Payment Archives - VC Finance Inc

Technology’s Impact on Financial Payments

Hazel McKnight 08/02/2023

The way we make financial payments has changed dramatically in recent years, thanks to the advent of technology. There are several ways to pay for goods and services, and many people choose to use technology-based methods. Even tithes and zakat fitrah are now often paid through online platforms. Here are some of the ways technology has changed the financial payment system:

Increased Security and Convenience

Modern payment systems use secure encryption technology to protect data, making payments more secure and convenient than ever. It has allowed people to make payments more safely without worrying about their information being compromised.

Faster Transactions

Technology has made it easier and faster to make payments, often reducing the time taken to complete a transaction from days to minutes. This makes it easier for customers to purchase goods or services quickly and securely.

Cashless Payments

In developed countries like the United States, we increasingly see a move away from cash payments to digital and card-based payments. It has made it easier for customers to make payments without carrying large amounts of cash around.

Mobile Payments

The proliferation of mobile devices across the world has also allowed people to make payments on the go, quickly and securely, via their phones. Mobile payment systems like Apple Pay and Google Pay have recently become incredibly popular.

Online Payments

The internet has facilitated the development of several online payment solutions, making it easier than ever to make payments from anywhere in the world. Many businesses now offer online payment options, allowing customers to pay securely using credit cards or even cryptocurrencies.

Blockchain Technology

One of the most exciting innovations in the financial world is blockchain technology, which is being used to create “smart contracts” and decentralized applications. This technology can revolutionize how we make financial payments, making them more secure, efficient, and cost-effective.

Contactless Payments

Another recent innovation in the payment space is contactless payments, which allow customers to make payments by simply waving their card or phone near a reader. This technology is becoming increasingly popular due to its convenience and ease of use.

These are just some ways technology has changed the financial payment system in recent years. By continuing to develop new technologies, we can make payments faster, more secure, and more convenient than ever before. It will help to ensure that the financial payment system remains a reliable and efficient way for people to make transactions.…

How Can Businesses And Customers Benefit From The Direct Debit Payment Method?

Hazel McKnight 02/09/2017

Introduction

While most people are familiar with how Direct Debit method works, they are not quite familiar as to how business and themselves can benefit from it. At the moment, direct debit is definitely among the most popular payment methods. It is preferred by many businesses and individuals all across the world. Now, if you are one of those who doesn’t exactly understand the benefits of this method, we will try to clear things up by outlining the most notable advantages.

For the businesses

An improved cash flow

If you are a business owner, with the direct debit solution, you will always know exactly then the funds will be cleared and transferred to your account in advance. This will greatly reduce the possibility of errors and oversights, as well as any cash flow issues. This will also greatly help your business’ staff members, especially the accountants. Since your customers will set up their Debits to ensure timely and regular payments, your accountants will have a much easier time chasing late payments and sending out reminders.

Retention and improved customer loyalty

If you are looking for cheap and reliable ways of increasing your customers’ retention and loyalty, the Direct Debit payment method will surely help. Once you finish setting up the payment method and once the payment front becomes transparent and calm, your customers will certainly become happy and willing to stick with your business. They will also feel much less inclined to abandon you and switch to your direct competitor. Simply put, they will always prefer to stay with a certain company and continue using its services if they are familiar with it and trust its payment method. Also, keep in mind that the Direct Debit is designed to protect both the businesses and the customers. Therefore, if there are problems, both will be protected.

Environment friendly

If you are concerned about the environment and your business ethos include environmental considerations, then using the Direct Debit method is a no brainer. Given that this method completely functions on a digital level, you will have no need to deal with tons of papers and physical documents, which will greatly benefit the environment.

What about the customers?

We have seen how a business can benefit from the Direct Debit method, but, what about the customers? Well, their benefits are much less subtle. However, there is still one major benefit, and it comes in the form of a Direct Benefit Guarantee Scheme. So, what are the direct debit guarantee scheme rules and how can you benefit from them as a customer?

Advance notice

With this type of coverage, you will be told about any changes to the date, frequency, or the amount of a payment well in advance. You will also be in a position to agree or disagree with the proposed notice period as well. However, keep in mind that if there is no agreed period, a financial institution will implement ten working days.

Prompt cancellations

If you want, you are allowed to cancel a payment at any time before the payment is supposed to be made. If you have made a cancellation, but the payment was still made, you will be entitled to a refund.

Refund

If there are any payment errors or irregularities, you will be entitled to an immediate refund from your financial institution.…