With the strong development of innovative technology and the change in business spending behavior, new payment trends are constantly appearing. These forms greatly affect the financial position as well as the ability to improve working capital flow of organizations.
In addition, many businesses are aware and pay more and more attention to the trends because the form of payment is gradually becoming an essential element related to customer experience through speed, convenience and modernity. .
Future payment trends will help businesses expand their financial opportunities, promoting sustainable organizational development. Together Bizzi Find out in this article!
Future payment trends of the business
Under the impact of the pandemic, cashless payment trends are growing strongly. This shift continued to be maintained after that, growing even stronger as businesses gradually grasped trends and customer psychology. Since then, actively deploying more modern, convenient and faster payment services and technologies.
1.1. Online paying
With the advantage of not needing cash, simple operation, flexibility and high security, the trend of electronic payment is gradually becoming popular. Using electronic payment tools will bring great benefits to both businesses and consumers, thereby providing a better experience for customers, and helping the organization's image become more professional in the future. consumer eyes.
Một số hình thức thanh toán điện tử phổ biến có thể kể đến như thanh toán qua thẻ, chuyển khoản, qua ví điện tử, qua các cổng thanh toán điện tử,…
Trong đó, thị trường ví điện tử Việt Nam đang hoạt động sôi nổi và bùng nổ hơn bao giờ hết. Phương thức thanh toán này đang dẫn đầu xu thế thanh toán không tiền mặt, có thể kể đến một vài đơn vị cung cấp ví điện tử hàng đầu Việt Nam như: Momo, ZaloPay, Moca, ViettelPay,… Để nâng cao lợi thế cạnh tranh của mình, các nhà cung cấp ví điện tử đang dần hướng đến việc sáp nhập thành một vài siêu ứng dụng (super app) hàng đầu trong khu vực và địa phương.
Bên cạnh đó, thanh toán qua các cổng thanh toán điện tử cũng là một phương thức được chú trọng trong thời gian gần đây. Đây là một hệ thống trung gian kết nối người bán, người mua với ngân hàng để hỗ trợ và thực hiện dịch vụ thu – chi cho khách hàng có tài khoản tín dụng ở ngân hàng. Cổng thanh toán điện tử có thể thực hiện giao dịch nhanh chóng, giúp nhận và chuyển tiền ngay.
1.2. Cross-border payments
One of the biggest challenges of international travel is dealing with different currencies. When customers make purchases in foreign currencies, they often have to rely on costly and inconvenient methods such as currency conversion. Therefore, businesses are also constantly developing bridges to promote cross-border payments.
Cross-border payment connection is a system that allows users to link their bank account with an account abroad to make payments in different currencies, facilitating shopping abroad at a cheaper cost.
This also encourages businesses to expand their products and services to more countries. Central banks and financial centers in Asia are developing strongly and collaborating internationally in connecting cross-border payments, helping to effectively promote cross-border trade and investment activities.
1.3. Payment System
Interactive digitization and enhanced payment functionality can be accelerated through an efficient payment system. Vietnam is in the process of building a National QR Code Framework, with the goal of becoming a common brand for QR code payment and transfer services.
On the commercial side, open banking APIs will support B2B payments in the region. In addition, the "buy first, pay later" method will put the e-payment industry on a new growth platform.
1.4. Business credit card
Providing convenient spending solutions, helping businesses easily grasp and manage finances in a transparent and clear way. business credit card is an increasingly popular payment trend. This is considered a new package solution to help businesses conveniently spend and manage their budget.
Corporate credit cards are for organizations and companies that need to supplement working capital, manage budget spending more effectively, save operating costs, and demonstrate status and class. of business. Corporate credit cards are registered by the company to open the card and authorize the person named on the card to use for general company purposes.
