To all our valued members, please be advised that our office will be closed Monday, August 5th. As a result, our Customer Support and Verification departments will be unavailable on this date. If you require assistance, you may leave a support ticket for us at any time by clicking HERE, but please be aware that it will take us a little longer to respond to your inquiry. As this is also a Canadian banking holiday, please allow additional processing time for deposits, withdrawals and e-currency exchanges. Our office will reopen on Tuesday, August 6th.
The use of coins and banknotes as a physical medium of exchange has been fundamental to the growth of human culture. Coins were first introduced in the 6th century BCE, with paper currency being developed in Tang dynasty China during the 7th century. It would take another 900 years before the first non-cash payment method would emerge. In the early 1500s, Dutch cashiers agreed to pay their depositors’ debts out of money stored in private accounts using the depositor’s written order. It is from these orders that modern cheques trace their origin.
Today, cash is once again under threat. But the menace is not a new medium of exchange. Instead, it is from digital payment methods – credit and debit cards, electronic wallet applications and cryptocurrencies. In a recent study by Smithers Pira, non-cash payments are projected to reach 1.96 trillion transactions by 2029, with an annual growth rate of more than 10% year over year. From the first credit card being issued in 1950 by Frank McNamara to the launch of Satoshi Nakamoto’s bitcoin cryptocurrency in 2009, the global payments industry is rapidly transforming, with new technology backed innovations being launched daily.
Despite the global economy’s continued reliance on cash, many industry experts believe that the move towards a cashless society is inevitable. South Korea aspires to be completely cash-free by 2020, a goal that is bolstered by the fact that a staggering 80% of the total amount of registered transactions made in the country are done so through electronic payment methods. European countries such as Denmark, Norway and Belgium are also on the frontline of this new financial development, but they still trail behind Sweden. Sweden is widely regarded as the most cashless nation in the world. “No Cash Accepted” signs are a common sight in shops and eateries, with less than 25% of Swedes paying cash at least once a week for their purchases.
Living in a Cashless Society
As with any radical social shift, the move away from physical mediums of exchange will benefit some more than others. For many, using cash allows them a greater degree of control over their spending habits and makes it easier to track daily purchases. A cashless culture also leaves behind vulnerable populations such as the elderly. While millennials prefer to use credit cards to make small purchases, baby boomers are not ready to embrace a cashless society, with more than 70% preferring to pay by cash.
Despite these drawbacks, numerous experiments conducted in different parts of the world have proven that a lessening of cash liquidity results in drops in unreported employment, human trafficking and various other illegal activities. Digital payment methods ensure that all transactions are verified and tracked, which helps root out suspicious activities. Equally important, small businesses could benefit from a cashless culture, as studies have demonstrated that an efficient, well designed cashless payment system can increase the number of hourly registered transactions by as much as 15%.
Instant Pay and Cryptocurrencies
As the use of cash declines in developed and developing nations, the global payment industry is increasingly looking towards new instant payment technology capable of providing users with real-time or near real-time processing capabilities. Currently, the instant payment infrastructure is sluggish. Bank transfers can take hours to complete while credit card transactions require several days to be posted to your account. In the future, we can expect transactions to be completed in mere nanoseconds. With processing no longer dependent on human verification schedules, robotic process automation (RPA) and artificial intelligence will ensure that transactions are continuously executed 24 hours a day, 7 days a week, 365 days a year.
Additionally, as a decentralized ledger shared and authenticated by partners, the increasing adoption of blockchain technology in the payment processing industry promises to facilitate fast, secure and low-cost international payment processing services. Eliminating the need for intermediaries such as correspondent banks and clearing houses, blockchain technology can accelerate international payment processing services and lower the cost of trade financing by streamlining record-keeping, thereby saving time and energy in the payment value chain.
Looking Towards the Future
At SolidTrust Pay we are actively investing in the future. That’s why our e-wallet it fully compatible with bitcoin. You can easily deposit bitcoin directly to your secure STPay e-wallet, where your deposit will be instantly converted to USD. Alternatively, you can withdraw funds to your personal cryptocurrency e-wallet using our easy to navigate dashboard. For more information, please click HERE.
Will you embrace the move towards a cashless culture? Let us know in the comments section below. If you enjoyed this post, please subscribe to our Blog and follow us on Facebook and Twitter for news, updates and more helpful content!
Since 2006, SolidTrust Pay has diligently worked to provide you with outstanding service. We competitively priced our rates, and unlike many of our competitors, we chose to eliminate monthly and annual fees. Regrettably, circumstances change and to meet the increasing demands of global anti-money laundering, crime and terrorist financing regulations, we have instituted an annual compliance fee for all SolidTrust Pay personal and business accounts effective July 19, 2019. For a comprehensive fee table, please see the bottom of this post.
