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How the Future of eCash will Impact your Merchant Account

Future of ecash money

The rise of the digital channel has changed the dynamic in which businesses engage with consumers. Not only does it affect customer engagement, but also engagement with suppliers. The future of eCash is already showing signs on impacting your merchant profile. Digital tools can enable a more seamless and integrated process for exchanging money, and help drive a business forward. Digital tools like e-cash also offer benefits of faster funding and better security.

Get your money faster with eCash Payments

In a world where delivery of goods and services has accelerated exponentially, the traditional process of sending invoices and waiting for checks to arrive and clear delays the speed of business. Latency presents risk and creates a material cash flow issue, stalling a business’ ability to utilize funds for other critical areas of operation.

E-cash can help solve these issues by making it possible for funds to clear in near real time. Tools like PayPal and digital wallets help expedite funding and free up money for a business. The payments industry continues to evolve as new and established players enter the market with best in class solutions. Visa, MasterCard, Apple, and Google are all investing in this space to compete with established peer-to-peer systems like PayPal and Venmo that provide value and security to the modern business.

The Future of eCash will Involve Security is a primary focus

Putting your business at risk in order to modernize and expedite payment is not an option. Industry standards associations like the PCI council help scale best practices and offer tools and mandates to reduce risk. In addition, acquirers like Due and Vantiv enable next generation payment fraud monitoring tools to help businesses further reduce risk during electronic transfer of funds.

A key theme in the payments industry has been the utilization of the security technologies, tokenization and encryption.  Vantiv offers solutions which ensure valuable payment data will not hit a business’s servers, providing an extra layer of protection against theft.

Provide flexibility and transparency for you and your customers or suppliers

The future of eCash provides built-in flexibility for business owners. It gives a business’s customers and suppliers the ability to pay with their preferred payment options. Due offers options to invoice by email and accept a variety of payment options. We accept credit cards, digital wallets and PayPal. This allows customers and suppliers to pay with their preferred tender. Additionally, the ability to set payment alerts, recurring billing options, and invoice viewing capability, provides transparency and flexibility.  All of these gives a business more control over the payment process and simplifies business operations.

The bottom line goal of e-cash is to be able to strengthen funding options and accelerate the speed of business. This ultimately helps with freeing up more time to focus on your core business. E-cash is truly the evolution of money for the modern business in the digital age.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

Andrew Wind is a Principal Product Manager for Digital Wallets at Vantiv, Inc. a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes. In this role, he is responsible for the product strategy and development of Vantiv’s Digital Wallet program.

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