world of retail for both the seller and the buyer. The seller is now able to expand their client base and increase sales. In turn the buyer is now able to buy items that they may not have been able to afford previously. Consumers simply have to pay a deposit – as little as 25% - for the item they wish to purchase and then they pay the remainder of the cost of the item in instalments over a period of time. This period can range from as little as 30 days up to as long as 12 months. 

This is certainly an innovation that has taken the retail world by storm and will have many future benefits for the world of sales. 

The benefits of Traditional Payment Methods vs. Digital Payment methods

With all these advancements in new digital payments methods it has proven to be greatly beneficial to retailers and consumers alike. And much more so than the traditional payment methods that have been in use for years and years. 

One of the biggest benefits of implementing and making use of new digital payment methods in your retail business is the fact that you are instantly paid. The money literally reflects in your bank account as soon as the customer has transferred the funds. And with all of the payment portals on the marker at the moment this payment can truly be done with just the click of a finger. 

It has also opened up the world of shopping to customers who may not have been able to get to certain retail outlets in the past. Online retail and payment seem to be the way of the future and it would be of great advantage for any business to incorporate as many payment methods into their sales procedure as possible.

Your client base will increase, your sales numbers will go up, and your customer satisfaction will grow exponentially. Allowing customers to pay with crypto currencies and allowing them to pay on a BNPL basis will not only attract more customers but will certainly encourage current customers to spend more. 

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Stay ahead of the game with Elly

The only way to succeed in the retail world as it exists today is to change with the times. It is necessary to implement changes in technology as they come on the market, or you are sure to lose customers to competitors that are moving with the winds of change. 

The Elly POS System allows you to stay relevant and reap the benefits of all the new digital payment methods on the market.  By integrating the Elly POS system into your current payment processes you are giving yourself every opportunity to succeed. This system allows you to incorporate new digital payment methods that you may not even have known existed. With Elly you can now allow your customers to pay with various cryptocurrencies and also to buy on a BNPL basis. This is integral to the growth of your business as these are payment methods that are sure to surpass the traditional methods that we have used in the past. And this change is not something that is in a far-off future but is one that will most assuredly happen within our lifetime. 

The benefits of the Elly POS System are boundless and will be identifiable almost immediately. It truly is the way of the future for retailers.