Mọi thanh toán liên quan đến thẻ đều do công ty thanh toán với ngân hàng phát hành. Thẻ tín dụng doanh nghiệp có thể dùng để thanh toán tiền mua hàng hóa, chi phí máy bay, taxi, khách sạn,… Khi đi công tác nước ngoài, chiếc thẻ này có thể thanh toán dễ dàng và nhanh chóng mà không cần đổi ngoại tệ, không cần tạm ứng công tác phí, đảm bảo an toàn hơn so với việc sử dụng tiền mặt.
New solution: Business credit card integrated with expense management platform
Business credit card Integrating an expense management platform is a new payment solution that is predicted to become a prominent trend in the future. Although it has not appeared and is popular in Vietnam, this payment trend has become quite familiar to foreign businesses.
Not only helps businesses manage and control costs effectively, this solution can also provide detailed statistical reports and analysis on business expenses, helping to manage finances and make business decisions more effectively. more fruitful. Business credit cards integrated with expense management platforms can also be combined with security features and support for online payments, making businesses more convenient and secure.
2.1. Why should businesses choose this solution?
Currently, businesses are facing many difficulties in payment and spending management, including:
- Difficulty tracking spending and financial performance: The absence of a system that summarizes detailed statistics on expenses makes it difficult for businesses to track spending activities of each department/department. This can lead to the financial viability of the business being affected, the appearance of some cases of lack of transparency in personnel spending, and budget deficits.
- Lack of direction for future financial planning: Businesses may have difficulty in forecasting future financials and risk losing control in the event of not keeping a close eye on expenses. This makes it difficult for businesses to recognize financial health problems and not have an effective plan to deal with them.
- Extended cash conversion cycle: Performing cash-related transactions requires more time and effort than performing transactions through credit cards. Shortening the cash conversion cycle increases a company's profitability because the longer the cash conversion cycle, the greater the need for high-cost external financing.
- Lack of tools to support cost management: Enterprises lacking tools to support cost management may face many difficulties in tracking and managing their expenses. Collecting, organizing and analyzing this data effectively to make cost management decisions will be a big challenge for businesses.
- It takes a lot of manpower and time to compare manually: When businesses have to deal with a large amount of monthly invoices and expense reports, the process of gathering information, checking the accuracy of invoice copies and expense reports requires a lot of time and staff. power to carry out those tasks. The manual comparison will also easily lead to errors and confusion in data entry, affecting business operations.
To solve the above problems, businesses can choose a business credit card solution that integrates with an expense management platform to collect, analyze and manage spending more efficiently.
2.2. Benefits of using a business credit card integrated with an expense management platform
The fact that organizations apply a solution that integrates business credit cards with an expense management platform can help solve existing difficulties for businesses. Some of the outstanding benefits of using this card include:
- Strict spending management: Spending via credit card, all transaction history will be saved by the bank and sent monthly statement information. This solution can track the spending of the whole business with detailed, complete and centralized spending visibility, while supporting cash flow control and financial position of the organization, thereby providing tight spending management ability.
- Optimizing business cash flow: Through credit card management, businesses can improve working capital to effectively manage cash flow, thereby maximizing profits. With spend now, pay later, interest free for up to 45 days, businesses can leverage smartly to improve organizational cash flow. Business credit cards can automatically record and classify spending, optimize costs, provide automatic spending reports, helping to increase transparency and control in management.
- Proactive budget control: By limiting the budget for each department, employee, and system, the system can actively control the budget, avoiding the risk of overspending of the business. In addition, businesses can track expenses directly and automatically record expenses into accounting software through an integrated cost management platform. In addition, businesses can view the overall expenditure report to see the expenditures of each employee, department or project and compare with the approved budget.
In addition, using a corporate credit card can also receive many incentives from banking partners and payment institutions such as Visa, Mastercard. Users can accumulate bonus points corresponding to the amount spent. These points can then be redeemed for incentives such as discounts on products and services, free shipping, gifts, or partial or full refunds of spending. In addition, users can also receive other incentives depending on the bank partner and payment organization.
Conclude
As consumer demand continues to grow, businesses will face greater expectations about how effectively they can deliver purchases and payments over the long term. Constantly changing to catch up with new trends more effectively is necessary in the present time.
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