Freelancers are the new globalized workforce, and a workforce needs to be paid. The future economy will involve moving money around digitally, to wallets that are kept online, for users who may utilize their smartphones as a means to pay. Sound complex? Here is how credit card merchant account businesses and individuals fit into the economy of tomorrow.
One of the biggest changes coming to the world of finance is the rise of the smartphone. As more individuals switch to banking on a mobile device, businesses have responded with alternative payment methods. Some businesses now accept Google Wallet and Apple Pay, the two largest competitors in the space.
Digital wallets are also important, with companies like PayPal and Payza both offering solutions for individuals to store cash online and move it to a bank account. The transfer fees are low, or non-existent in some cases, and the wallets are accessible wherever one has an Internet connection.
As you can imagine, with a globalized workforce comes the need to move money across borders. That may mean currency conversions, transfer fees and other expenses that get shared with either the business owner or freelancer.
It’s unclear how crypto currency fits into our lives at this point in time, but it could soon become the currency of choice for global transactions. The trouble is that BitCoin is a new currency, and subject to rapid valuation changes. This makes it unstable to conduct routine business, but an interesting experiment with promise.