The aim of every business owner, other than offering a high-quality service or product, is to make money. Every decision you make should have the ultimate aim of generating revenue. That’s an obvious but important point, so why make it? Because it raises the issue of payments, how to process them, and the innovations that are making it easier to move money around. Technology has made it easier to process payments from customers around the world, regardless of whether you’re a corporation or a small business.
The aim of every business owner, other than offering a high-quality service or product, is to make money. Every decision you make should have the ultimate aim of generating revenue. That’s an obvious but important point, so why make it? Because it raises the issue of payments, how to process them, and the innovations that are making it easier to move money around. Technology has made it easier to process payments from customers around the world, regardless of whether you’re a corporation or a small business.
Elon Musk was a visionary in this area. Long before he took the reins at Tesla and SpaceX, he founded X.com. That email payment platform later merged with Confinity to form PayPal. You, like millions of other people, have certainly heard of PayPal and, in all likelihood, have used it. This suggests there’s some value in listening to people in the tech space when it comes to payments.
Another example of a successful visionary with his finger on the fintech pulse is Nicolai Chamizo. The professional athlete turned investor knows the industry from both sides of the proverbial fence. He co-founded companies with an interest in payment technology. He’s also invested in them through Incore Invest. What’s interesting about Chamizo is that he’s also the founder of Rhino Entertainment, an online gaming company.
Put Your Finger on the Fintech Pulse
Online gambling exploded in the mid-noughties, and today, operators process millions of payments every year. This means there’s a constant demand for efficient and safe payment methods. Indeed, with online gambling operators subject to strict regulations in the UK, Europe, and beyond, offering secure payment processing is as much of a legal requirement as it is an expected standard. That’s why Chamizo has a unique insight into fintech and the future of business payments.
His company, Brite Payments, is a perfect example of this. Based in Sweden, Brite processes transactions instantly without users having to register. At the time of writing, Brite was active in 26 European markets and had connections with 3,800 banks. Thanks to open banking, the platform can process payments instantly without users needing to create an account.
As defined by Investopedia, opening banking gives third-party providers access to financial data from banks and financial institutions. The providers, such as Brite, use this data to essentially bridge the gap between two financial institutions. The end result is instant transactions between two parties, even if they’re using different banks and currencies. This is clearly beneficial if you’re a business owner who wants an easy, efficient, and cost-effective way of processing payments.
Don’t Pay the Price for Using Outdated Fintech
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That’s the point here. You no longer have to contend with processing delays and currency conversion issues if you’re a business that accepts payments from international customers. Brite, of course, isn’t the only innovation that resolves these old issues. Cryptocurrencies also offer cross-border payments because they’re not tied to a single country or bank. For example, the value of Bitcoin is the same in Japan as it is in the UK.
What’s more, blockchains such as Bitcoin and Ethereum are decentralised. That means transactions don’t have to be authorised by a third party. This results in faster transaction times, lower fees and the ability to process micropayments. This should be music to your ears as a business owner. We’re not saying you need to be an innovator like Musk or an investor like Chamizo. However, if you want to manage payments in the best possible way, it pays to follow the fintech sector.
Bookmark popular fintech blogs, such as Finextra and TechCrunch, so you know what’s happening in that world. Follow relevant people on social media and look into new ideas regarding payment technology. The more immersed you are in this world, the more likely you are to be ahead of the curve and reap the benefits of successful business ideas.
