In a world of specialization, it’s no surprise that there are customized solutions to a lot of the moderns types of business transactions, especially when it comes to money. There isn’t a lot of room for the inconvenience of cash anymore, which is why many of these solutions are strictly digital.
Five types of these specialized tech solutions include things like handling recurring payments, PayPal transfers, money from an app store, financial transactions from streaming services, and payment methods that come from different licensing companies. Knowing the basics of how all of these work allows business owners a further degree of financial flexibility than without these options.
Recurring Payment Businesses
Some specialized software deals specifically with the business format of recurring payments for a service. If your business has some type of subscription that people pay digitally, or a regular tuition for something that you provide, then having this software can be a lifesaver in terms of bookkeeping and organization. There are differences between out of the box and custom solutions, depending on what degree of individuality you want, simply on the server side of the equation.
PayPal Direct Connections
When you set up a business PayPal account, that opens up a ton of possibilities as well. PayPal is extremely well-trusted, has immediate capability for funds transfers, and is invaluable in terms of record-keeping. If there is one single way for you to make digital money transfers easier for your clients, it’s going to be by having a convenient PayPal address for them to send you money through on a nearly instant basis.
App Store Potential
If you’re trying to make money by selling apps on an app store account, then you know how important it is for that money to be able to directly transfer to you on a regular basis. Excellent financial technology is typically available for this specialized process within each type of app store available. The two major ones are going to be the Apple App Store, and then the Android version of the same thing.
If you’re a musician, then you know that streaming services can be a significant chunk of your income, but you have to get paid through various aggregates. Usually you’ll either give them a PayPal address or a direct line to your bank account, and the payment plans happen automatically.
Licensing Payment Methods
And finally, if you have any of your creative material out there to be licensed for use, then you know how important it is that you have a way to get paid from consumers. These people that buy licenses of yours can either pay you directly, or if you’re working through some promotional site, they’ll have a specialized way to transfer funds between parties, often taking a small cut for themselves.