Electronic Payment for Small Business

Running head: ELECTRONIC PAYMENT FOR SMALL BUSINESS
Electronic Payment for Small Business
Name of the Student
Name of the University
Author Note

1ELECTRONIC PAYMENT FOR SMALL BUSINESS
One of the greatest advent of the contemporary times is the growth of digital
technology. The rise in technology has not only allowed people to stay connected with
each other but has also revolutionized the sphere of business and other professional
activity. Nowadays, since people are too busy to visit a place in a physical manner,
technology aids them to visit that place in a virtual manner and complete their
activities. One of the most important activity of business is the payments related to it.
This essay seeks to analyze how the recently launched digital payment applications
supports a small business to execute its activities in an effective manner.
A business usually involves the activities of purchasing, manufacturing and
selling. For the purposes of purchasing, it needs to buy raw materials from other firms
and use these resources to manufacture its own product and services, giving it a
unique characteristic of its own. The concerned firm then sells this product to the
other consumers who are its target market. In the modern times, with the launch of
various electronic payment applications such as PayPal, the Square and Paytm, the
finances involved in the purchasing and selling of products and services have become
that much more easier, especially for a small business (Haque, 2017). This is so
because a small business does not have the required number of manpower who would
individually have the task of purchasing, manufacturing and selling all of which
involves physical transaction of money in the banks. This takes up a lot of time and
effort.
All the electronic payment applications more or less perform the same function, with
some minor variations. For instance, PayPal involves the transaction of finances
amongst people who have this application linked to their email address (Garden &