With an increasing number of people relying more and more on convenience and digital for transactions, carrying a thick wallet around and using numerous bank accounts just won’t cut it anymore. As the world is moving towards a paperless, digitally enabled society and there already are billions of users all around the world, it is only natural businesses would follow.
According to the latest Global Payments report, mobile transactions and digital wallets will account for 33% of all e-commerce global payments by 2022 across North America. Evidently, the trend is playing an increasingly important role in how businesses process payments. And while it may not have a dramatic impact on well-established companies and organizations, start-ups and small businesses can suffer from high processing fees implemented by the leading mobile payment companies.
Helping small businesses is key
Entering the market with an innovative concept, iWallet is a QR driven solution which allows for payment processing of up to $10 million a year, without any costs whatsoever. The company was born out of a commitment to new and small businesses in need of a trustworthy partner who understands their unique hurdles and complexities. A spokesperson for iWallet commented:
“Small businesses contribute to local economies in a way that no corporation can. They foster growth and innovation in the communities they are established – just look around. They also play a crucial role in offering employment opportunities for those who might not have the opportunity otherwise. When we launched iWallet, this is what inspired action. We’ve had experts from various fields come together to create a processing payment option that is based on ACH transactions which means it does not rely on the popular Visa, MC, Amex or Discover cards. We also created an option for consumers to benefit from. Our vision for the future is to be the go-to for fast, easy, secure and straightforward payments.”
What are the benefits of iWallet app?
For consumers, iWallet can substitute having to carry around a bulky wallet. It also takes out the concern of forgotten cash or credit cards. Everything is stored on a Smartphone and a camera is all is needed for a transaction.
Additionally, it saves a lot of time. Instead of having to insert a card into a bank machine or wait for a POS to process, anyone can just swipe and go. When shopping online, instantaneous payments can be made at the touch of a button on a phone.
For businesses, iWallet enables access to funds almost immediately, saves money on high transaction fees by removing third parties and there is absolutely no need for an expensive POS machine. Equally important, this solution helps improve customer experience given a quick and secure payment method offers reassurance and demonstrates reliability.
iWallet was born from a desire to make life easier for businesses and consumers. As a QR powered process payment solution, iWallet offers second to none options in a quick and secure way. Having eliminated the need for hardware such as a POS machine, the processing is based on the ACH system over Visa/MC/Amex systems.