There’s a digital transformation happening in payments. More customers are paying online and the options for paying in store continue to grow: credit card, debit card, prepaid card, contactless card or mobile app. It is no longer a choice between cash or cheque.
What’s the right fit for your business? Let’s take a look at the options and a few pros and cons.
Cash and cheques used to be the leading way to pay.
Pro: Cash and cheques don’t require additional technology.
Con: Having a lot of cash on hand is a security risk and requires time to reconcile and make deposits.
Cashless card payments include: credit cards, debit cards, prepaid cards, gift cards and contactless payments on card or mobile wallet that allow customers to tap and go.
Pro: Less of a security risk and many customers now prefer to pay with cards. More efficient since there is no need for daily deposits.
Con: Will require training and investment to implement.
Paying with devices is increasingly common. Popular services include Apple Pay, Samsung Pay and Google Pay.
Pro: Mobile payments can speed up customer checkouts and offer more security.
Con: Will require training and investment to implement.
While cash and cheques are a reliable way to accept payments, offering customers the choice of paying with a card or mobile device can actually help the bottom line. Small businesses have found that digital payments save them time.
+7%
Small businesses reported an average of +7.1% increase in sales after accepting digital payments
59%
of SMBs agree that customer experiences such as innovative new ordering or payment services will have a positive impact on their business's bottom line.
61%
of SMBs agree that customers spend more when they use cards versus cash.
Source: Visa Digital Transformation study, 2019 Maru/Matchbox survey
Accepting Visa can help your business in a number of ways. When a business accepts Visa, research has shown that customers are more likely to enter a store, become a repeat customer and think the business is reputable. Learn more about becoming a Visa merchant.
VisaNet is capable of processing more than 56,000 transaction messages a second.1
While the average cash transaction is $17, credit card purchases average $70 and debit card purchases average $36.2
Consumers carry 2.3 billion Visa cards worldwide.3
