Over the last several years, the purchasing habits of consumers have been adapting to the multiple forms of payment that have come available. There was a time, (not so long ago), when we would ask our patrons if they wanted to pay with cash or charge. But the relationship with our money has evolved as more and newer options hit the market. Is your business ready to accommodate the multitudes of ways people choose to pay?
Credit and Debit Cards
Of course, using cash for purchases isn’t going anywhere anytime soon. But over the last several years, the increase in the number of credit and debit cards in consumer’s wallets has been drastic. Too many people have shifted away from using cash for almost every sales transaction. This increase is evidenced in the number of traditionally cash-based businesses, (taxi companies, vending machines, etc.), that have had to install card reading devices to meet the rise in use of plastic over paper money.
New on the financial horizon is the virtual wallet. Both Google and Apple offer a product that encrypts all user and card identification information, allowing for faster and safer in-person transactions. While both of these platforms are scoring big wins by being accepted at larger retailers, they are still lagging behind in the world of smaller businesses. As more virtual wallet products are all but assured to be introduced in the coming years, it is likely that small and mid-sized businesses will accede to customer demand and begin accommodating the tech-savvy consumer.
The financial landscape has been changing rapidly over the last several years. Your business and its success or failure will rest on how well you adapt to the changes, providing consumers the choice they so obviously crave when it comes to payment options.