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How Can Modern Technology Speed Up Payments in Real Time?

We live in a fast-paced world where everything is done at the speed of light. People want to know what they can do now, and how it will affect them later. This is why we need to use modern technology to improve our lives and make life easier for everyone involved. In this post, you’ll learn how you can make payments in real-time with a few easy steps.

Point Of Sale Systems

The use of point of sale (POS) systems has revolutionised the payment process for retailers. A POS system allows customers to pay for their purchases immediately, which speeds up the checkout process and eliminates the need for a cash register. Additionally, when using a POS system, customers can make purchases using their mobile devices, which allows them to pay for goods and services without having to carry cash or credit cards. Smartphones typically use Near Field Communication (NFC) technology that communicates with the POS system wirelessly, alternatively, some retailers allow shoppers to swipe a barcode displayed on their phone screen at checkout.

Payment Processing Service

When it comes to payment processing, PayPal is one of the most well-known and trusted names in the business. In addition to its online presence, PayPal also has a mobile app that makes it easy for customers to make payments on the go. This combination of convenience and security has made PayPal a popular choice for businesses of all sizes. There are several ways that PayPal can speed up the payment process.

First, clients don’t need to input their credit card information each time they make a purchase, they simply enter their username and password into the app, which is much more secure than typing in your credit card number every single time you want to pay for something online. Second, PayPal allows businesses to keep track of their sales and invoices in one place, which makes it easier to manage your finances. Finally, PayPal offers a variety of different payment options including credit cards, debit cards, bank transfers, and even e-checks. This flexibility is another reason why so many businesses prefer PayPal for their payment processing needs.

Online Banking

The use of technology has revolutionised the way people bank. You can now access your account information, make transactions and even receive payments without having to go through a physical bank branch. This means that you can conduct all your banking activities from the comfort of your home or office. In addition, online banking is often free of charge.

This type of banking offers several benefits, such as the ability to manage your finances from anywhere and anytime through various devices. In addition, you can get real-time account updates so that you can monitor every transaction being made within your accounts whether it is an in-store purchase or online payment processed by the bank. Another advantage is that you can sign up for alerts that warn you when a transaction has been made or an account balance falls below a certain level. This allows you to stay in control and avoids the accounts being overdrawn due to non-sufficient funds (NSF). In addition, online banking makes it possible for you to transfer money between accounts, pay bills online and set up direct deposits.

Blockchain Technology for Real Time Payments

Blockchain technology can improve the security of money transfers by using end-to-end encryption on each transaction. Each new block that’s added also contains a hash pointer, which links back to the previous block, creating an irreversible chain of data blocks with no possibility of being edited or changed once they’re in place. This makes it an ideal choice for real-time payments where security is a top priority.

In addition, blockchain technology can help to speed up the payment process by eliminating the need for third-party verification. Transactions are verified and processed through a network of nodes that work together to create and maintain the blockchain, so there is no need for an intermediary. This reduces the time and cost of payment processing while increasing transparency and security. Blockchain technology is still in its early stages, but it has the potential to revolutionise the payment processing industry. Businesses that want to stay ahead of the curve should start investigating how they can use blockchain technology to improve their payments process.

Businesses are constantly looking for ways to improve the customer experience. If you’re in retail, your customers want their shopping experiences to be as convenient and easy as possible. One of the areas that are changed over time is how quickly payments are processed after a sale has been made. We hope we provided some insights into how modern technology can speed up the payment process in real-time.

Bitbuy and Cred launch High-Yield Crypto lending platform

Bitbuy, one of Canada’s leading cryptocurrency trading platforms, and Cred, a licensed San Francisco based leader in cryptocurrency lending and borrowing, today announced a strategic partnership that will accelerate the growth of the cryptocurrency economy and open finance in Canada.

Through this partnership, Bitbuy will become the first Canadian cryptocurrency trading platform to allow their users to earn interest on their cryptocurrency holdings. Canadians that hold Bitcoin, Ethereum, Bitcoin Cash, among others, will be eligible to earn up to 10% annualised interest on their holdings through a trusted and dependable provider.

“Enabling Canadians to earn from cryptocurrency is a natural step for Bitbuy. Identifying an experienced partner with an existing protocol in Cred allows us to expedite this process. We’re excited to instantly provide Canadians with this service offering,” said Adam Goldman, Bitbuy president, and founder.

