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The most in-demand payment methods in 2017

When it comes to accepting payments from your customers, simply taking cash alone no longer makes the cut. Today, with more and more customers shopping online, accepting credit and debit card payments has become mandatory for all businesses from mom and pop shops to global organizations. Regardless of your business industry, accepting credit card payments is essential for keeping up with your competition and keeping your customers happy.

Today, innovative payment methods mean that there’s more to choose from than simply a credit card reader for customers to swipe their cards. We’ve listed some of the best options to offer.

1. iPhone credit card readers

For some businesses, accepting credit cards can be tricky. For example, if you run a small stall, are a mobile services provider, or man a food truck, setting up a wired card reader isn’t always easy. Thanks to iPhone credit card reader devices, you can now accept many popular credit card types with your smartphone! Simply plug the card reading device into your handset and you’re ready to get paid.

2. Contactless smartphone payments

In the last couple of years, the release of Apple Pay, followed by Android Pay, has revolutionised the way we make purchases. Today, there’s no need to even touch your wallet or purse at a store that accepts smartphone payment methods; card details are securely stored in your smartphone. So, you can see how the option to pay conveniently by touching their smartphone to a card reader is an attractive option to customers.

3. PayPal in-store

You probably already accept PayPal as a payment method online; it’d be too risky not to in an age where customers not only want the top level of security, but also a range of options to choose from when parting with their money on the web. But, did you know that you can also offer PayPal as a payment method in-store? This allows customers to pay using their PayPal app quickly and conveniently without the need to open their wallet.

4. Near field communication (contactless) cards

Whilst paying by swiping or entering a PIN number is still popular, contactless credit and debit cards are swiftly rising in popularity. With this method of payment, customers can make smaller payments by simply tapping their credit card on the reader, allowing the payment to go through quickly and without the need to enter any personal information or sign.

5. Cash

Yes – although cash as a payment method may not be the priority, it’s still in high demand from customers. For example, in Germany around 80% of offline retail transactions are still made with cash. So, whilst it is important that you offer a range of innovative credit card payment methods to your customers, it’s important not to rule out accepting cash altogether. Thanks to the fact that it’s the only payment method today offering complete anonymity and security when paying, cash isn’t going anywhere!

Do you accept any of these payment methods from your customers? We’d love to hear from you in the comments.

19 Apr 2017 15:06