8 Startups Changing How Payments Work WePay, GoCardless and Openbucks are just a few companies offering payment services that are evolving with the online retail world.

Back in the day, making a payment as a business or a consumer was pretty straight-forward. You could pay by cash or check. Then came credit cards followed by debit cards. While these all worked, they tended to be paper-intensive processes that could take a few days to process -- except for cash, of course.

Related: The Pros and Cons of Mobile Payment Services

When more business started to be conducted on the Internet, those that relied on cash or checks were suddenly left out of the new opportunities available for transactions. As the opportunities grew for retailers and businesses to conduct transactions online, consumers and businesses started to be more interested in paying new ways but were concerned about situations of large-scale fraud and card theft. Now you have all different types of eCash payments beginning to start that account for almost 8 percent of all mobile payments.

The result has been a greater focus on developing the technology that alters how payments are made for all types of transactions. Here are eight examples of startups changing how we pay for products and services.

1. Due

2. WePay

This tool helps businesses by providing a tailored payment platform that helps people get paid faster. The accounts created through WePay can be used for a number of applications, including electronic billing and collection, the ability to accept numerous payment methods (paper checks, credit cards, and e-checks), online bill payment, electronic transfers and its own WePay debit cards. It scales and offers a seamless user experience with integrated fraud technology and a platform that goes beyond just "checkout."

3. GoCardless

GoCardless was designed to specifically enable smaller merchants to establish interbank transfers into their sites for either one-time payments or recurring payments. Because it is fully automated, there is no risk of human error causing problems in the completion of payments. It offers the advantage of fees that are much lower than PayPal and enables companies all over the world to offer more payment methods and increase their opportunities for revenues.

4. Cheddar Up

Sometimes, we borrow money from friends and family, but paying them back is often difficult as we don't see them often. That's what makes this new payment solution so convenient. This easy payment alternative helps you pay back what you owe through an online transaction option. It has application for schools, teams, non-profits, clubs and anywhere that might involve payments between individuals or groups of people.

The money can be quickly deposited to your bank or PayPal account once you get paid back. The payment solution also comes with reports and forms to track all payments owed and made.

Related: Accepting Credit Cards and PayPal on Your eCommerce Site

5. Openbucks

There are times where you may be sitting there with a number of gift cards that would otherwise go unused, but the funds on those cards could be better used elsewhere. That's where Openbucks comes in, allowing you to use those gift cards to pay for items you want online just like you were using cash for those transactions.

While the startup is still growing its list of companies that allow such payments, there is a significant opportunity for both businesses and consumers to make the most of the currency they have available no matter what form they have it in. This also ensures that gift cards don't go unused but that help consumers toward getting what they actually want.

6. Payzer

This all-in-one financial tool is directed specifically at contractors to help them increase cash flow and manage all the financial aspects of their business often while on-site. It offers a mobile and cloud-based platform so that contractors can accept those deposit payments from customers on the spot, including debit or credit cards and electronic checks.

They can provide customers with access to instant financing to fund their construction projects as well as offer Visa debit purchasing cards to employees who need to buy materials rather than having to rely on a company credit card. The company has also created a similar all-in-one tool for personal finance, helping consumers with similar money management issues.

7. snapCard

With the growth in cryptocurrency, snapCard is a startup that emerged to assist more businesses with a way to accept digital currency payments like Bitcoin. Its solution can enable businesses of all sizes to take this new form of payment, giving them a competitive advantage over others that have not yet started offering this payment method.

The more payment methods offered, the better chance a company has in winning a larger customer base, so snapCard has developed a digital wallet that can be used to make this new type of currency easy to use and accept.

8. SplitIt

Once known as PayItSimple, SplitIt is a unique way to make retail or online purchases that provides consumers with the power to pay across their existing credit cards to enjoy interest-free payments without having to qualify for a new credit line. By removing a barrier that many consumers face that often stops them from buying certain things, a retailer that offers this payment method is more likely to boost sales and win customer loyalty. With user-friendly customer and merchant portals, this is an easy service to integrate into a business of any size.

From online payment services, point-of-sale payments, and personal payment services to billing automation, cryptocurrency payments and money transfer services, these and many other payment startups are changing the transactional landscape for consumers and businesses.

With the advantages of more ways to pay and manage money, there are more opportunities for businesses to increase revenues and cut transactional costs -- while consumers get better control over their finances and enjoy the ability to purchase more products and services.

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