The offering will be made available immediately through a co-branded microsite, with plans to develop a fully customised integrated solution in early 2020. No account minimums will be required, and interest will be paid every three months. Each initial term will be for six months, with the ability to roll over the cryptocurrency assets.

“It’s great to add Canada to the 179 countries we serve, and we’re excited that we found the right partner in Bitbuy to help Canadians earn money on their cryptocurrency simply by loaning it out,” said Dan Schatt, co-founder, and president of Cred.

The partnership comes as savings, lending and earning have emerged as some of the most popular new offerings within the cryptocurrency industry worldwide.

“There is an increasing number of Canadians who own cryptocurrencies and plan to hold these assets for the long-term. Lending will allow them to keep their assets safe while earning interest. Why not earn money while you HODL?” said Goldman.

Cred, founded by former executives of PayPal and Goldman Sachs, has taken numerous steps to ensure that its investments are always secure and fully compliant. The company, which has secured more than $300 million in lending capital, has implemented the industry’s most comprehensive set of risk management, information security, and insurance protection.

“At the end of the day, people should trust what happens in the world of cryptocurrency as much, if not more, as they do in the world of fiat,” Schatt said. “That’s why we’ve spent a lot of time and effort making sure your investments are safe with us.”

Bitbuy and Cred are equally committed to ensuring that Canadians have easy access to industry-leading products and services. As the cryptocurrency economy continues to evolve, the two companies plan to collaborate on more initiatives and offerings.

Bitcoin and Cryptocurrency Litigation

Bitcoin and other cryptocurrencies are gaining more attention as days pass. Aside from the advantages that cryptocurrencies have like anonymity and easy international transactions, people are enticed by the fact that it can become a good investment. Apart from trading bitcoins for cash, you can also use bitcoins to buy gift cards, book flights, and hotels, buy furniture, or even buy real estate properties. Bitcoin purchases are not taxed at the moment since there is no way for third parties to identify, track, or intercept transactions that use bitcoins. Transaction fees are considerably lower as well compared to credit card transactions or services like Paypal.

Although there are many advantages in using bitcoin or other cryptocurrencies, just like any other investments, you should always be careful with your transactions. Since cryptocurrency is not regulated, many unscrupulous people have taken advantage of this and incidents of fraudulent cryptocurrencies, and other types of scam related to cryptocurrency have happened. One example of this is Prodeum, a cryptocurrency start-up that scammed its investors in just one weekend.

Because of these scams, law firms have now been involved in helping the victims. Cryptocurrency litigation has now become something that some lawyers specialize in. There are a lot of factors to consider when a cryptocurrency dispute arises. Aside from fraudulent Initial Coin Offering (ICO), lawyers could get involved if the cryptocurrency was used to launder money or hide assets; they could also get involved when there is an issue with the company, commercial, or intellectual property laws being violated in relation to cryptocurrency.

Here are some things that you can do as a cryptocurrency user to avoid being scammed:

  1. Research. – Just like with any other investments that you will make, research is essential. When investing in an ICO, make sure to read and dissect their white papers to ensure that you’re working with reliable people. Take time to research the people behind the ICO, their whole team, board members, and other investors. It’s vital for you to learn as much as you can about the company before investing so that there will be no unpleasant surprises.
  2. Be vigilant. – Cryptocurrency is still primarily bought and sold at exchanges. Because cryptocurrency is something new and the fuss around it is its value, many people get scammed by the promise of unrealistic prices. If an exchange promises incredible discounts or offers that seem too good to be true, it probably is. Another thing that you can do to avoid bitcoin exchange scams is to check the exchange’s URL. If a website’s address starts with HTTPS instead of just HTTP, that means that the traffic is encrypted and therefore has more protection.
  3. Only use trusted sources. – Hardware wallet is a physical device that stores your private keys. Hardware wallets offer more protection from hacking since there is no way for hackers to access them when you’re not online. However, hackers have now found a way around that. Some hackers sell hardware wallets that have a backdoor for them to access all your cryptocurrency and the best way to avoid this is only to accept hardware wallets from trusted sources.

In need of expert legal advice? Contact us at Hogan Injury.

None of the content on https://www.hoganinjury.com/ is legal advice nor is it a replacement for advice from a certified lawyer. Please consult a legal professional for further information.