Technology is wreaking havoc in payments processing. And accountants are having to unravel the complexities.
To help you through the payments maze AccountingWEB will be carrying out a summer-long focus on electronic payments, looking at the vast array of payment methods affecting the business-to-business, business-to-consumer and retail markets.
Over the coming months we’ll be drilling down further on each payment method - whether that's BACS, direct debit or mobile payments - and we’ll be keen to hear your input and advice on each topic.
We’ll be looking at the impact on the profession and more generally the wider business market.
Earlier this month the British Retail Consortium found that customers did 10% less of their shopping with cash in 2012 than the previous year, signalling a significant shift in the payments industry.
It found that alternative payment methods more than doubled on the previous year, driven by new ways to pay such as PayPal and online payments, which now account for 5% of all transactions.
Despite some consumer uncertainty continuing to be a trend in 2013, PayPal president David Markus said we are fast becoming a “cashless society”, particularly as mobile phones are increasingly used to pay for things.
How are businesses and consumers paying for goods and services, and what are their changing habits in 2013 and beyond?
What are the new and emerging technologies accountants need to be aware of?
Would you like to contribute to our “Paywars” research? Get in touch with the AccountingWEB editorial team or post below to share your insight and advice.