Technology serves many challenges and opportunities. It helps make or break a business industry. Technology is either a profitability booster or the bringer of downfall to a business. There are a number of people across the world who must be thanking the heaven’s above for the success they are reaping because of the new technology. As much as there are many people out there who are cursing technology for bringing them their Waterloo.
But the challenge for beginners right now is what to build or create as their business project considering the technologies we have at this time.
A few of the proposed and studied business proposal can be found on many websites across the globe. But here’s a few of the opportunities viewed by many business experts around the globe in online payment.
1. They are not taxed
Well, not all. But a lot of online payment and online cash transfer businesses are not or could not be taxed by their government. A number of countries around the world do not have strict cyber law implementation or they don't even have a cyber law at all. Meaning to say, what earnings they get will be their actual earnings at all, no deduction, no hassle.
2. People’s reliability on online for payment and cash transfer
Business transactions become a lot easier these days because of technologies. Customers can buy and sellers can sell online. It’s a hassle-free environment that refrains them from going to department stores and lining up for their purchases. With this actualization, people who are now accustomed to buying and selling online won’t go back to old ways of purchasing and transacting businesses. After all, technologies are here to make our lives easier and more convenient.
3. Few competitors in online payment and cash transfer business
Yes, if you search for online payments or cash transfer on the internet most probably you will be bombarded with several websites that promise easy payment or cash transfer to its customers. But only a few of them can satisfy your needs, as some do not have bank partners in your home country. While others offer the same services but with a higher price, not to mention the complexity of its procedure.
4. They are just becoming a trend
No, they are not fading away. In fact, they are yet to boom in the years to come. According to technology experts, there are still late bloomers out there in the far-flung areas who are not yet aware of online business transactions. And if they will be completely tapped, more or less 90% of these late bloomers will choose online business transactions compared to the traditional pick-and-line purchase.
Remember that these are just but the few opportunities when building up online payment and cash transfer. But the best opportunity is your will to make your business dream come true, no matter how small it may be. After all, a milestone begins with a first step.
In world where ways of doing business keep changing fast, people’s lifestyle’s taking a technological perspective and instant is the new word in service delivery; there is need for sound and robust financial management. Robust financial management takes precedence on the issue of cash flow monitoring whereby you get to know the frequency of cash flowing into and out of your account at any given point in time. From personal savings, income from employment, proceeds from your business, and expenses on purchases to invoicing, account monitoring in today’s world goes beyond ordinary cash handling.
While there are a good number of people who still troop to the bank to get detailed statements on their financial activities, technology is taking a toll on virtually all conventional methods of cash handling, so you’ve got to embrace change. You can do this right there and right now without moving an inch. The most definite and probable therefore question is, how?
Sound and professional financial advice
You could be running one of the most profiteering business start-ups in your locale or even internationally and is therefore assured of great cash flow every day. However, while huge cash receipts could be comforting enough in the belief that you will survive probable financial meltdown in unforeseen future, failing to carefully monitor your cash flow could run you down. Cash inflows tend to plummet over time especially if you don’t have a sound account monitoring system. This means that you need professional financial advisors to help you partake on efficient monitoring even when things seem good.
The need to emphasize on cash flow and not revenue and how to do it
Escaping a grim financial situation may not look certain in the early days of your start-up or even when you receive your salary in the first few months of employment, but it will certainly dawn on you that cash flow is way more important than profits. While revenue from business proceeds could be streaming to your account in lump sum amounts, what is your breakeven and what is your projection? Real revenue are not reflected in the early days of a business but determined when your venture can fully take care of itself or when you will no longer have to borrow a loan because income from your employment doesn’t suffice. With a special emphasis on flow rather than revenue, you can easily plan for the future through careful account monitoring.
Making good use of technology
This century has seen some of the most competitive businesses and businesspersons try to outdo one other from a technological standpoint. Well, with a professional and failsafe accounting software, realizing your set thresholds on receivables and payables is certainly a close shave. This you can also do by hiring the services of a sound and trustworthy financial management firm to help you achieve your financial plans. A professional account monitoring software helps you determine cash flow frequency, plan for turbulent financial situations in future and make sound decisions premised on effectively analysed financial data.