2022 has been a year that will go down in history. It was a year that promised hope after the previous 2 years were full of uncertainty and isolation amidst the pandemic. Unfortunately, 2022 was still a year of uncertainty for many of us. The haven year we needed after the pandemic was halted. This year saw the Ukraine invasion and the cost-of-living crisis, and now we are almost certainly facing a recession in 2023. When faced with the challenges that the last year has brought us, it makes many of us reflect. The pandemic reminded us of the importance of loved ones and human interaction. Perhaps 2022 will do the same. When we can no longer go out for dinners or go on the holidays we want, returns spending time with loved ones to being what makes us happy.
As the year closes, it is time to be reflective. To look back on past events. We’ve done this by looking back at the articles we’ve published this year and have selected 5 of our favourites:
February was a monumental month at UTP. We were finally able to announce UTP Shield, a software that was created to protect our customers and their hard-earned money. Fraudulent transactions and chargebacks were commonplace consequences of taking card payments, and we wanted to do better for our merchants. That is why we launched our free service that notified business owners about the risks of potential chargebacks. It was software created to get to know your business. By getting to know you and your business, UTP Shield was able to flag suspicious transactions and provide greater security to our customers.
UTP, Faster Processing, and Phos become industry pioneers by being the first to introduce same-day processing for payments accepted on a smartphone.
tapeeno was a highlight of the past year at UTP. An app that was created to simplify small businesses taking card payments and friends transferring money. Technology like this changes the game for businesses starting up. Rather than paying for a card machine, starting businesses can utilise the technology they already pay for monthly, their phones. tapeeno makes card payments simple. Type the amount into the app and tap the payment card against the back of the phone. Make the technology you already own work for you and make money using the app you can tap.
In a year full of financial uncertainty, it was imperative that we kept our money and ourselves safe. Buy Now Pay Later companies were offering a promise to consumers. A promise of splitting costs over a time period to relieve the pressure of purchases. However, they were manipulating customers into spending beyond their means and tricking them into taking out loans. BNPL has unknown consequences for customers, such as damaging credit scores and creating debt impossible to pay back. Technology mogul Apple threw their hat in the ring with Apple Pay Later, openings millions of Apple customers up to the consequences of these payment schemes.
How many of us have uttered the phrase, ‘I wish I learnt this in school’? If we haven’t said it ourselves, many of us have heard it. Teaching children how to manage their finances is vital to their socialisation. Passing on our own education and experiences of finances to children will allow them to pass through childhood without being overwhelmed by money. Learning to budget, save, and invest money will provide children with key life skills.
Financial abuse is a form of abuse that largely goes unnoticed. It is an abuse that often goes on behind closed doors and leaves little trace for loved ones to notice. Financial abuse can be as subtle as checking over every purchase on a receipt or can be full control over another person’s finances. Spotting the warning signs of this abuse is imperative to help victims in those situations. We used this article to list some of the ways to spot financial abuse and to give advice on how to help victims.
We hope our colleagues, customers, and small businesses have a great 2023.