The migration to eCash, also known as digital cash or peer-to-peer payments (P2P), is gaining momentum. Businesses and consumers see it as a quick, convenient, secure and cost-effective way to request, receive, and send money to each other. To meet the demand and encourage more users, eCash companies facilitate these types of transactions. They specifically focus on small business owners who can offer this additional payment option. In return, these small business owners can stimulate online and mobile payments across a wider customer base.
Here are the top 10 eCash companies to consider as a small business owner:
As part of its online payments and online invoicing system, Due’s eCash feature provides a way to request payment from clients and pay businesses and invoices from vendors and freelancers. It’s also possible to split costs with business partners.
You can use the money in your Due eBank. Or, it is possible to link to your business bank account or debit card. Custom messages can be added to each eCash payment to personalize the transaction. Money can be moved in as little as one business day. Startup takes just minutes and is free.
Founded in 2014, Cash App has been awaiting the movement to this new type of transaction. It offers a computer-generated system that allows funds to be transferred between businesses and individuals.
This provides a way to pay bills and purchase goods and services online. As one of many eCash companies, it offers its eCash feature to small business owners, startup founders, and freelancers.
Small business owners can use this eCash service to help customers pay conveniently through their mobile devices and online. It also offers a way to enhance your brand image.
The eCash service helps users share their purchases on the Venmo feed, generating social currency. Venmo has an intuitive user experience. It also provides a highly secure environment for these transactions.
Dwolla has a product for small business owners as well as further options for developers. You can customize and integrate Dwolla’s platform within your organization with its API. This eCash company works with all U.S. banks and credit unions.
Dwolla offers instant and micro-deposit bank verification. You can send, receive, and transfer funds with your customers.
Also, Popmoney takes the middleman out of the eCash process, allowing for bank-to-bank transfers of money. Users do not need to have an existing Popmoney account.
All you need is a bank account number and an email address or mobile phone number. Each transaction is less than a dollar.
Now, you can use your Facebook page and account to accept and send money through its Messenger service. It is morphing into a (P2P) peer-to-peer payment option that essentially sends eCash between two or more people.
This eCash option is an ideal way to get paid easily without fees.
Plus, it provides a way to split any payments among multiple people.
As one of the longest payment companies in existence, PayPal is a popular service that offers eCash capability by transferring money between bank accounts quickly. Small business owners may experience some fees for this eCash process. However, there are options to send and receive money that minimizes or eliminates fees.
Next, fast becoming a well-used eCash service, Chase bank introduced its Quickpay feature in 2010. It offers a way to transfer money between Chase bank accounts with nearly immediate transfer of funds, using an email address. Registration is free. It works with iOs and android mobile devices.
Founded in 2011, ClearXchange is the first U.S. digital payments network created and owned by banks. It allows money to be sent directly to your bank account rather through a third-party account. All you need is an email address or mobile phone number to complete the transaction.
While it’s specifically for the restaurant industry, it’s serving as an innovative payments model for all types of service businesses. UpServe can help raise revenue by offering a way to pay in advance for restaurant meals.
This includes takeout and delivery options. Its payment technology makes it easy to move money from a customer to a business bank account. There is also integration with mobile ordering apps for restaurants.
Benefits of eCash Companies
Now, most of these eCash companies deliver security, convenience, and speed. These benefits help keep your cash flow on high. But, you can also minimize your overhead costs with little to no fees attached to using these services.