Digital Payments: New Ways to Quickly Pay Providers and Get Paid

With the rise of digital marketplaces, consumers have taken on the role of a non-traditional, mobile workforce that acts as a service provider. You can hire people to do chores, dog walk, paint your house, and plenty of other things. For a long time, the ability to pay this new workforce has been behind the times, but new forms of digital payment services allow consumers to pay their service providers quickly and efficiently.

One of the top players is Venmo, and parent company Braintree. Instead of checks or collecting and storing sensitive bank information to set up direct deposits, businesses can use Venmo Payouts to quickly and conveniently deliver money using only a service provider’s number or email address. This allows them to streamline the payment process and remove the point of handling vulnerable billing information. Braintree offers a variety of APIs to simplify digital payments, with Venmo Payouts being their latest. Venmo Payouts costs $0.25 per payout, with no other fees or commitments, and during the beta period Braintree offers the first 1,000 payouts transactions for free.

But Venmo Payouts isn’t the only player for digital payments. Paypal is another company, allowing users to buy, sell, or transfer money securely. For a business owner, it becomes a very appealing choice for digital payments because of the security, brand recognition, and ease that accompanies Paypal. Buying through it is simple, as it allows consumers to link bank accounts, debit cards, and credit cards, and in the event of a purchase not arriving or not matching the seller’s description, Paypal reimburses both for the full price of the item as well as shipping costs. For the seller, it opens up many avenues of potential buyers in terms of payments, and charges 2.9% plus $0.30, or less based on the volume of sales.

Zipmark is another player, which syncs up with any US checking account and enables users to send and receive secure digital checks. All payments must be approved, allowing you to always be in control of your accounts. You are also able to keep track of billing and payment history, set reminders for bills, as well as set up automatic approval for recurring bills. It also has APIs that allow for website or application integration, allowing you to incorporate it into your business.

So what does this mean for your small business? In a single word: profit. By allowing your business to accept more forms of payment, you create more opportunities for consumers to be able to use your business and pay you accordingly. Further, in an increasingly technological age, you allow yourself to stay a viable business that adapts to incorporate these technologies, and streamline any payments associated with your business.

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Dimitri Jordan

Dimitri Jordan is a student working on a B.A. in Cultural Anthropology and a second in Ancient Studies. He is also a freelance writer, often concerned with concepts in technology and media.

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