At DreamOval, we believe each team member is a smart team player who understands the need to constantly learn and improve themselves. Our company was set up to help other businesses simplify payments and increase their revenue by collecting more. We understand that technology is constantly evolving and our team must continuously learn and pass on their knowledge. Our mission is to evolve the human experience using technology, each member of our team believes in that and abides in that.
Lovelace Ankrah, Sales officer at DreamOval and an outstanding team player was recently invited to be a speaker at the Technology & Digital Media Webinar International event on Zoom on 11th May at 8pm. This is a platform where stakeholders in the tech industry meet to discuss how technology can be used to make life better. Topics in relation to all industries are discussed along with the impact technology is making in that industry.
Lovelace spoke on Digital payment penetration and how COVID-19 has accelerated demand for Digital payments. Prior to covid-19, businesses didn’t think much on Digital payments or ways to digitalise their businesses. Technology presented options to businesses by offering various channels to receive payments however, COVID-19 made these businesses implement these options. His presentation covered the following.
Business Class: Regardless of the categorisation of your business i.e startup, SME, multinational, as a business owner, you will need to identify your segment and select a solution that best fits it in price, process and overall architecture and structure. A startup will be shooting themselves in the foot if it opts for a digital payment solution that is specifically crafted for a multinational or vice versa.
Your Business Offering: Does your business offer a product or service? Before selecting a payment solution, identify what exactly you offer. The processes for receiving payments for goods and services vary due to demand, volume, and business operations. For example, the payment terms for a business selling goods on credit will differ from another business that offers services.
Client Demographics: Another key factor to consider when selecting a digital payment channel is the demographic of your target clients. Customers are broadly categorised according to their age and level of income they receive. If your business’ targets low to middle-income earners between the ages of 25-35, they will be more open to payment channels via your website or app, however, that won’t necessarily be the case for high-income earners between the ages of 40 -55 years.
Reconciliation: The bane of most businesses after receiving payments is reconciliation. Reconciliation is a top priority in accounting for any business. The “Matching Concept” in financial reporting states that firms should recognize revenue and their related expenses in the same accounting period. Firms report “revenues,” that is, along with the “expenses” that brought them. Making sure to have a payment processor like Billbox, which allows your business to reconcile, monitor and track payments made regardless of the channel is expedient.
Previously, the mode of payment for businesses was cash. However, with the availability of options like Mobile Money, Card Payments digital payments are simple, secure and swift. The key question for every business now should, ‘How will my clients pay conveniently and effectively.