Elly Financial Technologies Limited
54 Poland Street, London, W1F 7NJ
54 Poland Street, London, W1F 7NJ
The 21st century has seen spectacular transformation in how we do business. Thanks to technology developing at an exponential rate, we went from shopping in the high street to shopping from an armchair. We have gone from two payment elements – notes and coins to a different duo of payment elements - a single piece of plastic perhaps just a username and password.
For businesses, this is a massive shot in the arm. It can, however, also be a serious threat. On the one hand, many businesses have grown from being a single store in a quiet neighborhood, to an online store with a potentially global clientele. Suddenly, as long as you can provide the essential payment elements, a 15-hour physical working day scratching out a basic living has morphed into a 24/7 shop with almost unlimited income potential.
But every silver lining has a dark cloud. Having a successful online business is reliant on happy customers. Customers who will return again and again and who will recommend your business to others. And one very important part of making customers happy is a good payment experience. This requires a good payment system that covers all the important payment elements.
What are payment solutions?
A payment solution or payment system is quite simply the mechanism by which monetary value is passed from one party to another. This exchange may be a payment for the purchase of goods, repayment of a loan or funding of an investment. Equally, the parties may be individuals or legal entities. It’s important to note that a payment solution is made up of a number of payment elements.
Payment solutions may have been notes and coins in a previous life. Nowadays, however, we associate them with the digital business environment. Where payment in the not-so-distant past was simply handing over a fistful of notes and coins, we can now tap a few keys on an application like PayPal or Google Wallet and shift millions.
What is currently available on the market?
Payment solutions have really exploded onto the market in the last couple of decades. From the launch of PayPal in 1998 things progressed slowly at first. Online shopping started gaining traction with eBay and Amazon, launched in the mid-90s, both becoming household names.
The launching of new payment systems started gathering momentum at the turn of the century and today there are more than 200. Most of these payment solutions address different sets of payment elements and many serve specific niches. Coupled with that we now also have a few thousand cryptocurrencies. Granted, not all cryptocurrencies have been created as mechanisms for exchanging monetary value. Let’s have a look at some major payment systems.
What payment elements should a great solution include?
A payment solution has one specific purpose. That is to transfer value. In the competitive business landscape, we’re in nowadays, this is a lot more difficult than it sounds. If a solution doesn’t adequately address all the core payment elements, it will not succeed. The most important payment elements that all solutions should cover are:
What to choose when it comes to your payments
Although a relatively new entrant to the payment solutions space, Elly has ensured that all the payment elements are taken into account. Elly offers a very wide selection of payment methods, including several cryptocurrencies, on a single hand-held device. Funds are credited almost instantly eliminating market volatility.
Elly also comes with near field communication technology for contactless payment. This has become one of the most significant payment elements for some consumers thanks to the Covid-19 pandemic. Blockchain technology and dynamic encryption secure transaction data and make it almost impossible to hack. For a solution that is both customer friendly and merchant friendly, the Elly POS solution is everything you need and ticks all the payment elements boxes.