The New Way to Pay

by Joy Johnson on July 11, 2012

Did you know some Big Box Stores are accepting PayPal? It was announced in January. PayPal’s 15 new national retailers include: Abercrombie & Fitch, Advance Auto Parts, Aéropostale, American Eagle Outfitters, Barnes & Noble, Foot Locker, Guitar Center, Jamba Juice, JC Penney, Jos. A. Bank Clothiers, Nine West, Office Depot, Rooms To Go, Tiger Direct and Toys “R” Us.

Use NFC enabled devies to check in or pay.This does a couple of things. First of all, the idea that accepting PayPal is “unprofessional” is laid to rest. Anyone can accept PayPal for anything without having a stigma attached.

Secondly, it opens up a whole new “payment” world. While Visa, MC, etc. are in there chugging in the electronic payment world, one has to wonder for how long. What service do they really provide at this point? By accepting PayPal in payment, a vendor leaves the decision of exactly which way to pay up to the customer.  the decision can be made on the spot.  We’re on the cusp of instituting massive changes in the way we pay for EVERYTHING.

Near Field Communication technology, NFC for short, is allowing us to pay with out mobile devices.  PayPal is also one of the leaders in that field.  The most common use of NFC technology is device to device payment.  If your NFC enabled cell phone is placed next to another NFC enabled device, payment can be made in a simple device to device exchange of information.  Other uses for NFC technology are ticketing and checking in.  These are equally important, if not more important, uses for NFC technology in most business settings.  Keep in mind that you can attach NFC enabled chips to almost anything.

If you’re a business owner, consider how this might affect you. How can you gain a competitive advantage by employing new payment methods in your business?  Think in terms of ways you can speed up processes, increase accuracy, provide additional valuable data, and make life easier for your customer or client.

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