As a consumer, I like electronic payments because they make my life easier and they save me an extraordinary amount of time.
As a retailer, electronic payments make it easier for people to buy from you with the touch of a button, thus growing the bottom line.
Electronic payments are designed to make the buying process easier for both buyers and sellers, but there is one big beneficiary in this equation that isn’t always mentioned: the economy.
“Electronic payments are highly efficient, offering advantages such as speed, reduced costs, and accuracy,” said Dr. Ray Perryman, President and CEO of The Perryman Group.”These enhancements have contributed significantly to the expansion of the US economy, increasing liquidity and stimulating personal consumption.”
Throughout history, humans have been seeking better and better methods of payment:
- Trading livestock
- Leather Money
- Paper Money
- Gold-backed dollars
- Credit cards
- Mobile payments
Each progression has made our lives easier and has made it easier for the exchange of goods and services.
The advent of electronic payments has dramatically increased ease, while simultaneously decreasing costs. How many times have you logged into Amazon to order one thing and ended up spending over $100 because it’s easy?
“The electronic payments system is the force behind one in five jobs because employment in the United States is 20% higher than it would be if the system had never existed,” said Dr. Perryman.
Every time that buying and selling is simplified, the opportunity exists for the economy to get a boost. So, go ahead and hand over your Starbucks app in the drive thru. The economy will thank you.