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THE NEXT GENERATION OF BUSINESS PAYMENTS

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Petr Kozyakov-Co-Founder and Chief Business Development Officer, Mercuryo

 

In 2020, 35.6 billion payments were made in the UK alone, according to recent numbers released by UK Finance.  Unsurprisingly this was a decline of 11% from the previous year as the world was tackling the coronavirus pandemic, with significant impact on the way we live, work and travel.

Despite this blip in overall spending volumes, payments are still big business and the industry is rapidly evolving, with pressure from consumer demand driving innovation as shoppers look for faster, cheaper and more efficient payment methods. Much of this demand comes from what consumers are seeing from technology in other areas. For instance, WhatsApp messages can be tracked and senders can see if the respondent is online and if they are responding.  We can reach this level of transparency with instant messaging, but business payments remain shrouded in mystery, until they reach the end recipient.

Whilst consumer payments evolve, business banking has seen little of this disruption. Cross border transactions for example, are still a very costly, lengthy, and inconvenient procedure for businesses of all sizes. Companies have to deal with high processing costs, lack of transparency, and a long chain of intermediaries involved in the funds transferring process from tricky onboarding and meeting all of the necessary legal requirements.

And it’s not a lack of demand that is seemingly stalling innovation and development in the sector – in recent years the need for cross-border payments has increased due to manufacturers expanding their supply chains across borders, global investment flows and international remittances as well as businesses using internationally based freelancers. The increasing demand for cross-border payments requires an efficient and safe way to transfer funds, on a global scale.

In the cross-border payments space, blockchain and cryptocurrency may become the solution, enabling near-instant payments and eliminating the complex processes and expensive fee structures in place.

 

Current processes: expensive and sluggish

Currencies are closed-loop systems meaning when transferring funds to another country, payment systems are not directly connected. This process requires a web of partners interacting to process a simple payment. Acquiring banks, emitting banks, corresponding banks, card issuing companies, all play a part, each having to interact, confirm, update and process a payment. This results in a complex and sluggish system, which is unfit for speedy and reliable payments. The delay can take up to five days and can have a detrimental effect on the supply chain distribution process for businesses and the cashflow of their suppliers.

It’s not just the staid systems in place that are causing friction but the current cost of transfers is prohibitive. Because of the web of intermediaries involved in processing, each will charge a fee for their part played, with fees ranging widely.

 

The next generation of payments: Blockchain Solutions

Sending and receiving B2B transactions should be as fast and easy as transferring money via your regular banking app, and Blockchain-based solutions are a driving force, attempting to disrupt the space. When we think about cryptocurrency, it’s easy to focus on the much-publicised trading and market elements. But this technology, when applied as a payments use case, can offer an unmatched solution – very cheap and effective payment transactions. You can move as much as several million in BTC and pay a £0.073 fee. In fact, it doesn’t really matter if you’re sending £100 or £100,000; the cost of transferring money across borders will stay exceptionally low. At a time when business finances have been hard hit, transaction fees are a significant financial burden, eating into profit margins. The ability to reduce running costs could prove to be a lifeline to businesses as they get back on their feet post Covid-19.

Using Blockchain’s distributed, consensus-based real-time verification of transactions making it very difficult to defraud. It also enables increased settlement speed compared to traditional card-based processing enabling payments to arrive in minutes.

Mercuryo is a payment infrastructure company that aims to redefine how people and businesses transact with each other and transform every business into a global one.  It is one of the leading platforms to bridge fiat money and cryptocurrency, allowing businesses across the world to operate with both fiat and crypto, send mass pay-outs, buy and sell digital assets, and execute cross-border transactions cheaper and instantly.

Implementing cryptocurrency into cross-border money transfers will provide stability, reduced cost, and improved speed to business payments across borders. It’s clear there are still regulatory and educational hurdles to be overcome before the mass implementation of blockchain derived technologies, but the potential of bridging the world of fiat and crypto assets within the payments space is very clear.

 

Petr Kozyakov-Co-Founder and Chief Business Development Officer, Mercuryo

Petr is Co-Founder and CBDO for Mercuryo, a cryptocurrency infrastructure start-up enabling businesses to accelerate their growth and boost revenue through an ecosystem of cryptocurrency payment solutions.

A seasoned professional, Petr is responsible for the overall strategic direction of the business, the signing of new partners and banks and launching new products. His passion and knowledge of the payments space stems from over 12 years working with brands in financial services such as PayOnline and PayU. In 2014 Petr became a Co-Founder and CBDO of Win Pay – one of the first companies to offer cross-border payments and card processing services to crypto-related projects which became one of the leaders in cross-border payments in the CIS market.

