Card payments and online bank transfers are well established, having made digital payments the norm.
Tech giant Google is looking to take the whole process one step further, by allowing users of its Gmail service to send funds via email.
Originally rolled out in the US in 2013, the system is set to be implemented in the UK and is likely to find its way to this part of the world in the not too distant future.
A steady, dependable cash flow is the lifeblood of any business, and how this new system could effect enterprise payments is particularly notable.
Speed demon
Any small business that is capable of accepting and making payments via email will benefit from faster processes. Transactions are completed instantly and are twinned with on-the-fly notifications.
This means organisations can carry out both B2C and B2B payments faster with records generated and kept in check autonomously.
Time is precious in any industry, and having the ability to send and receive lightning fast payments is a must for a forward-thinking business.
Market potential
Google isn't the only company attempting to alter the landscape of technology-driven payments.
Apple Pay is a service offered by its California-based rival. The system aims to make paying with a smartphone the accepted standard for consumers.
It requires banks to partner with Apple, and, thus, it is yet to be rolled out across New Zealand. However, the option has been a hit in the US and offers an alternative to the Google system.
Both innovations point to a future that will see mobile payments grow in importance.
At the enterprise level, business leaders must be prepared to ride the crest of the wave these new technologies will present.
Utilising small business software such as CashManager Plus is the perfect solution for those looking to keep track of Electronic Funds Transfer payments - the kind of which these new and exciting solutions are set to boost in popularity.