Digital Wallets for Business

What are Digital Wallets? 

People use physical wallets, which are usually small flat portable cases made of leather, to hold banknotes (paper money), debit or credit cards, identity cards, business cards, or occasionally small photographs. They carry wallets around so that they can easily keep money in them and make payments. In a similar manner, but by electronic means, digital wallets are used to store electronic money to conveniently make and receive payments for goods and services. They are also known as electronic wallets (e-wallets). Many digital wallets exist as mobile apps on smartphones; thus, it costs you almost nothing to carry them with you everywhere you go.

How Safe Are E-wallets?

The answer to this question is, very safe. Indeed, having to add the details of your bank card to a digital wallet so that you can use it for payments is risky. But you would normally not need to worry about the safety of your information and transactions if you use any of the best e-wallets on the market today. They comply with anti-money laundry (AML) rules and use advanced technology, such as two-factor authentication, to protect your money and data from unauthorised third parties. We have most of these electronic wallets on our website and will present the best ones for business to you later in this article.

Benefits of Digital Wallets for Your Business

There are many benefits that your business can derive from using digital wallets. They include the following:

Easy account opening procedure

There is a proverbial saying that time is money. It means that it is more profitable to do things as quickly as possible. Therefore, every serious-minded businessman should avoid unnecessary delays. Registering for a business account with a traditional bank is often a tedious and time-wasting process. But it takes only a few minutes to create an account with an e-wallet and start managing payments. Why not take advantage of this opportunity today?

A replacement for bank cards

E-wallets allow your customers to avoid carrying their debit or credit cards, which can be misplaced, lost, or damaged. In most cases, they only need to store the number, expiration date, and CVV of their bank cards on the digital wallets which are on their smartphones. So, when you use e-wallets and include them in your payment methods, you make it easy for your customers to pay you.

Absolute control over your payment system

Electronic wallets give you the possibility to own and control many payment methods. Through digital platforms like Stripe, you can customise payments via different e-wallets to suit your business preferences.  For example, you can use it to build a single payment infrastructure that allows your customers to pay you in fiat money and cryptocurrency using their various e-wallets.

More security and safety

The security and safety features of most e-wallets are world-class. When you use digital wallets for your business, you enjoy making very safe and secure transactions. Many of them use tokenization (single-use payment codes), biometric verification (voice activation, facial recognition, fingerprint access, et cetera), and other systems for reliable protection.  

Real-time data access

You can use electronic wallets to access useful information about your customers in real-time, such as their preferences while shopping. Having access to this kind of data can help you to do better market segmentation.

Better customer experience

Many buyers will prefer to use e-wallets to pay you because it is far more convenient than using traditional bank transfers. Digital wallets do not stress your customers with remembering their bank card details. They also do not need to carry their bank cards in their physical wallets, purses, or bags when they want to go shopping because their e-wallets are on their mobile phones.

Competitive advantage

Using e-wallets gives your business an advantage over your competitors who are yet to accept such payment methods. If no other business in your industry is using e-wallets yet, you could become an early adopter and use them to stand out from the competition for customers.

Best Digital Wallets and Payment Systems for Business

We will now supply and highlight the best electronic wallets for managing payments to and from your business today. Every e-wallet and payment system listed below is secure, safe, fast, convenient, and reliable.  

Stripe

This FinTech company can help you build an online payment infrastructure for your business. Stripe allows you to accept a wide range of payment methods that include debit cards, credit cards, and e-wallets.

Skrill

Many small businesses choose this e-wallet because it charges low fees, supports many currencies, and is ideal for international transfers. Skrill offers more than 100 payment options, is easy to integrate into your website – no coding required – and provides support in multiple languages to its millions of users.

NETELLER

NETELLER is like Skrill. It offers straightforward requirements for opening a business account. This e-wallet is used to make payments and send money worldwide. Read more about NETELLER on our website.

PayPal

It is easy to set up a PayPal account and start using its web platform or mobile app. This e-wallet can support your business in many ways. It is a very good solution for all your on-site and online sales.

Genome

Genome is a platform designed to take care of all the payment needs of your online business. It allows you to easily track your transactions and analyse the financial situation of your business. You can get multicurrency IBAN accounts and payment cards through the Genome e-wallet.