Petr is an experienced commentator across a range of topics in the payments and blockchain space. His areas of expertise include the changing payments landscape, electronic payments and card processing, cryptocurrency and payment regulation.

 

About Mercuryo

Mercuryo is a cryptocurrency infrastructure start-up, enabling businesses to accelerate their growth and boost revenue through an ecosystem of plug and play payment solutions. These solutions include fiat and crypto on and off ramps allowing businesses access to flexible payment types, a widget and a crypto-acquiring solution.

Businesses can build their own payment module to suit their requirements and make use of the opportunities that blockchain and crypto offer to future-proof their business.

Established in 2018, Mercuryo now has over a million users and 200+ B2B partners in its portfolio and have been integrated by numerous crypto exchanges and wallets, including Bitfinex, Bithumb, ByBit, Binance, Trezor, Trust Wallet, 1inch and more.

www.mercuryo.io

 

Business

What Every Small Business Should Do

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The majority of the difficulties associated with establishing a business stem from failing to accomplish the small things correctly. The basics will lead you to the top, as any competent instructor has stated at some time.

If you’re thinking of starting a small business, make sure you follow these 10 small business rules:

1. You must keep track of your finances.

Lack of capital, is the leading cause of small business failure. You must undertake proper financial planning and fully comprehend the business levers that might affect your cash flow.

Do you purchase stock?

  • What amount of cash should you have on hand?
  • Do you have a system in place to collect money from clients?
  • How long do you have to wait for them to pay you?
  • Do you have any loans that you need to repay?
  • Do you rely on suppliers whose prices fluctuate according to market conditions?

 

2. You must create a data-driven culture.

The better your business decisions are, the more data you can track and utilize to make them. Business often necessitates certain “intuition feel” judgments, but it’s preferable to provide your instincts with as much knowledge as possible.
Tracking your company’s key performance indicators (KPIs) and understanding why they rise or fall may help you make decisions that will help you develop and stay on track.

 

3. You must participate in Lean Planning.

Rather of creating a long-written document that you utilize once and then file away, it’s critical to create a strategic and financial plan and track it on a frequent basis.

Planning is a continuous tool that should be used to understand the assumptions you have about your business and whether or not those assumptions are valid, or whether you need to make changes and adapt your assumptions.
60 percent of small companies in America fail due to a lack of cash, not a lack of profits—by utilizing Lean Planning, you can rapidly determine if you have made any financial assumptions that will have a negative impact on your cash. Maybe you assumed you’d get paid every 30 days on the dot.

By engaging in ongoing planning and then tracking the actual results of your business against your plans, you can quickly determine if you are getting paid every 45 days, and if so, you can increase your credit line quickly and appropriately, keeping your business cash healthy—before you get into trouble.

4. You must have a strategy in place for attracting and keeping top employees.

We are continuously on the lookout for top talent in our industry, therefore we make it a point to follow talent in our region on a regular basis and design outstanding retention programs and rewards.

Take some time to consider your company’s culture and what you want it to be, and make sure that culture is factored into your recruiting selections. We utilize LinkedIn on a daily basis to follow and acquire talent.

5. Every day, you must listen online.

Even if you just operate from 9 a.m. to 5 p.m. Monday through Friday, your business is “always on.” Every company should set up internet alerts to monitor what their customers are saying about them, their rivals, and the market in general.

Google Alerts is a fantastic (and free) tool for “listening” to what’s going on online. Be the first to know when a consumer leaves a negative review or when someone praises your company online. Use these methods to remain ahead of the conversation and capitalize on it. You need to get a business phone number too.

6. You must engage in marketing that generates a return on investment.

Small companies frequently tell us that they have no idea what marketing is. What should they spend their money on? Is it effective? Is it better to promote on the radio or on the internet? Should they believe the Groupon or Comcast salesperson who tries to persuade them to distribute discounts to the general public or buy local TV ads? What is it that works?

What does not work?

Small company operators should begin in venues that are both free and simple to access. Begin by forming relationships with local companies and company owners. Find out what it is that they do that is effective. Find out how visitors find your website and where they come from by using Google Analytics and your website.
Customers should be questioned about how they learned about you. And if you do decide to promote, make sure you know how to track it. Make a unique offer and keep track of it. Only provide one type of service or product. Repeat your successful marketing efforts after learning what works and what doesn’t. If you won’t be able to measure the results, don’t invest the money.

