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How Virtual Payment Made Life Easier Amidst Pandemic

virtual payment made life easier

COVID-19 has changed life, affecting every aspect of our lives. People all over the world are adapting to the ‘new normal’. While students are adapting to online learning tools, business owners are shifting towards virtual services to keep their day-to-day operations going.  During the Pandemic, virtual payments have been keeping economies running and helping people reduce contact with Coronavirus. ​

​Virtual terminals at the point of sales, such as Quick Response (QR) codes or near-field communications (NFC), are making it less likely for the virus to spread to others through cash payments. Digital payments are limiting in-person transactions and ensuring customers buy essentials from the comfort of their homes. The innovative payment solution provided by CloudBanking is helping small businesses keep revenue flowing during an uncertain time with a secure data transaction and fraud protection. ​

The pandemic has forced many businesses to rethink their strategies and payment processes. Even though World Health Organisation has never advised against using cash, many businesses are accepting cashless payments. As the pandemic started, the use of cash had been declined. In Australia, demand for cash fell by more than 50% between 2013 and 2020. Digitisation has been a way of leaving the cumbersome, historical artifacts of coins and banknotes behind.   ​

Due to the pandemic, merchants had made online payment safe, fast and easy to follow so as to make customers feel satisfied with services. It is crucial for online and in-store business owners to make the checkout process as easy and simple as possible to boost sales. ​

Here is How Virtual Payment has Made Life Easier Amidst Pandemic: ​

  • ​Virtual payment offers a variety of payment methods upon checking out. Depending upon your target market, businesses can determine which method their customers would prefer. When you select the best-suited methods, you will be ready to get the attention of customers visiting your store. ​
  • Once you lure your customers in, it is not advisable to redirect them to another website to pay. Virtual terminal via CloudBanking redirects your customer to the same website to pay for their items. It helps you to keep your customers on your website as they are familiar with the payment merchant you selected. ​
  • It is an indisputable truth that your customers will make silly mistakes. At times people mistype important information like excessive zip code numbers or providing a wrong part of the address. To address this issue, you can automate the form to validate the data and auto correct any mistakes. If you have a returning customer, it pays to make the checkout easier and swifter by saving their important details via Virtual Terminal function.​

Some Key Facts ​

The volume of contactless payments and interactions with virtual terminal has surged during pandemic. The surge in contactless payment adoption is largely led by retailers. According to an August 2020 study by National Retail Federation, you no longer need to wonder where you can use contactless payments as 67% of retailers now accept some form of no-touch payment at the point of sale. ​

Moreover, a research by Visa’s Back to Business” Study indicates that consumers’ reluctance to use cash will only increase even post-pandemic: ​

  • 78% of consumers changed their shopping habits during COVID-19 and now shop online whenever possible, prioritise contactless payments at checkout, and use less cash; ​
  • 62% of respondents have used less cash since the start of the pandemic due to safety concerns; ​
  • 48% will not shop at retailers that only support ‘contact’ payment methods (such that require contact with a cashier or POS terminals); ​
  • 12% has completely stopped using cash. ​

The COVID-19 pandemic has created a situation where both consumers, businesses, and governments are strongly aligned on reducing the reliance on cash. ​

Conclusion ​

The pandemic has also prompted more consumers to discover the benefits of virtual payment. It requires less surface contact, can be made on the go, and at a faster pace. The CloudBanking Virtual terminal offer seamless integration with online retailers and makes the payment experience fully embedded into the consumer retail journey, further increasing the convenience of usage. Companies has to act fast on innovative payment technologies to boost their sales and delight customers. ​

survey conducted in May 2020, suggests that digital banking has become the new normal for most consumers: ​

As more businesses accept payments via virtual terminal, security risks and payment fraud reduce proportionally. Virtual terminal for payment card processing provides improved security and anti-fraud mechanisms. Predictive analytics and machine learning have emerged as two strong contenders for attaining real-time monitoring over anomalies. Such ‘intelligent’ systems can scan over through billions of transactions and identify unusual behaviour faster and at a higher accuracy than the current rule-based systems most banks rely on. ​

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ACCOUNTING SERVICES

Run fast, accurate, and automated accounting processes through Cloud Banking’s white label portal for accountants. Simply ask your customers to log on to your dashboard so you can download all their statements and reports—making it easier for you to do their taxes. Likewise, you can make sure that our platform can help you streamline everything from financial consolidation to compliance reporting and audits.

 

Our innovative payment solutions can easily be integrated into your existing accounting, invoicing, and billing software so you can get paid faster and more secure. Interested? Start by talking to one of our business specialists today.

HIGH RISK

Are you in the high-risk vertical market? Getting tired of looking for a reliable payment solution for high-risk industry? Don’t worry! CloudBanking got you covered.

We understand that banks and low-risk providers may instantly turn down merchant accounts who they deem industries with a history of high chargebacks, irregular high ticket sales, or that are highly regulated. Thus, finding a high-risk payment processing solution that keeps high-risk businesses running efficiently might be a daunting, frustrating process. This is all the more true for the CBD oil industry. However, CloudBanking understands that your business model works for you. We believe in your business’ desire to help the community and we’re committed to providing top-rated services.

Thus, we go the extra mile to ensure your business’ security and efficient cash flow. We provide tailored solutions and features because we understand your unique needs. You can now offer your customers a smooth and seamless journey with our innovative payment solution for high-risk industry.

HEALTH AND WELLNESS

Focus on what matters most to your business—your customers. And allow CloudBanking to take care of your payments. Our payment solution for health and wellness industry will be your trusted partner in improving your customer experience. With our innovative platform engineered to accept all kinds of payments and provide the security you need; we can guarantee you streamlined business operation.

 

In the ever-changing global marketplace, make your business at the forefront of innovation to give your customers the best customer experience. Trust that our payment solution for health and wellness is here to help you meet your customers’ expectations while improving your cash flow. Contact us today to experience the difference.

FIELD SERVICES

Are you one of the small or mid-sized businesses in the field service industry having trouble collecting payments? And are you tired of all the waiting and hassles? Then, it’s time for you to adopt a phone- and cloud-based payment solution for field services that will improve your cash flow and accuracy. Allow your field services staff to accept payment on-site so they can focus on the next job.

 

Level up in the game field by offering a cutting-edge payment solution for field services that will assist you in meeting your needs and improving your bottom line. Contact us to know how we can be your trusted partner in getting paid faster and secure.

RETAIL

The retail environment has evolved rapidly in the past years. To keep with the pace and increase your bottom line, you need to integrate a platform providing a full suite of card payment systems that fully satisfies the needs of you and your customers. CloudBanking’s payment solution for retail industry is here to help you stay in the game and be more competitive.

 

Powered with the latest technology, our credit card processing solutions allow retailers to accept any form of card payments such as credit cards, debit cards, and EMV-compliant cards. Our payment solution for retail industry can help you effortlessly manage your point-of-sale transactions while you boost your retail sales.

PROFESSIONAL

CloudBanking offers a customized payment solution for professional services companies, such as law firms, insurance agencies, and accounting firms. Our platform is designed to provide you a safe, convenient, and secure way to accept your service fees and lessen the administrative cost related to payment processing.

 

We understand that your business’ payment processing needs are unique. So you can’t just rely on any payment processing platform to manage your cash flow. You need a trusted partner to receive payments fast, secure, and easy. Enjoy this hassle-free process when you integrate our payment solution for the professional services industry.