On this morning’s Business Beat, Jeff discusses how the pandemic has caused more businesses to embrace digital payments, making the process of managing a company’s cash much more efficient.
According to a recent Mastercard study, more than three quarters of small business owners surveyed say the pandemic has forced them to become more digital, with over half of those business owners surveyed indicating that part of their move to digital includes increasing their use of digital payments to both send and receive money.
Tune in to the WJR Business Beat to learn more about taking your payments digital:
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Good morning, Kevin.
The COVID-19 pandemic continues to reshape business in America in many ways. One of those changes? Businesses are finally embracing digital payments and that makes managing a company’s cash a much more efficient process. Money moves in real time, collections are easier and financial oversight and management becomes more efficient, as well.
According to a recent Mastercard study, more than three quarters of small business owners surveyed say the pandemic has forced them to become more digital with over half of those business owners surveyed indicating that part of their move to digital includes increasing their use of digital payments to both send and receive money, citing the speed, security and transparency as key reasons for the change in behavior.
Beyond simply sending and receiving money digitally, 77 percent surveyed say they’re moving invoicing and other manual processes to digital as well. As further confirmation of the migration to digital, online payments have grown 60 percent during the pandemic, while the use of cash and checks has decreased more than any other type of payment.
So, what does all this tell us?
Well, as we can tell to drive home here on the Business Beat, entrepreneurs and small business owners who want to stay current, stay relevant and stay in business must go digital.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
