Bitcoin's place in future electronic payment processing
Nov 28, 2013 Dave King
ACH cards, mobile transactions and several other trends in the electronic payments market have reshaped the ways in which companies conduct business, especially in accounts payable and receivable departments. Decision-makers need to ensure that they are modernizing their payment processing capabilities and the associated management systems to remain competitive in the future marketplace.
New York Magazine recently explained that Bitcoins have not yet started to gain substantial traction in the electronic payments market, especially when compared to other trends in transaction processing. However, the source explained that these futuristic currency models might have a place in the future of moving money between parties.
Thus far, few companies have started to launch serious Bitcoin strategies for regular accounts payable and receivable activity, and even fewer consumers have adopted the new transaction method. According to the news provider, the long-term viability of Bitcoins rest on the need for a standardized middleman in the future global payment processing market.
As more companies begin to compete in other nations, especially U.S. firms leveraging specialized export-based lending programs to ship their products overseas, a common monetary language is needed for efficiency. New York Magazine argued that Bitcoins will likely never replace tangible money like some once believed it would, but absolutely has potential in money transferring activities.
Although the average business owner will rarely come across a situation in which a sale cannot be finalized unless it has Bitcoin capabilities, decision-makers should consider the utility of this electronic payment method for future accounts payable and receivable practices. Additionally, companies should always ensure that all electronic payment capabilities, including Bitcoins, mobile transactions and ACH transfers, are secured against breach to avoid identity theft and other issues.