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How the Pandemic Forced the Cash Dependent Consumers to Use Virtual Payment Platforms

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The coronavirus outbreak is promoting cashless to avoid potential hygiene issues around handling banknotes. Merchants are requesting customers to wear masks, maintain physical distancing and avoid the use of cash when possible. One of the consequences of the Covid-19 pandemic has been a surge in the use of contactless cards and mobile phones to make payments. Businesses have to address and initiate noncash transactions processed through digital channels to support their customers, maintain their business, reinforce their organisation and play a positive role in the economy and community. Digital payments can support social distancing measures and help reduce the spread of COVID-19 as it allows payment transactions to continue with contactless payment. Cloudbanking provides businesses with innovative payment solution that are safe and trustworthy and improve cash flow by optimising the way customer payments are collected. Thanks to the innovative digital technology, which provides speed and ease contactless payments in order to avoid using cash and touching objects during the pandemic. 

Since the start of the Covid-19 pandemic, there has been a discussion regarding cash as a mean that helps to spread the virus. Many governments around the world have encouraged people to use virtual credit card terminal rather than cash to help prevent the spread of the virus. Even though the earliest concerns regarding the risk of spreading the virus through cash has been played down, there is still a reluctance among customers to use cash. During the first quarter of 2020, contactless card transactions increased by 40% globally. A trend that probably will continue to evolve. Digital wallet and virtual card terminal are being more popular in providing an easier customer experience for point-of-sale and e-commerce payments by removing the need to enter details or PINs as a recurring payment service. Web payment solutions and internet credit card processing are making payment convenient with secure data and prevention of fraud. ​

When People are slowly adjusting to the new normal by adopting virtual card and cashless payments over cash, there has always been a demand for increased safety and elimination of fraud. Adopting the latest technology, CloudBanking assures secure data transactions and fraud protection. It provides a powerful subscription and recurring billing management tool to empower businesses of all sizes. ​

Card payments have witnessed a surge during the COVID-19 pandemic as ATM withdrawals in April were down 30 per cent from the month before and over 40 per cent lower than twelve months earlier, stated by Michele Bullock, the Assistant Governor from Reserve Bank of Australia. The main reason behind this drop was customer’s reluctance to handle cash. The increased use of online shopping, either through necessity or preference during the ‘stay at home’ period, seems likely to be a permanent shift. In response, many retailers have increased their online offerings and may even find that they can reduce their physical presence. The introduction of contactless payments has made it quicker and easier to make lower-value transactions by card, reducing further into the traditional domain of cash transactions. ​

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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.