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How technology is changing the way we pay for things

How technology is changing the way we pay for things

From bartering goods to cryptocurrency, we humans have come a long way in how we pay for things. Here, we take a canter through the history of payments and the role of technology in the way money changes hands. We look at the advantages new technology brings, and we show how we can help you keep up to date with today’s ever-evolving world of payments. (And don’t worry, we won’t mention cryptocurrency again).

Back in the mists of time…

More than 8,000 years ago, we bartered goods and services – two of my chickens for 3 of your fish. Fast forward approximately 7,000 years and the first modern coins appeared – in Turkey, or Lydia, as it was then known. Now we had standardised money and with a few tweaks, it’s a system that served us well for another 3,000 years.

Paying for things in the 20th Century

Things picked up significantly in the 20th Century and technology – beyond the making of coins and notes – made its presence felt.

Cheques and credit cards came along. If you’re old enough, you’ll remember those cumbersome machines that scraped over your card to imprint the details onto triplicate paper. One for you, one for the retailer and one for the bank. And signatures! You needed to sign for every non-cash purchase you made.

Credit cards gave us instant access to funds, which we could then pay back over time. Technology had opened up the credit market in a big way and given people more personal control on how they paid for goods and services.

Payment technology in the 21st Century

As the new millennium dawned, we entered the age of the internet, digital technology and online banking. PINs took over from signatures, and eventually we went contactless.

Now, plastic cards are gradually disappearing as we move them into digital wallets on our smartphones, with face and fingerprint recognition to unlock them. Payments are instant if we want, and flexible if we prefer them to be.

How technology has changed the way we spread our payments

Before the giant leaps of technology, the pioneers of spreading payments were hire purchase and mail order catalogue companies, and initially, you might have a real person coming to your house to collect your weekly or monthly payments.

These days, money changes hands electronically and that is changing perceptions about how we manage our money and how we choose to pay for things. We’ve come a long way since those catalogue payment terms, and digital technology and the internet have meant that spreading payments has become easier, faster and more widespread. People increasingly expect to be given the option to pay in instalments for everything from clothing to dental treatments.

In recent times, changes have come so fast, it’s easy to be confused. There are payment options of all kinds; some, unfortunately, bearing excessive amounts of interest and others being offered by new or unregulated lenders.

Ultimately, people want ease of use, instant access and providers they can trust.

At Chrysalis, we harness the technology for you

At Chrysalis, our business model is built on those things you and your patients are looking for in a provider: intuitive technology, a patient-first approach, and solid financial credentials. Combining the use of technology with our expertise in healthcare payment systems, we have developed a highly effective platform for patients who want to spread the cost of their treatments.

Key to meeting the needs of your clinic and your patients is our emphasis on using technology to make payment options smoother, easier, and more secure. Our simple and intuitive technology platform integrates directly with your existing systems. Payment option applications are accepted within seconds with minimal data input, and we offer paperless e-signature processes too. Patients receive an instant decision and can sign their credit agreement on screen, in the clinic, or at home.

This technology means the application process is easy for your team to understand and explain to patients, and spreading payments is made effortless for patients.

Aside from the technology, we are a leading UK financial institution, enabling us to manage your compliance with Consumer Credit regulations. We focus on dental and healthcare clinics so that we can make our service specific and relevant to you.

When it all comes together, it means a service you can trust, more treatments and more satisfied patients. And not a Bitcoin in sight!

To find out more, speak to your Chrysalis Account Manager, or contact us today:

Tel: 0333 32 32 230


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