A Brief History of Money

If you are a small business or a start-up, you know the significance of creating products of value to make it big. In fact, the fundamentals of a business are based on the exchange of goods or services for money. The transaction or the exchange is a crucial process. And today there are numerous payment options available that give your customers convenience, speed, accuracy and security.

With technology advancing in leaps and bounds, it's not hard to imagine a world without paper money. In fact, those days may soon come upon us quicker than we think! But where did money originate from? And why is it that songs have been written, wars have been fought over it, families have split because of it, and crime rates have risen because of this ever elusive, much sought after thing we call money.

Tracking it's evolution over the ages, the odyssey of money can be broadly divided into four stages- each of them transposing money to where it stands in modern times.

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The Barter Stage

The direct exchange of goods and services, bartering was an established form of acquiring ones needs or wants in the ancient world. After existing for a prolonged period of time, this system was seen to be complicated and sluggish. An efficient and simple means of exchange needed to be established, giving rise to the creation of the money concept.

The Coin Stage

China was the first country to use coins as a recognized means of exchange at the end of the Stone Age around 1000 B.C. and they are used in smaller denominations even today- spare change may be a common feature in your businesss petty cash drawer. However, it's weighty nature made way for paper moneya lighter and more expedient option.

The Paper Stage

The Chinese we're foremost in the printing of currency notes around 618 A.D., a practice that was much later adopted by the colonial powerhouses of Europe around the 17th century who we're heavily dependent on banknotes for the purposes of trade. From handwritten paper bills issued by the Bank of England to polymer notes issued first by Australia, the currency note trail slowly extended to most parts of the world. This soon led to banks issuing bills of exchange which eliminated the need to carry money.

Checks

Youll be surprised to hear that checks date back to the 9th century but it was only in the mid-18th century that checks became a more popular mode of payment and we're popular right through the 1980s and 1990s when electronic payment options became more widely available and plastic in the form of credit cards, became king.

The Plastic stage

From cash dispensed via an Automated Teller machine (ATM) to swiping credit cards for quick transactions, money has now almost gone paperless. Individuals and businesses alike can benefit from real-time transactions. Small businesses envisioning growth need to consider the credit card processing as a means of business expansion. Taking into account and incorporating means of tracking online sales can pay off rich dividends. Solutions such as merchant account services are offered by CreditCardProcessing.com to enable businesses to maintain meticulous and effective online transactions.The plastic stage is here. For how long? No one can really say, but if your business hasn't entered the online domain, it's time you joined the bandwagon.

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Sources

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Posted in Business Other Post Date 02/03/2015


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