A Look at How Payment Methods are Changing

May 22, 2019 0 Comments
payments, Payment Methods

The internet has changed the way that we do business and payment methods.

From putting small retailers in touch with potentially global markets to making it easier than ever for both clients and merchants to handle transactions in an infinite number of ways, our modern era has made it easier than ever to make and accept payments across the board.

But with significant changes come new obstacles, and it can be hard to keep on top of all of the payment options available as the online world expands.

How can you use these new payment tools to your benefit? How can you continually keep on track of all the advancements that could benefit your customers, and keep you ahead of the competition?

It starts by taking a look at all the changes that have come to fruition in recent years. And, by understanding these unique factors that have changed the way retailers around the globe do business.

Wireless Payments Are on the Rise

Customers are making more payments online than ever before, and mobile payments, in particular, are seeing a massive jump in popularity across the board.

Recent statistics have shown the number of customers making wireless or mobile payments has more than doubled in the past few years, from an average of 7% in 2010-2017 to roughly 17% in 2018 and 2019, thus far.

Customers Use Variety

At one point in time, the main question when it came to payments was “cash or credit.” This is no longer the case. Another unique study found that customers use an average of 3.6 different payment methods every month for their bills, so variety is key.

Also, additional studies have found customer satisfaction levels go up when companies offer more than one payment method option to their clients.

Recurring Payments Are Becoming Popular

Recurring payments can benefit both companies and customers in several ways. For companies, it ensures on-time payments and maximizes income. For customers, it allows them to handle monthly or regular expenses without extra effort or much thought about when a payment is due.

Perhaps this is why recurring payment options have become so popular across the board, for a myriad of transactions. In fact, research has found online recurring payments have increased as much as 72% over the past five years.

In a recent survey about regularly scheduled payments:

  • 35% of customers said they are concerned about keeping track of payment dates
  • 29% are consistently worried about being late with a payment

A Good Payment Partner Can Help You Learn the Ropes

Clearly, the landscape for making transactions is changing, quickly, and radically. But, this doesn’t mean that you have to navigate this new terrain on your own!

A dedicated electronic payment processor that’s focused on customer service can help you through every step of the way. They can explain your modern options to ensure your company performs at its best.

There’s no telling how much you can offer when you partner with the right payment provider. Contact us today!

Image attribution.

Article Name
Modern Ways to Get Paid – A Look at How Payment Methods are Changing
How has the landscape changed when it comes to making payments? The answers may surprise you! Read on to discover how our connected world has changed with it comes to online transactions.