In addition to assisting with rising compliance costs, the fee will help us make improvements to our security infrastructure. This will ensure that your personal information and financial data remains fully protected and beyond the reach of cybercriminals. Furthermore, improvements to our payment platform will make transferring and receiving money online even more convenient and secure.
This fee will enable us to continue to provide the quality and range of services that you have come to rely on. We have refrained from increasing our fees for over a decade, a resolution that continues to guide our fiscal decisions. Our low transaction fees remain unchanged and by restricting the fee’s amount, we have kept our service rates affordable and competitively priced. We strive to provide you with excellent value and promise to continue to make this effort in the future.
The decision to implement a standard flat rate fee for all members ensures that the compliance costs are equally shared, a choice that reflects our mission statement and commitment towards creating a thriving global community. When you reflect on how this small fee will help guarantee the security, privacy and compliance of your personal information, it is our hope that you will see its necessity. We anticipate no additional rate adjustments for the current year.
All of us at SolidTrust Pay would like to thank you for your continued support. Should you have any questions, please contact our Customer Support department. Our representatives will be happy to answer all your inquiries.
|Personal Accounts||$5 per year*|
|Business Starter Accounts||$25 per year*|
|Business Premier Accounts||$50 per year*|
*The compliance fee will be charged annually on the date of your account’s creation.
As a small business owner, you may feel powerless in your ability to enact positive, far-reaching change. After all, corporations like Microsoft and Walmart have millions of dollars at their disposal and teams of highly educated planners ready to initiate projects that have measurable impacts on people’s lives. What could you possibly do with your small business? The answer will surprise you.
Corporate Social Responsibility, or CSR, first emerged in the 1960s as a response to the burgeoning cultural movements that challenged social and economic norms. Many of the rights we currently take for granted trace their roots to the countercultural protest movements of this decade. CSR has become synonymous with corporate ethics and despite being originally a fully self-regulated mandate, over the past decade corporate social responsibility has moved considerably from voluntary decisions at the level of individual organizations, to mandatory programs at regional, national and even transnational levels.
Align Your Business with Your Values
As an entrepreneur your business is an extension of yourself. Your values, beliefs, ethics and passion infuse all that you do, reflecting your ethos to both your customers and wider community. This is why it is tremendously important to align your business with your personal values. Take a moment and reflect on whether your small business emulates your own moral beliefs. If you strongly believe in environmental preservation, do you actively recycle and source sustainable supplies? If community is important to you, do you provide mentorship programs for youth and encourage your employees to give back? By aligning your businesses with your values, you have the opportunity to create change in your local community.
Highlight an Important Issue
You don’t have to look far to find a social problem in need of attention. Do you feel strongly about an issue that lacks public awareness or where change has been slow? Educate yourself about the issue and use your business as a platform to raise awareness. By aligning yourself with a cause that is important to you and your employees, you can enact positive change and raise your company’s profile in your community.
Transformative change also necessitates the development of a long-term strategy. Your business plan should possess a section detailing your chosen issue and how you plan on utilizing your available resources. Creating annual impact reports is an excellent way to measure the positive effects of your work. They also allow you to earnestly take stock of your efforts and plan accordingly for the next year. You may need to adjust your business plan and incorporate impact business models into the structure of your company.
Strive to Become a B Corporation
B Corporation certification is a private credential issued to for-profit companies by B Lab, a global nonprofit organization that believes we should be measuring what matters most: the ability of a business to not only generate returns, but also to create value for its customers, employees, community and the environment. As of June 2019, there were over 2,750 certified B Corporations in 64 countries.
To be granted certification, companies must receive a minimum score on an online B Impact Assessment for social and environmental performance. B Lab is transforming our understanding of for-profit companies. No longer must profits and social responsibility be mutually exclusive pursuits. Thanks to their impact assessment tool, you can easily measure the impact of your work and strive to transform your company into an elite B Corporation.
Invest in Local People
Does your business truly invest in people? Hiring the right team members is crucial to the success of your business, but are you making an effort to invest in your employees? Besides providing much needed incomes for local members of your community, your employees deserve opportunities to better themselves and advance their skills. Many companies are embracing this idea and provide ongoing education and training throughout their employees’ tenure. These efforts can be combined with volunteer opportunities where your business shares it expertise and knowledge with not-for-profit community partners. Investing in people helps build strong, resilient communities, and when an employee does decide to seek opportunities outside your company, who knows what meaningful change they will bring about in their new position thanks to your investment in them.
SolidTrust Pay’s Sharing Philosophy
We believe that sharing should be integral to a company’s core values. That’s why a sharing philosophy lies at the heart of our mission statement. Every year, we dedicate a portion of our revenue to charitable giving, both near and far. Currently, we support UNICEF, the Canadian Red Cross, the Toronto Kiwanis Music Festival, Smile Train, World Vision Canada and the Fistula Foundation. We also assist our own members, providing monetary support to those in need. Read our Mission Statement to learn more.