You know the old saying: “Cash is king.” But with cash transactions in decline, “Plastic is preferred” would be a more accurate adage these days.
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In 2011, cash transactions made up 27 percent of point of sale purchases. By 2017, that number is expected to plunge to 23 percent. Credit card purchases, on the other hand, are expected to increase from 29 percent in 2011 to 33 percent of purchases by 2017.
If your business doesn’t already accept credit cards, chances are your customers are asking you to. According to a survey conducted by WePay, 58 percent of small businesses are regularly asked by their customers to accept credit cards.
Customers increasingly expect to be able to pay with plastic, especially among the younger crowd. Sixty-nine percent of consumers between the ages of 18 and 34 will only shop at businesses that accept multiple forms of payment.
It’s not that hard to imagine a time in the not-so-distant future where saying “cash is king” will just show your age.
This infographic, by the Community Merchants USA site, gives the details on the changing payment trends and how they impact merchants. Check out the full size version of the infographic on the Community Merchants USA site.