Looking for a Modern Payment Solution? Here Are 10 Cash Alternatives
Technology is changing the way we do business around the world. My own business has benefited from cloud-based solutions, and I can now receive electronic payments from clients all over the world.
Thanks to cash alternatives, I’ve been able to receive instant payment from clients in Canada, Israel, Ukraine, and China. If you are looking for a more modern payment solution, here are 10 cash alternatives you can use for business payments:
Online electronic payment
As a freelancer and business owner, I hate the thought of waiting for a check. Cash alternatives in the form of electronic payments are ideal for me. Some of my favorite ways to send and receive money electronically include:
1. PayPal: We’ve all heard of PayPal--it’s one of the biggest payment processors out there. I use it, but I try my best to reduce the fees. I use tools that reduce my transaction fees to 50 cents flat, rather than paying a percentage. Those fees can get steep.
2. Due: You can send directly between parties, usually without a fee. This is a great cash alternative.
3. PayStand: This is an interesting digital platform that accepts all forms of eCash, and provides you with a way to pay and get paid faster, with a focus on B2B payments. This is one of the best up-and-coming cash alternatives for business payments.
4. Dwolla: One of the oldest PayPal alternatives is Dwolla. There are different versions of Dwolla with different price levels that allow you to quickly make ACH transfers and manage account-to-account transfers.
Alternative currencies as cash alternatives
What’s especially interesting today is the rise of alternative currencies as cash alternatives in the business world. There are a number of ways for you to change the way you accept payment--without the worry of currency conversion.
Technology platforms have evolved to allow you to use different modes of payment and circumvent some of the hassles that come when you have to deal in foreign currencies. I can see how these would be attractive because sometimes I have to deal with currency exchange rates that cut into my profits.
5. BitGold: Gold has always been considered a medium of exchange. Now, thanks to BitGold, it’s possible to easily use gold for business payments. You can actually purchase gold for storage, and then spend your gold electronically on a global basis. If your clients and vendors use BitGold, it’s possible for you to send and receive payment in gold for free. No worries about currency exchange risk, and you are using one of the oldest and most respected forms of payment.
6. Bitcoin: This is the first cryptocurrency. It’s a decentralized digital currency created from the processing power of computers. Once again, you don’t have to worry about exchange rates. There is a growing number of people who accept Bitcoin and use it for payments. All you need is a wallet to begin making exchanges.
7. Blockchain: Looking for an easy to use wallet and payment manager for your digital currency transactions? Blockchain can help you manage your business payments as one of the cash alternatives that helps you take advantage of the global growth in cryptocurrencies.
Point-of-sale cash alternatives
Sometimes you want to make it easy to manage business payments when you are in person, without the need to accept cash or check. Cash alternatives that allow you to turn your smartphone or tablet into a payment processor can be a boon.
8. Stripe: Get a handle on accepting multiple forms of payment with this card reader. No need for cash, even if you are handling transactions in person.
9. PayAnywhere: Another way to use a mobile storefront to help you accept a variety of payments no matter where you are.
10. Square: You can accept electronic payment and credit cards easily with this cash alternative. All you need is a compatible smartphone or tablet.
With the right cash alternatives, it’s possible for you to expand your business possibilities and even save money.
