As originally reported in the Wall Street Journal, then picked up in Forbes’ round-up of credit card news, more and more people are “shunning” banks altogether, with upwards of 8 percent of the population managing their finances without banks at all, and another 24 million categorized as “underbanked,” meaning there’s some use of nominal bank services, but mostly they’re making due with (expensive!) payday loans, prepaid cards, etc.
Traditional banks, according to the article, have noticed, and some banks have “added fees” in response. Which, of course, may have the effect of driving more people out of traditional banking.
Here at AVPS we can offer you better banking alternatives, should you need them. Merchant Cash Advances, for example, help you get that cashflow you need when your business is just getting off the ground.
We can also help you offer your customers alternatives as well, especially when it comes to prepaid cards. By making it easier on them to find and use prepaid cards, it’s easier on you, as the merchant, to keep them as customers, regardless of whether they’re “traditionally banked” or not.
Additionally, when you set up your online business, you’ll find AVPS offers you many options in terms of how you accept payments — all of which you can set up, without ever having to set foot in a bank! (Though we hope you’re staying away from payday loans!)