The iWallet’s Effects on Small Business and What It Means to You

1. The iWallet’s Effects on Small Business and What It Means to You

2. It’s not a surprise that electronic wallets are starting to take a serious percentage of payment processing in the modern world. Wallets, like the iWallet, are becoming a common form of payment for customers everywhere, but what about the forgotten part of those ACH transactions? The customers are buying from someone, aren’t they? This brings us to the other end of many of those payments: the small business. With a growing interest in mobile payments and mobile payment processing, small businesses are starting to realize that they too can take advantage of this new form of payment method to enhance their businesses and increase their income. But, does it benefit small business and what does a small business need to do to take advantage of mobile payment processors like the iWallet?

3. Although big business can take advantage of the iWallet, just as anyone else can, iWallet strongly encourages small business to take advantage of their payment platform. Why would iWallet care about small business? After all, big entities like Visa and MasterCard don’t offer incentives to small businesses, nor do most banks. The reason why iWallet is going after this part of the market is to take advantage of an expanding part of business that is sometimes ignored by the giants. This new approach could actually spur a new movement in small business to support e-wallets. So, why would a small business get this as a payment option and what is iWallet, anyway? It’s a mobile payment processing application that allows you to pay for everything through your phone. The e-wallet is getting popular among the youngest generations, first. The truth is that many businesses want that eighteen to thirty-five year old demographic to come through their doors. Small businesses run things like record shops, comic book stores, cafes, and restaurants. It’s businesses like these that attract the largest number of people from that demographic and it’s crucial for them to survive with this part of the population.

4. Not only that, but even a lot of sole proprietorships focus on this same, important group. There are people at sci-fi/fantasy conventions who sell art, swords, and various other personal creations to make a living. This is also true of farmer’s markets who sell food and crafts. Both forms of small business badly need to be able to supply a person with the method of payment they want. In today’s business world with cellphones and smartphones now ubiquitous, it was inevitable that a new form of mobile payment would come about and that people would take advantage of that new mobile app the moment that it came out. As a result, everything from locally owned pizza places to the person selling sweaters at a farmer’s market are wisely adapting to the use of mobile payment processing. It’s primarily the younger generations that are adapting to this new technology and there are more getting their first cellphone everyday. They’re written more than one iWallet review, and the reviews are good.

5. The other reason for small businesses to adapt to this new market has been the lack of fees involved with the iWallet. Everyone’s familiar with fees. Whether a customer or a business, trying to get off the ground, you’ve been charged a fee more than a few times. The truth of the matter is that fees don’t just get annoying, they can also get expensive, especially for small businesses. Credit cards and debit services charge a fee for the use of their payment method. For credit cards, especially, those fees can be pretty high, and the lower the transaction, the higher the fee. Many businesses have even taken placing a surcharge on the use of debit as a way of trying to make up for the heavy fees that they pay.

6. What does this mean for small business? It goes back to an old saying, not used as often today as it was forty years ago, but it is something along the lines of “nickel-and-diming someone”. The etymology of this saying is from 1964 and refers to small amounts of money. To nickel-and-dime someone to death means that you’re going to bankrupt them with lots of little charges. The saying, when it comes to small business, is just as relevant now as it was then. Small businesses can have small margins of profit and a lot of expenses. When paying your staff becomes an issue, every cent counts.

7. The solution to small businesses being nickel-and-dimed to death is to eliminate many of those fees that are attached to daily transactions. In North America, small business does have the advantage of low tax rates, but when a percentage of all your daily transactions are effectively being taxed by credit card and debit companies, businesses can seize to exist in a relatively short period of time. The people behind iWallet know how difficult it can be to keep your head above water, and so they decided to eliminate those fees, allowing you to keep your money and increase your profit margin. iWallet allows a business to be transaction free up to a maximum of thirty million dollars per year.

8. As times continue on and more transaction companies grow to realize that gouging their customers isn’t the best way of doing business, we might see a change in the amount and number of fees charged. For now, it’s companies like the iWallet that are setting the tone for the future of ACH transactions. (For those of you who don’t know, ACH stands for Automated Clearing House.) The fascinating thing about the iWallet is that it doesn’t function like most other apps and methods of payment do. Everyone knows how traditional ways of paying function today. If you’re paying by debit or credit, you’re either “tapping” your card or inserting your card into a machine. These methods are the norm and essentially involve a scanner reading a microchip on your card. The information stored on the chip and at your bank must match the pin number that you provide.

9. There are also apps now that will access data directly from your bank account, although these are mostly available in Europe right now. There is also, of course, the old cash and cheque method of payment, but they’re rapidly disappearing from common usage. What differentiates the iWallet from other forms of payment is that it uses QR based processing. If you don’t know what QR means, don’t worry, most people don’t either! QR codes refer to Quick Response codes. These are those strange square-shaped little boxes you see everywhere that people scan with their phones. Usually, they are there to help you identify certain items or specials available in a store.

10. The origin of this code was actually Japan and was used then in automobile factories! The great thing about QR codes is that it can store just over seven thousand characters in that little square of information, contrary to a bar code, which is really just a series of about twenty digits. It’s this extraordinary little way of storing a large amount of information in these codes that makes the whole thing work. The way that the iWallet works for you is, where it is accepted, instead of swiping a card, you scan a QR code. The app does the rest, allowing you a quick confirmation of your purchase.

11. As you can see, this new form of payment is completely different from the traditional form of payments, like credits and debit cards. The traditional payment processing giants are also very arm’s-length entities. In other words, they’re glad you’ve signed on and that they’re getting your money, but other than that, the big processing entities do very little more to keep your business because they don’t believe you have a choice. iWallet has taken a different approach to small business and have taken steps to show you that they do value you as a customer, and don’t think of you as just a number on a billing statement. One such iWallet promo is that of their initiative to advertise new members of their payment system on Facebook and Instagram. This new form of free promotion is to acknowledge that everyone is in this together.

12. More than just neat technology or a new generation of consumers coming into the market, the iWallet is becoming a major new contender on the payment processing field because of one major advantage: convenience. If one thing that has become true today, it’s that people want to pay for something as quickly as possible and go. Having a simple, one-click payment processing app, like the iWallet app, is what’s making it an attractive alternative to other payment options in that it literally only takes seconds to do. The other thing that’s making this technology attractive is its mobility. If you have your phone with you, and everyone does now, then you can pay. You no longer need an actual wallet when your e-wallet is available all the time. These convenient features are what is growing interest in this form of payment method and that means that it’s in small business interests to adapt it, giving it’s increasing popularity.

13. In the end, when you’re in small business, you know that you need every advantage you can get. When a major payment processor, like iWallet, can offer you a method of payment, without a processing fee, it’s certainly worth your time to look into and seriously consider it. After all, with free promotion and no fees for your first ten million dollars a year, saying no seems almost like looking a gift horse in the mouth, doesn’t it?

14. iWallet App, review and promo - https://www.iwallet.com/ • Sign Up for Business Account - https://app.iwallet.com/users/sign_up • Sign Up for Personal Account https://app.iwallet.com/client/sign_up