By now, most of us are properly acquainted with the idea (and reality) that almost anything can be made digital. When it comes to the payments space, it’s no different. Virtual methods of moving money have been building for over two decades, with an acceleration in contactless payment at the peak of COVID-19 in early 2020. The landscape continues to evolve, and it’s a no-brainer integration for modern businesses. Virtual payments streamline the customer experience, ensure faster transaction rates, and better track one of the most vital elements of a budding or well-established business - the money that flows in and out. So whether you’re still rocking your classic cash register or have gone totally virtual, here’s a breakdown of what to expect for the future of virtual payment networks.
What Are Virtual Payment Networks?
In short, virtual payment networks are the web of transactions that don’t require cash or even your debit or credit card. Virtual payment networks not only allow merchants to offer a seamless and remote checkout experience for their customers but also open the field to the most trustworthy and secure transaction tools out there. These include blockchain and ACH, both of which payment provider Stronghold® has integrated into everyday retail transactions.
The digital nature of these payment networks gives ample room for businesses to engage with payment tools in ways that fit their unique operational needs, so merchants save money by choosing tools they need and skipping ones they don’t. In short, virtual payment networks are the finance of the future.
Transforming Security and Transparency
Blockchain has been gaining traction in recent years, and for good reason. If you’re new to the technology, think of it as a trail of breadcrumbs for transactions in the digital space. If blockchain technology is involved, each step is trackable, stored, and cannot be erased. This matters most when finances are involved. Stronghold uses the tech to boost the liquidity, security, and transparency of payments for business owners, offering accessible solutions that limit fees and increase transaction speed in the payment sector.
Accessibility for More Businesses
The traditional banking system doesn’t work for every business, especially if that business is within a highly regulated industry. Ultimately, there’s a gap between which businesses get prioritized and which don’t. Stronghold has built a system with one foot in traditional payments and one foot in blockchain to help bridge the divide. When legacy systems’ one-size-fits-all approach overlooks a modern business’s diversity and unique needs, Stronghold can offer totally virtual tools that allow highly regulated businesses or companies just getting off the ground an à la carte experience that keeps their money safer and gets their funds to them faster.
Building an Anywhere, Anytime System
Perhaps the most exciting part of the growing virtual payments space is the newfound expansion many businesses enjoy with the freedom to sell from anywhere. Whether an online event experience or a tangible consumer product, Stronghold’s ACH payment integration supports transactions to happen digitally through a customized web checkout experience, QR code, or even a special payment link sent to the customer’s phone, no coding required. The simplicity of “click, link, pay” is what the current digital consumer base expects. Leveling up businesses to offer such ease will increase happy customers and bring more customers overall.
As the virtual web of payment networks expands, Stronghold is here to offer a truly custom approach for your business to scale, ease, speed, and security guaranteed. To learn more about Stronghold’s virtual payment processing offerings, browse our tools here.
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