 

8. You must communicate with your clients.
Every company should communicate with its clients as frequently as feasible. If you own a retail store, talk to your customers at least once a week (if not every day). Discover what they enjoy—and what they despise.

If you own an online business, send a brief survey to your consumers or ask a few survey questions after they check out. Make a call to them. People enjoy talking and being asked for their viewpoint. Negative feedback might be difficult to hear, but it’s important to hear it and understand how you can improve your business for your consumers.

9. You need to know your competitors.

Both your direct and indirect rivals must be known and understood. You should always be aware of your rivals’ activities, including what they are doing, how they promote, and how they price their products.

You may be the only one of your kind in your town or sector, but that doesn’t mean you don’t have indirect competition. In my town, a small do-it-yourself tie-dye store has no direct competition.

They do, however, provide activity-based events and compete with all of the other businesses who host birthday parties and group activities. They also compete with other tie-dye merchants at Saturday Fairs and Markets. Even if they don’t have direct competition, they need to know how to position themselves against all of their indirect competitors.

10. You must have a larger goal in mind: a mission.

People like to work for companies that are more than simply a money-making machine. That isn’t to say that you can’t set sales or profit targets; it only means that if your employees believe they are part of a larger purpose, they will work harder and be more loyal.

 

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5 Ways That Businesses Can Get the Most Out of Their Digital Marketing

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Everyone knows that the world of marketing has been changing for the last two or three decades. The days of traditional marketing through billboards, radio ads and television commercials are still around, but something new is taking the world by storm. Digital marketing is the way of the future and has proven to be more beneficial for businesses everywhere. It’s not that traditional, offline marketing is completely dead, but it is difficult for business owners to deny the power of digital marketing and what it can do for their businesses.

Because the world has changed so much, people have now moved online, so a business owner needs to learn how to market their products and services digitally. If they do not, there is a huge risk that they will not be around much longer. However, the problem is that most business owners do not understand digital marketing. To begin, most owners do not fully understand marketing altogether, and they go for hiring a marketing agency to do this for them. But now, when you add a digital aspect to this scenario, it makes it even more confusing to the owners. If a business owner starts with simply knowing what digital marketing can do for their business and how to get the most out of it, this is a great place to start.

 

  1. Utilize Email

If your business is not using email marketing yet, you should be. It is far from being dead, and many people are just beginning to tap into what it can actually do for their business. To make the most out of your digital marketing efforts, advertising your company through email is essential. It could very well be the foundation of your marketing online. Email is all about keeping the channel open to your customer who you might not have seen in a long time or being available to someone who is simply interested in what you have to offer. Send occasional, nurturing emails to your following and customers to keep the dream alive.

 

  1. Build a List

Next, you have to build a list. Many marketers and business owners will tell you that you must have a list in order to survive. Now, the list is nothing more than a collection of information from your customers that includes their names, numbers and email addresses. You need this valuable information so you can email them and get in touch with them when things are dry. To get the most out of digital marketing, you should always be gathering this information from them and storing it for future use. Gather this information by running online advertising to generate leads.

 

  1. Do More Videos

To be the absolute best at digital marketing, your business should be using more video. This is because research shows that consumers want to see videos above anything else online. They don’t want to see still images and text, but they want to see you rock it through the camera. The good news is that this isn’t hard to do with modern innovations. Use your smartphone to record simple videos of your business and use these clever videos as the creative part of your digital marketing to catch their eyes and stop them from scrolling. The other great thing is that you will feel more like a movie star for creating videos.

 

  1. Build a Following

Now, it’s also important to build your online following. These days, it’s all about how many people you have “following” you online. These people are your audience, which is one of your valuable assets online. Don’t think that these are just virtual people that offer you known value. They are actual people who follow your company because they might be interested in what you have. It’s important to always build your following online. Increase your page likes and your audience, and your products and services will practically sell themselves. YOu can run specific campaigns to increase your following.

 

  1. Learn How To Target

To get even more out of your digital marketing, learn how to target the right people. Remember, you are doing all of this online marketing in order to reach people in hopes that they will make a purchase with you. To do this, you have to put yourself in front of the right people, not just anyone. But be happy, because online marketing makes it easier to find your customers. Learn how to navigate with digital marketing to find your right audience, and this will also make you stronger as a whole in your company. You will know your customer’s pain points, what they need and what they’re saying.

If you put a bit more effort into your marketing effort by learning how to do it digitally, you can definitely increase your profit and get the most out of it. With the right strategies and a little education, you can make anything happen online.

 

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