Four Popular Payment Technologies in 2014

Gina Deveney
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Modern businesses rely on payment processors to handle a variety of different transactions. Goods and services can all be invoiced, paid, and tracked using the tools available from top payment processors. Four companies have come out on top over the years and proven themselves to be excellent choices for payment technologies, combining versatility and ease of use to carve out their places in the modern business world. These companies use advanced technology to deliver quick and accurate mobile payment transfers, registers at retail shops, and financial information tracking.

One of the biggest payment processors around is PayPal. This company uses a fast and efficient method of payment transfers and, since its acquisition by eBay, integrates seamlessly with one of the top online merchant services. This level of integration allows sellers on eBay and affiliated sites, as well as those who use PayPal checkout systems, to quickly and easily solicit and receive funds from anywhere in the world. Payments are processed in real time, but bank transfers may take longer than funds transfers between accounts or credit card purchases. Accounting professionals have come to rely on the technology that powers PayPal for everything from accounts receivable and payable to payroll expenses.

The second big player in the field is Google Wallet. The advanced features of the wallet allow companies or individuals to securely store bank account and credit card numbers online for quick use with registers and online checkout systems that use Google's payment transfer technology. This makes Google Wallet one of the best payment processors for simplifying the many different methods of payment that businesses commonly accept and use. Like PayPal, it also features integration with a number of related services, including Google display ads and revenue tracking programs.

Two relatively new contenders have their sites set firmly on the world of mobile payments. These payment processors have created and rolled out new technology that allows businesses to swipe the credit cards of patrons and instantly create secure payment transactions using only a smartphone and attached peripheral device. Intuit, familiar to many accountants for its QuickBooks and TurboTax software, created GoPayment software and hardware that allows for quick card scanning and payment processing. Square is one of the biggest names in the field of mobile payments, and it recently deployed new technology that combines traditional registers with mobile payment apps to allow stores to easily use a wider selection of payment options.

Popular payment technologies make it easier than ever for both consumers and businesses to track expenses and make purchases. PayPal's quick payment transfers are already used the world over, and Google Wallet makes it simple to track all of your spending methods. GoPayments lets you scan credit cards from your smartphone, and Square has combined this technology with traditional brick-and-mortar setups to create an efficient register system for retail outlets. These four popular technologies from major payment processors are likely to continue to evolve and offer easier consumer access and accounting functions in the near future.



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