Tuesday, September 20, 2022
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Businesses plan to increase real-time payments

The payment system over the years is evolving and expanding. From the time when a business only accepted cash to using credit cards. Today businesses move towards embedded financial systems. We have come a long way. Today, the use of real-time payments has been reduced.

Real-time payment offers several advantages to business owners of all sizes. Large firms can take advantage of this even on a larger scale. Although all business firms agree on these advantages, they still do not prefer real-time payment on a large scale.

Large companies feel that technology offers higher competitive advantages over real-time payments. However, large firms do believe that real-time payment is important. This facilitates credibility in sending and receiving payments.

Large firms also plan to expand the implementation of real-time payments in the near future. But this can only be a small part of the payment method. The larger stake still belongs to technologically advanced payment methods.

But the pattern worth noticing is that real-time payment is still a part of the payment system. Especially for large firms. The most technologically advanced firms also retain the real-time payment method in some portion.

In a survey, people find that most companies use the technology for 19% of their outbound payments. They also use it for 18% of their inbound payments. Larger firms have a different story.

Firms with more than $1 billion in annual revenue have a different policy. They view real-time payments as more important than their smaller counterparts. Larger companies give more importance to real-time payments.

Nearly all companies plan to expand real-time payments implementation in the near future. Some companies are actively doing so.

Today the dynamics are completely different. Businesses with a mixed model of payment are considering increasing their real-time payment. They plan to do so in both inbound and outbound payments. It will be interesting to see how large companies incorporate a balance of both payment methods.

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