Whether you are a business owner or an everyday consumer, COVID-19 has affected consumer behavior and business practices across the globe. In the United States alone, contactless payments rose 40% during the first quarter of 2020. Approximately 2 in 5 American consumers are using order-ahead services at grocery stores, restaurants, and other curbside-friendly businesses. What does this mean for not only credit card processing, but for your business as well?
Statistically, when people start new routines, they tend to stick with them. It has been said that life post-COVID will never be the same, and consumers have adjusted to the “new normal” when it comes to making and taking payments incredibly well. Tap-to-pay cards and digital wallets increased by over 40% in early 2020. Cash, coins, and machines are considered germ hot-spots, and even after COVID-19 is no longer a pandemic, consumers will be more mindful of the role they play in spreading germs. Ordering ahead requires an eCommerce platform, online payment form, or IVR (pay-by-phone) option. Business owners are faced with the unique task of making upgrades and shifting credit card processing methods to keep up with their customer needs
The pandemic is encouraging card usage over other forms of payment in other, unexpected ways, too. As of May 2020, the majority of states have the option to distribute unemployment benefits on debit cards. With the greater reliance on plastic as a means to pay for goods and services, consumers are being primed to make the full transition away from cash for their day-to-day expenses.
Businesses today should assess where they stand with the shift, and make changes accordingly. Do you need an eCommerce platform? Contactless credit card reader? A business PayPal account? Card Network is here to help you with any of these questions. Call us today to find out more about how you can make your payment processing pandemic-proof.
Tell us – what do you think about these changes? Leave a comment below!