Posted by: Tammy | July 27, 2012

Easy Money

The way we send and receive money has changed through the years but is beginning to evolve even more drastically.

If you’re like me, you probably don’t receive personal checks often but when you do it’s a real pain.  Who has time to go to the bank?  I’ve been known to hold on to a check so long that the account was closed by the time I got to the bank.  Good news for time constrained (hopeless procrastinators) like me, the days of driving to your local bank may be numbered. JP Morgan Chase customers can now deposit checks quickly, easily and conveniently using a smartphone or iPad.  The process is pretty simple.  After downloading an app from the bank, you take a picture of each side of the check, confirm the check amount and voila, the deposit is complete!

Paying and getting paid has gotten easier too.  Have you ever tried to split a dinner tab with a group of friends after a couple of cocktails?  Not the best time to be trying to do math, right?  Some banks (as well as PayPal) now offer the ability to request payment or send funds electronically using your smartphone.  It’s actually pretty slick.  While traveling I used the feature to send money to my college student son for books (aka beer/pizza money).  Using an app supplied by my bank, I simply typed in his cell phone number along with the amount, and it sent him a text letting him know he had money waiting.  On his end, he supplied his bank account and chose to accept the money.  That’s it.  The only drawback is he now realizes just how easy it is for mom and dad to send money.  🙂

Even the Girl Scouts have realized that their customers rarely have cash on hand and have begun accepting credit card payments by combining a smartphone, a credit card swiper device and a cool app from Sage which is fully PCI compliant.  Click here to learn more about how easy it is to get your cookie fix.

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So what do these trends have to do with the B to B (business to business)?  One thing that nearly every business owner can agree on is the importance of getting paid by their customers more quickly and reducing the hidden costs associated with paying vendors.  While the technologies described above aren’t mainstream today, as consumers begin to adopt them in their personal lives, they will become comfortable with and later demand to leverage similar and even better services in their work lives.  After all, who wants to settle for antiquated practices when better, faster, more convenient options are available?

This is an exciting time for small businesses as they are able to take advantage of smart phones and tablets along with some very slick applications that will help them run their business.

Still not convinced?  I’d be more than happy to send you a payment request so you can see for yourself what a really cool experience it is.

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