Billing Solution Technology Special Magazine 2017
Billing Technologies – Evolving to beat the Trap
We exist in a technologically demanding spectrum. The client of today quibbles over how they are going to pay for their bills they want to make use of cutting-edge technologies that are secure, nerdy and most importantly, guarantee security. Hackers and other cyber criminals are always fast on the heels of those who look to do good, so billing technologies have to keep evolving to beat the trap. The trends in this field indicate that companies are not letting up in the war to make sure that their billing methods are safe, modern and secure. Let us take a look at trends in the field:
Due to the exposure to nefarious elements while making payments over the internet, companies are now preferring that customers use a token number rather than their credit card numbers when making purchases online. This means that the automatically generated number can change with every single transaction and is virtually untraceable hence keeps the customer safe.
Virtual currencies like the Bitcoin and Ethereum are slowly gaining traction and mainstream acceptance. Merchants are more willing to accept them as a means of payment. This kind of surge has left to bitcoin valuation to shoot up to $1000 a piece.
Generally, a payment gateway is a form of technology that will process payments using a customer’s merchant account. In theory, this secure form of payment works when a payment gateway and a merchant account are configured within the same construct.
Businesses are fast discovering that cloud-based billing systems are secure, cost effective and get the job done real fast. One of the biggest advantages of these approaches, however,is the fact that they combine digital and non-digital process, effectively helping in the integration of modern billing approaches with traditional models. This allows for a smooth technological transition.