Pay business bills, expenses, and invoices from vendors and freelancers with electronic cash.
Anyone can send or receive eCash. With just a mobile phone and a digital wallet, you’ll have all you need to move funds from one person to another. Use eCash to pay the rent, to buy a coffee, even to accept payment at a garage sale. The ease of eCash means that you won’t to pay large credit card fees or handle paper and coins. With eCash, there’s never a need for change!
Digital money now takes multiple forms. From simple transfers of fiat currency to stablecoins and the creation of new tokens that can rise and fall dramatically with the market, digital money has multiple variations. Play it safe by transferring a national currency from one digital wallet to another, or use a special, digital coin with its own rate of volatility and stability.
However you prefer to use eCash, digital money is the new way of making and completing transactions—and it’s here to stay.
Due allows you to accept eCash for your business.
We work with innovative digital payment companies from all over the world.
We’re here to help companies just like yours transition into the digital economy. New technology has introduced new payment methods such as ecash, cryptocash, and ACH transactions. Moving payments online, including invoicing, can save time and money while enhancing your cash flow.
State of the E-cash Industry
The transfer of money certainly has come a long way over the centuries. We originally relied on a barter system where we exchanged some type of goods that we had personally produced-for goods which someone else produced-that we wanted or needed. For example, a farmer could trade some of his crop of rice to obtain a type of livestock-like a cow. The problem with this system was determining how much rice would be the fair amount in exchange a cow. That’s one of the reasons why we turned to the use of paper and coins as a currency. Unlike a crop or animal, paper and coin currency had a definite value attached to it that simplified the process of paying for goods and services.
Since then, the transfer of money has continued to evolve from gold and silver, to paper and coins to checks (also paper) to credit cards, and now forward to digital currency that is becoming more common in the 21st Century.
According to the Federal Reserve, it’s “estimated number of non-cash payments, excluding wire transfers, was 122.8 billion in 2012, with a value of $79.0 trillion.” But, why have people so quickly embraced the idea of using electronic cash?
For starters, electronic payments are actually much cheaper and more accurate than checks. Based on the 2015 Payments Cost Benchmarking Survey, “the estimated median cost of a check transaction is $3.00, compared with a range of between $0.26 and $0.50 per automatic clearing house (ACH) credit transaction and $1.50 for a purchasing card transaction.” Because of this significant price difference, two out of three finance professionals have stated that they will replace checks with electronic payments.
More importantly, as noted by Nina Gass, “Electronic cash was one of the first solutions to show consumers and businesses that it was safe, private, and very convenient to do transactions over the Internet.”
As technology has continued to evolve, electronic payments are seemingly becoming a way of the future that most of us use daily every time we use services like Due, PayPal, Square, or Apple Pay. In other words, eCash isn’t going to be going away any time soon. eCash will become more mainstream as more and more people get online, have access to mobile devices, and as the updated versions display continuous improvements to this electronic payment process.
Here is an informative guide to eCash. In this guide you will learn exactly what eCash is, it’s history, the components that make this system work, the great advantages, disadvantages, and current global regulations. This guide will conclude with what we can expect the future to hold for a Cash app.