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Going digital: The Impact of Technology on Merchants

Technology has revolutionized the whole world. The technological advances in this modern day era, work as a catalyst to businesses in the corporate world. For both big and small companies, the impact of technology is varied. This includes;

  1. Reduced Operational Costs

Technology makes it easy for businesses to automate their functions from customer service management to financial management and everything in between. Technology helps businesses to protect precious resources such as time and office space. For instance, during and post the Covid-19 era, businesses have adopted the use of online tools that enable them to meet their customers and staff online. This means the brick-and-mortar office is being reimagined, which ultimately leads to reduced costs if businesses no longer need a physical office space. This also saves on time as a resource for businesses as it reduces drastically on the need for commuting. For example; your customer does not need to come to the coffee shop to buy their morning cup of coffee. The customer simply calls you to make an order and they can make their payments through your Virtual Pay payment platform and you send over their coffee through your company rider.

  1. Enhanced Data Security

Businesses have now adopted technology to protect data, create secure environments and safeguard confidential and proprietary information. Enhanced data security for a business is a competitive advantage. Technology enhances security through use of passwords, firewalls and various other innovative software programs. Virtual Pay is PCIDSS 3.2 certified as a Service Provider. Our platform encompasses a host of security measures in line with leading industry standards. Payment card numbers are automatically encrypted using the AES256-bit algorithm, which secures card holder data.

  1. Improved Communication

Technology has been vital to businesses improving their communication processes. Businesses can facilitate improved communication with its customers, employees and stakeholders by using tools such as emails, SMSs, websites and social media tools like Facebook or WhatsApp. Today, technology has made it possible for businesses to seamlessly communicate with all their stakeholders in different parts of the world.

  1. Increased Productivity

Technology has automated various business processes through the use of computer programs and business software. Automation improves employee performance and output. To support your business to increase its productivity, the Virtual Pay platform supports your business to consolidate reconciliation and reporting by providing globally accessible reports, friendly user-based software and well detailed reporting APIs. The platform enables you to monitor clients’ transactions through distinctive modules such as predictive modeling, fraud monitoring, privacy & security and increased control of processes.

  1. Improved Accuracy

Technology computerizes processes for a business. Computerization means that there is little to no mistakes or errors observed. Businesses have a heavy reliance on technology to provide it with accurate data, statistics and information. The Virtual Pay payment platform will help your business to analyze its sales and improve its  performance, learn about your customers’ preferences, compare different markets and time periods.

As businesses across the world continue to respond to the impact of technology, Virtual Pay has been developed to partner with you by helping your business get paid easily by their customers. We help make the payments you receive from customers as seamless, simple, and safe as possible. Virtual Pay is trusted worldwide by merchants for the ease and efficiency of processing international payments. Driven by our quest to be customer–centric, creative and unique, we provide simplified and secured payments across all your business’ sales channels.