21 / 02 / 17

How Are Customers Paying Merchants Today?

As technology rapidly advances, new payment trends have emerged. Successful business owners know that making it as easy as possible for customers to pay is essential for increasing sales. In today?s world, this would include accepting the popular forms of payment that consumers wish to use.

According to a report by Bankrate.com, nearly eight in 10 Americans carry less than $50 cash and two out of five carry less than $20 cash on a daily basis. With cash no longer king, consumers are leveraging a wide array of electronic payment options, so it is more important than ever for merchants to make sure their processing solution meets these varied needs.

About 69% of consumers aged 18 to 34 say that they will only shop at businesses that take multiple forms of payment. With that said, the following is a list of payment methods that consumers want to use.

Credit/debit cards

With cash payments continuing to decline, accepting credit cards at your business is increasingly becoming a necessity in order to stay competitive. An added bonus to accepting credit cards: A Dun and Bradstreet study showed that people spent 12-18% more when paying with credit cards over cash.

Online terminals

The number of online shoppers grew by nearly 20 million from 2015 to 2016. With advances in online payment processing technology as well as security, this number is expected to continue growing. This is great news for e-commerce sites, as well as businesses that now have the ability to send online invoices.

Apple Pay/Google Wallet

A growing number of merchants now let customers make purchases via NFC, or contactless payments like Apple Pay or Google Wallet. With the tap or wave of a smartphone near the credit card reader, more and more consumers are making payments this way. According to a recent Accenture survey, millennials and higher-income households lead the pack, with 23% and 38% using contactless payments at least once a week,

What Does This Mean for Merchants?

Accepting the forms of payment that customers prefer to use, and making the payment process as seamless as possible are vital parts of doing business. Think about it- have you ever seen a ?Cash Only? sign when you don?t have enough cash in your wallet to make the purchase?

If merchants want customers to visit their website or place of business and make purchases, they must provide an easy way for them to pay. As technology continues to advance, merchants must keep up with the trends or risk getting left behind.

Aliant Payment Systems is an international merchant services and credit card processing company, with a highly professional management staff who offers 14 years of experience in account set up, customer service and development.? With over $560 billion and 15.5 billion transactions processed annually, we work with the largest credit card acquirer in the world.

Are you interested in getting started with Aliant? Click here to receive a personal consultation and pricing quote for your merchant service needs!

 

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