Intergiro

Intergiro is an all-in-one toolkit for small businesses to manage finance. It allows you to make and receive payments domestically and internationally on a single platform. It lets you hold funds in up to eight currencies as well as use Business as a Service (BaaS) options.

MuchBetter

You can use MuchBetter to reduce payment processing fees and increase your conversion rates. It is an electronic wallet that lets you accept deposits from your customers in a revolutionary way. Find out more about MuchBetter on our website.

Wise

Wise is an excellent digital wallet for international payments. It allows your business to hold money in many currencies and make fast transactions around the world. It does not charge outrageous international transaction fees and exchange rates.

Valyuz

One of the providers of cutting-edge payment services for business is Valyuz. The Bank of Lithuania is the regulator of this payment system. Its services are available in 212 countries. For your business, you can use Valyuz to manage payments in more than 35 currencies.

Capitalist

Capitalist provides a free multicurrency electronic wallet for your business. It is good for instant currency conversion as well as receiving and making payments.

Paysend

Enjoy accessible foreign exchange rates and a fixed money transfer fee when you use Paysend to manage payments sent to and from your business. It supports over 100 countries. Paysend is a great option for making fast international payments.

Bankera

Bankera is a crypto-friendly e-wallet for businesses in eCommerce, online gaming, affiliate marketing, and other industries. It offers competitive SEPA and SWIFT transfer rates. Read more about Bankera on ourwebsite.

ecoPayz

Your business can accept payments in more than 50 currencies if you choose the ecoPayz e-wallet as one of your payment options. You can use your ecoPayz Business Account to pay staff, customers, individuals, and other merchants at low costs. The services of this e-wallet are available in 202 countries.

Revolut

You can trust a business account with Revolut for full control over the money that your commercial enterprise is generating. It is a neobank that has innovative features for sending and receiving money globally and lets you hold/exchange 28 currencies. Also, it has good customer support.

Advcash

This payment processing system offers multicurrency accounts, fast transfer speed, cryptocurrency support, and low fees. Its e-wallet supports USD, GDP, EUR, and six other currencies. Advcash has over 5 million international customers, provides services to users in more than 200 countries, and accepts over 20 payment methods.

Digital Wallets Dos and Don’ts for Small Business Owners

For successful use of digital wallets in your small business, you need to keep these DOs and DON’Ts in mind:

• DO create a merchant or business account with the provider(s) of the digital wallet(s) of your choice. Registering for a personal or individual account with your payment system provider is not going to give you access to the specialised features you need for your business.  
• DON’T fill up your payment options with only e-wallets. Accept conventional methods of payment like cash, credit cards, bank transfers and checks, too. Besides, not everyone is tech-savvy, and every customer should be given the freedom to choose from diverse payment options.
• DO ask your customers the payment methods they prefer to use. This will help you to know what options to add to the payment systems you are already accepting. Besides, your customers will be happy to know that you care about their opinions.  
• DON’T forget to set up a reliable and strong internet connection at your place of business. Devices that read e-wallets require a good internet connection to do their jobs well and keep you and your customers pleased.

Questions You May Ask Vendors

Small business owners or managers, who are new to the use of e-wallets, may need guidance on what questions to ask e-wallet providers while making their choices of payment systems. For this reason, we offer the following important questions you may ask:

• What product features do you offer to business account holders?
• Do you offer cash management, foreign exchange, money wire transfer, payroll financing, investment, or any other additional services?
• Do you accept cryptocurrency?
• What is the cost of opening a business account?
• What fees do you charge for a business account?
• How do you protect funds stored in your e-wallet?

Normally, the answers to more than half of the questions above can be found on our website. But if you are unable to find them here, please contact us and we'll try to help. 

Conclusion 

Digital wallets offer many benefits for your business, including an increase in sales and customer satisfaction. Today, you can hardly perform better than your competitors without using electronic wallets.  Otherwise, how else would you be able to attract millions of the rapidly evolving digital audience from across the globe to your online business? Therefore, take a smart step today by opening a business account with any of the payment systems and e-wallets that we have presented in this article.