Payments mechanisms go head to head

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Robert Lovell
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In the wake of the financial crisis and with early signs of recovery, the payments market continues to go through radical transformation. AccountingWEB reveals the various payment methods and emerging technologies set to battle it out in the months ahead.

While cash and plastic dominate preferred payment methods in the UK, alternatives methods are on the up with shoppers and merchants alike.

Alternative payments are rapidly growing, and according to WorldPay, the alternative market is set to grow by 13% by 2015.

Businesses need to understand which payment methods are right for them, their customers and ongoing business model. To help, AccountingWEB has outlined the main traditional and alternative payment mechanisms for you to consider...

Register with AccountingWEB for free to read the rest of the article, which includes:

  • Bank transfers
  • Direct debits
  • eWallets
  • Paper based
  • Mobile
  • Virtual currencies
  • Cash
  • Credit and debit cards
  • The future and changing behaviour

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08th Aug 2013 14:45

Paypal doesn't seem to be popular with accountants

The email management system that I use currently defaults to encourage users to pay us using paypal.  

In practice payment can also be made using your credit card via our paypal account. However this isn't always obvious and we are looking at ways to encourage payment by credit card as this option has proven more popular than paypal in the past.

I get the distinct impression that few accountants have paypal accounts for business purposes.




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08th Aug 2013 15:43

Moble Phone payment systems ...

Have to be the way forward for a number of small businesses - for anyone who has a market stall of attends trade shows these will be a must. Paper slips were phased out long ago but are actually the only way currently to take card payments at these venues - and banks accept these slips

For the future, although the UK seems to be lagging behind the US in this area

Also believe PayPal (ugh!) has a solution - but PP has its own dispute resolution which invariably comes down in favour of PP, which is why many simply don't trust them. Furthermore, they used not have the traditional 'charge back' mechanism which 'proper' cards have; maybe this has changed but don't think so

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15th Aug 2013 17:15

Wave Telecom

You ask where we think this market is heading in the next 12 months. I've personally invested in answering this question. I have 45 other investors backing development in a new technology which explores this. 

We aren't working to create a currency alternative, but an alternative to currency. Our technology is a mix between the venus project's resource based economy and Klout, the social scoring app. 

Our resource exchange depends on users logarithmic social score. This viable and sustainable currency alternative works, but only when access to the world wide web transforms, from an affordable privilege to a free and inherent right. 

Thanks to a new standard in advertising,, Ads-for-Access free internet access is now possible. For more information visit





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16th Aug 2013 08:03

Laudable ambition but ..


One controlling organisation is never a good approach in any circumstances - (one ring to rule them all)

Firstly, as the saying goes - 'nowt for owt' - everything needs to be monetised, even if it is not immediately obvious

Secondly I seem to recall a company with the informal motto of 'don't be evil' and look where we are now with this company (Google). Scanning gmails, DNA testing, street view, Google glass - constant erosion of privacy ... and so on ... the 'abuse' list is endless and growing every day. However, altruistically these organisations start off they frequently evolve into something quite differen

Thirdly - trust on the internet is in short supply. What guarantees are in place in this area. Frankly everyone knows they are in big trouble when someone says to them 'trust me' - which seems to be the pre-cursor to being 'shafted'

I see from the web page a lot about the way forward but nothing about checks & balances and controls with 'fail-safe' mechanisms to prevent this organisation going the way of others such as Google

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