Cash is no longer king — and small businesses must adapt to deepen customer relationships and meet their business goals.
Today’s customers live in an increasingly cashless world
- Just 19% of customers say they prefer to pay with cash[1]
- Cash transactions made up just 20% of all payments in 2021, down from 31% in 2017[1]
This is especially true among younger consumers:
- Shoppers under age 25 say they use cash just 17% of the time.[1]
Credit card usage has surged, at even the smallest of small businesses
- Credit cards made 28% of transactions in 2021, up from just 18% in 2016.[1]
- This represents a 56% increase in just 5 years.
Contactless payments are trending, too — and increasingly becoming a baseline expectation for customers.
- 18.8%: The projected compound annual growth rate (CAGR) of the U.S. contactless payment market between 2022 and 2030.[2]
- Nearly half (48%) of consumers say they won’t shop at a store that doesn’t offer contactless payment.[3]
Staying ahead of these trends is table stakes, since the payment experience can make or break customer relationships.
- More than 9 in 10 (91%) consumers say a satisfying checkout experience influences their decision to shop with a merchant again.[4]
The right payment processing solution helps you attract and retain customers.
- Seamless, convenient checkout experience that allows customers to pay how they prefer, plus, manage discounts, promotions and loyalty programs that keep customers coming back.
It can also do so much more
- An end-to-end payment processing solution offers benefits far beyond processing payments. It can help you:
Manage your team
With software integrations that support:
- Payroll
- Scheduling
- Employee productivity reports
Make strategic decisions
With insights into:
- Inventory management
- Cash flow analysis
- Demand forecasting
Get help finding a payment processing solution that meets your needs
Our white paper, “A Small Business Guide to Payment Processing,” offers the insights you need to make sense of modern end-to-end payment solutions — and shares seven strategies to find the right solution for you. Read the Guide to Payment Processing