Fewer and fewer people are carrying cash. Even fewer choose to use it over credit and debit cards when given a choice. Virtually every first world country has seen a decline in the use of cash and increase in the use of various alternative payment methods. Credit and debit cards are by no means a new innovation and their ubiquity and near universal acceptance by retailers has meant that those who possess them have little reason to use cash in most situations. Therefore a business that does not support these means of payment without a doubt loses sales as a result.
Debit/Credit Cards Payments:
While plastic is the most common method of digital payment, it is by no means the only one. Cardless methods of payment have gained increasing prevalence in recent years. Fleet factoring enables fuel savings and takes advantage of technology for efficiency. While so far they have shown no signs of supplanting other payment methods entirely, supporting contactless business payments such as Apple Pay and Android Pay add a degree of convenience for customers and even has the potential to increase sales. Providing support for the most current methods of payment is almost always worth the effort of acquiring the necessary training and infrastructure. Ease of payment is an important factor in the experience of the customer and providing a wide range of options not only improves the quality of the customer’s experience, but will also improve sales figures. Payment from smartphones will only increase in prevalence as time goes on considering current trends, justifying an investment in the infrastructure necessary to facilitates this type of payment.
Online E-Wallet Payment:
E-wallets such as Paypal and Venmo, despite their small market share in brick and mortar transactions, remain a staple of digital payment. More so than contactless payment, these services have a very low barrier to entry on the vendor side, with setting up the infrastructure to support payment through these methods entailing only making an account. The quite simple process required to receive digital payment through these e-wallets mean that every business ought to support them.
The final, and least essential, method of digital payment is that of cryptocurrency. Cryptocurrency as of yet has little mainstream usage, especially in the context of a medium of exchange. As of the present, cryptocurrency is used almost entirely as a speculative investment due to its frequent fluctuations in value. It is therefore frequently considered undesirable by businesses to accept such a volatile form of currency. However online and tech companies as well as those that frequently conduct business internationally have at least to some degree facilitated the usage of cryptocurrency payments. Therefore while cryptocurrency is something to be considered for adoption, particularly for companies aiming to appear cutting edge, at this stage, it cannot be considered vital as far as facilitating digital payments go.
Supporting digital forms of payment is incredibly important in the digital age. With the decline of cash, a failure to keep point of sale systems up to date will inevitably cost sales. With credit cards and contactless payment methods supplanting cash, support for digital payment methods serves to maximize sales.