Cash Alternatives in 2016
The 2016 Mobile Payments State of the Industry Report, both U.S. and UK consumers are increasingly relying on their smartphones and tablets to search and buy products. In the U.S., using a mobile phone to access the Internet has gone from 65% in 2012 to 94% in 2015. In the UK, 58% now use their mobile phones to make online purchases with debit cards (51%), PayPal (49%), and credit card (34%). It may well be that cash will no longer be king in the not-so-distant future.
Now, more than ever, there are services that help consumers and businesses avoid using cash or checks. Instead they can leverage technology to pay for goods and services as well as transfer money between accounts. Here is a list that includes many of those cash alternatives to use in 2016:
- Due: While we know this is the best company on the planet (biased) we still offer one of the top cash alternatives on the planet. Due’s goal is to make payments awesome by providing a service where anyone in the world can transfer money to anyone else for free.
- PayPal: While it’s one of the oldest on the list, PayPal still offers a great way to accept money from those in other countries, automatically converting many currencies into the one you use. They also offer debit and credit services as well as business banking services, helping many freelancers and small business owners to offer a payment service that accepts credit cards or bank transfers.
- WePay: While PayPal often requires you to leave the site you are buying from to complete the payment portion of the transaction, WePay keeps you within the shopping site, which often provides shoppers with more confidence about security and fraud protection.
- ProPay: As another alternative to PayPal, ProPay has a built-in shopping cart, recurring billing, a mobile phone credit card reader for debit and credit card payment processing for in-person transactions, and international payment and receipt.
- Bill.com: Evolving into an accounts payable and accounts receivable solution for businesses, Bill.com is considered to be an affordable and reliable way to make and receive payments. It speeds the process of paying many people by taking care of payments in just a few clicks for a long list of vendors, saving valuable resources.
- Paystand: As another replacement for PayPal, this digital platform accepts eCash. Get paid faster with the world’s first B2B payment network designed for today’s Internet..
- Authorize.net: As a widely used online payment gateway, this service has been recognized for its value, security, and ongoing technology enhancements. It works for all sizes of businesses, providing small business owners with a way to have an affordable and reliable merchant account.
- Google Wallet: As part of the digital wallet platform, Google Wallet was one of the first to introduce the idea of storing debit, credit, gift, and loyalty cards in a digital system that you could use to send and receive money to retailers, vendors, and family and friends.
- 2Checkout: This digital payment gateway also offers the features of a merchant accounts, including receiving PayPal and credit card payments. Other features include international payment acceptance and recurring billing.
- Amazon Payments: You can offer this payment option on your site so millions of Amazon customers can purchase from your site with their Amazon credit cards. It’s a seamless mobile payment experience that introduces you to a much larger potential customer base and keeps customers on your site to complete their transactions.
- Apple Pay: This app lets you store your credit and debit card information on all Apple devices, including Apple Watch, iPhone, and iPad, so you no longer have to carry a wallet wherever you go.
- Samsung Pay: In response to Apple Pay and working with your Samsung Galaxy device, this app offers a way to swipe or type a payment at the majority of retailers across the country. All you need to do is launch the app from your Samsung Galaxy device, secure with your fingerprint, and hover over the card reader at the retailer to make a payment.
- V.me: This is Visa’s answer to a simple online checkout experience. Customers only have to use a username and password and their Visa debit or credit card will make the payment without needing to have their cards with them.
- MasterPass: This is MasterCard’s response to the new digital wallet payment solution for its branded debit and credit cards. A customer can use this to streamline their shopping and purchase experience on your website by selecting their integrated digital wallet. Besides not having to re-enter their card information, they also have their shipping information automatically transferred to you.
- Bitcoin: As the first cryptocurrency, it still stands as a decentralized digital currency used around the world in addition to the many hundreds of other cryptocurrencies now emerging. It allows you to make and receive payments with close to no fees and no concerns over currency exchange rates.
- Blockchain: Named after the same databases used to store cryptocurrency transactions, this new type of digital wallet for bitcoin storage and receipt. It will also help you discover local, national, and global locations where you can use this type of digital currency to pay for products and services.
- Dwolla: This is an ACH transfer platforms that offers a digital transaction network from which to connect to U.S. banks and credit unions for account-to-account transfers. It offers both a free and enhanced version of its digital solution for various applications.
- Skrill: With so many of us now making online payments for various bills and expenses, it helps to have a central location from which to stay updated on the status of all these financial obligations. This digital solution has global reach, providing a way to send and receive money in different currencies, store cards, link bank accounts and make payments. It touts itself as providing an ideal platform for everything from betting and gaming to trading and shopping.
- Stripe: This mobile payment-processing platform is helping more freelancers, small businesses, and part-time vendors to sell their wares and services while accepting credit or debit card payments from their customers. It’s built for developers, which means that it can be customized to fit all types of business needs.
- Square: This is a payment-processing app for iPhones and iPads so you can let your customers use their phones to pay for their purchases. Other features include tools to help you track your customers, sales, and taxes.
- PopMoney: As one of many available personal payment services, this one offers a low-cost transaction fee for transferring money from account to account. You can request, receive, and send money online or through a mobile device.
- Intuit Payment Network: This bank-to-bank platform enables you to add e-commerce functionality to your website so customers can pay your easily while you enjoy an electronic funds transfer solution. It’s a low-cost way to offer customers non-cash payment options.
- Payza: This online payment option offers wire transfers and the ability to receive and send money in all types of currencies. It provides a personal and business solution, tailoring the solution to your needs.
This is just a sampling of the numerous ways you can exchange funds and conduct business online or in-person, providing those that are selling and those that are buying with many ways to forego carrying cash, checks, and even plastic!