Movement of Money in Your Online Business
MOVEMENT OF MONEY OVER TIME
I was thinking about an old Western movie as it related to some of the characters participation in business. Obviously they didn’t have the conveniences that we have today with our online businesses. The thought crossed my mind about a businessman (from the movie) that was moving to another part of the country. The businessman was meeting with a banker about setting up his business banking account and checking the security of the bank. As I thought about his concerns about the bank’s security, I thought he had way more concerns about the security of his money being moved to this new bank. It would have to travel hundreds of mile by stage coach in a strong box through the wilds of the vast West where many made their living as bandits!
We are now in the year 2014 and our concern is how quickly we can move our money from our Bank Account to a Merchant (sometimes half way around the world). Our concern is “can we move our funds within a day (or sometimes 3 business days) as opposed to moving it by stage coach.
PAYMENT SOLUTIONS FOR YOUR ONLINE BUSINESS
As a business owner, you know (or will know) the pains of business ownership regarding handling of money within your business enterprise. The timeliness of money movement can be the difference between the life of your business or its demise.
I read an article a while back regarding the Electronic Herd. (Google the term if you want to read more.) Basically, the article was talking about this large group of Investors that would move money into and out of projects. if they didn’t like you, they could ruin you overnight. The article talked about an incident where they lost confidence in one situation and overnight moved all funds out and bankrupted the situation.
The reason I mention this is because as an online business owner, you want to protect your business if at all possible. (I’m not saying the Electronic Herd will come visiting your soon!) In the article (What is Compuceeds and how can it help businesses better than any Payment Processor? ), the author wrote: Compuceeds is a digital currency, primarily used to make online purchases and it is also being used by offline businesses. Consumers using Compuceeds store it on their Cryptoceeds eWallet. It can be accepted as a form of payment to purchase anything from digital services to tangible goods.
Can you use an electronic Payment Solution for your Online Business?