Sending money when you’re stuck at home might seem to be a difficulty. Receiving funds from abroad also might be like an impossibility. But, there are advanced payment solutions that can help you get your money fast and make payments with ease.
Advanced payment solutions
There are advanced payment solutions, like nelfin.co.uk, that will enable you to be to get your funds from an ATM and have cash on hand. We all have the same concerns as there are expenses that must be paid and money must come in. Yet, when you are stuck at home, it is possible for you to make person-to-person payments instead of stepping out. If you’ve done any online payments, then it is most likely that you have already heard about or have performed peer-to-peer transactions. But what exactly are they and why should we use them?
Defining P2P transactions
During the past few years, both the supply-side and demand-side factors did contribute to the rise of the peer-to-peer (P2P) payments, which are also known as person-to-person payments. Peer-to-peer transactions are when one person transfers funds electronically usually through an online payment provider, with the use of a browser or an app.
Supply and demand
For the supply side, there is the main factor which is technological advancements such as smartphones, advancements in computing power, and fast Internet speed. For the demand side, one of the driving factors includes the emergence of the various new forums for eCommerce such as that of online auctions. There is also the increasing desire by online consumers to be able to control and monitor their payments.
A popular way to make financial transactions
There are distinct advantages to using P2P transactions that contribute to its rising popularity.
Person-to-person transactions with the use of an app is a steadily growing popular way of sending and receiving money that has been chosen over bank transfers and money service transfers the past few years.
Lower fees and fast transactions
When sending or receiving money through money transfer services or through the bank, there will be fees involved that you will have to pay that increases the larger the amount of your transaction is. When you go through your online payment provider through P2P transactions, the fees involved in this will be significantly lower. This is because they usually don’t increase the amount that you have to pay depending on how much funds you are dealing with. Since the transactions you make that are P2P are all virtually done, the waiting time for the funds to go through can happen in just minutes
Using an efficient payment system
Despite the rise of P2P payment methods, there are studies that show that there are US consumers that still prefer to make their payments with the use of cash and checks. In fact, P2P payments can also be done by check and is a type of check payment that is still increasing. If thee consumers would use a digital alternative to such P2P check payments, the efficiency of this secure payment system can be greatly enhanced.