Visa Inc (V) – Swipe, Click and Go: The Future of Payment Processing

For the small business

With industry-disruptive technology, Square is quickly becoming the wallet of the future for small retailers. With small processing fees and innovative technology, more and more independent retailers are turning to Square to process payments instead of traditional vendors that feature a higher processing cost.

With retailers and small mom-and-pop businesses looking for ways to cut costs, Square is the perfect choice for those looking for a smart option for payment processing. With traditional vendors charging up to almost 3%, Square charges a flat fee of 2.75% for each swipe, or a key-in fee of 3.5% + $0.15 with each transaction. Square emails a receipt directly after purchase as well and also has a built-in tip calculator when processing payments.

For the skeptics

Bitcoin is transforming the way that money is being transferred around the world. Bitcoin works on a system that in a lot of ways is the opposite of a bank. With account numbers being stored publicly in a transaction log, members can verify transactions through a collective network. Using immediate payment options, users can transfer money across the globe without any of the hassle or governance of a regular bank. Although this system may seem like a disaster, Bitcoin might actually be the optimal currency for the avid anti-bank protester.

The bottom line

In closing, payment processing methods are changing the global economy. From the disruptive technology of Square, to the banking system of Bitcoin, there is new technology emerging every day in our monetary system. With Visa Inc (NYSE:V) grabbing markets overseas, Bank Of America using EMV technology and Google changing the way we hold our pocketbooks, the future of banking is in our hands as technology processes worldwide.

The article Swipe, Click and Go: The Future of Payment Processing originally appeared on Fool.com and is written by Kaitlyn Tokay.

Kaitlyn Tokay owns shares of Bank of America. The Motley Fool recommends Google and Visa. The Motley Fool owns shares of Bank of America and Google. Kaitlyn is a member of The Motley Fool Blog Network — entries represent the personal opinion of the blogger and are not formally edited.

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