WASHINGTON, July 26, 2018 /PRNewswire/ -- SCORE, the nation's largest network of volunteer, expert business mentors, has published an infographic that shows 38% of small businesses have not updated their payment options in the past five years, despite growing consumer demand for diverse payment options.
Cash is no longer king, as customers infrequently pay with cash:
- 38% of small businesses have not updated their payment options in the past five years, despite growing consumer demand for diverse payment options.
- 46% of consumers say they rarely or never use cash.
- 20% don't even carry cash.
Customers want a variety of payment options:
- B2C customers prefer to use debit, making 57.4 billion debit payments in 2016.
- B2B customers prefer ACH (electronic bank transfers), making 9.6 billion payments this way in 2016.
Mobile pay is on the rise:
- In 2017, 86 million people used Apple Pay.
- In the same year, 24 million used Android Pay.
Online security is a concern for online customers:
- 37% of consumers say they stopped making online purchases because of fears over fraud.
- 42% of consumers think credit cards are safest for online purchases, while 26% believe PayPal is the safest online payment option.
EMV chips are becoming more common for in-person purchases:
- 78% of customers have positive feelings about EMV chip credit cards.
- 43% of customers say they prefer to use EMV chip credit cards for in-store purchases.
Download this infographic for more information about changing consumer payment preferences and how they affect a small business's bottom line.