Today’s customers have more payment options than ever, but are small businesses keeping up with the technologies?
SCORE’s latest infographic examines popular payment types to help you decide whether your small business needs to update.
Cash is no longer king.
- 46% of consumers say they rarely or never use cash
- 20% don’t even carry cash
Customers want many payment options.
Annually, B2C customers use:
- Debit: 57.4 billion payments
- Credit: 26.9 billion payments
- Check for 10.7 billion payments
- ACH electronic bank transfers: 10.3 billion payments
- Debit: 2.2 billion payments
- Credit: 4.1 billion payments
- Check: 8.7 billion payments
- ACH electronic bank transfers: 9.6 billion payments
Mobile pay is on the rise.
Apple Pay contactless users in millions:
- 2015: 15
- 2016: 45
- 2017: 86
Android Pay users in millions:
- 2015: 2
- 2016: 12
- 2017: 24
Consumers are concerned about security.
Of those who shop online:
- 42% use credit cards
- 26% use Paypal
- 12% use debit card
- 10% use prepaid or gift card
- 10% have no preference
37% say they stopped purchasing online over fraud fears.
Buying in a Store
- 78% of customers have positive feelings about EMV chip credit cards
- 43% say it’s the form of payment they prefer to use in a store
But small businesses aren’t keeping up.
38% of small businesses have not changed the payment types they accept in the past five years even as consumers adopt new ways to pay.