Digital Technologies and Payment Platforms to Save Businesses After COVID-19

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The COVID-19 pandemic that hit the world in 2020 changed pretty much every aspect of human society and radically changed the way we do business, regardless of industry. Indeed, not one single industry or business sector was left unscathed by the effects of the coronavirus, from multinational corporations to mom-and-pop shops on Main street.

But we’re a resilient species, and through a combination of technological ingenuity and a complete redesign of our business processes, humanity as a whole is weathering the COVID-19 storm, with entire industries restarting their engines after a brief dip in the first days of the outbreak.

So, how do businesses survive in the world of the new normal? They have to implement contactless processes and adopt the mindset of speed—efficient production and delivery of products and services, with a very short turnaround time between creation and consumption. There are many ways companies can do this, but these two types of technology are the most essential for businesses to adopt post-pandemic:

Digital Business Solutions

Although the COVID-19 pandemic is, so far, the most devastating to the world economy—not to mention the actual fatalities—it wasn’t the first epidemic of the 21st century. The 2002 SARS outbreak was less in scope than COVID-19 (also referred to as SARS-Cov-2), but it was the catalyst for the further development of online marketplaces. Sure, e-commerce was already a thing back in the mid-90s, but it wasn’t until this new epidemic threat that businesses and buyers realized online shopping is the key to avoiding getting sick.

Now, more than ever, taking your products—and your entire company—online is crucial, to survive post-pandemic. Your company needs a digital presence; it’s no longer a luxury.  Digital business solutions, such as lead generation tools, digital marketing, and a strong e-commerce platform, will help your buyers and customers find you easily online. When their online shopping is more convenient with you, consumers will prefer transacting with your business.

Online Payments and Contactless Money Transfers

In the early days of the COVID-19 outbreak, scientists quickly figured out that paper cash and metal coins were very potent carriers of the virus. To be fair, they’ve been saying this for decades. Many studies have shown that real money could transmit all kinds of harmful bacteria, germs, fungi, and yes, even super viruses.

One way to avoid too much money handling is by making contactless payments. Cashless transactions aren’t new: credit cards, PayPal, and bank transfers were the norm for a lot of people long before the pandemic began. With the current situation, though, digital payment platforms have moved from a good-to-have-for-the-future to a must-have-now.

If your company is lucky enough to have a physical store open still, you need to offer online payment solutions and delivery to avoid physical contact and handling. Most credit cards have RFID options, too; you might like to consider it for your business. If your company can’t afford the more sophisticated systems, at least have a reliable e-commerce system in place to make it easy for customers to pay via credit card, digital wallet, online payment system, or bank transfer.

The COVID-19 pandemic is unprecedented, and it has affected the way people do things. Businesses that want to survive in the post-pandemic period must adapt quickly to safer methods of transacting with their customers or clients.

 

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