Is Your Business, Missing Sales?
In a recent project we took on the argument for accepting payments online, some of the information and statistics were quite eye-opening. As millennials continue to migrate towards using technology to pay and communicate on a daily basis, the result is more and more businesses are being left behind for technology. According to an article published by CNBC this morning, “Older generations think that younger generations are not having meaningful human interactions, because they avoid phone calls. But on the other hand, this is also the failure of traditional business and financial firms. They do not talk in the language of how millennials listen. Many do not know how to be authentic on Twitter, how to turn on Snapchat, why they should build a Facebook page or stream live video. If these two modes of conversations are two languages, then we are talking past each other.”
Here are some of the statistics that were most interesting in our research:
- Credit card transactions added $127 billion to the US economy between 2008-2012
- 69% of millennials will not shop at a business that only accepts cash
- 55% of the nation’s 27 million-plus small businesses do not accept credit cards
- 66% of all point of sale transactions are completed using credit or debit cards
- 27% of all purchases are made using cash
- Estimates show cash sales will drop to 23% of all purchases by 2017
- Technology is making it easier than ever for businesses to accept and manage credit transactions
If you have yet to invest in a point of sale system or the ability to take payments online, now is the time! Don’t miss another customer! Card Systems has the ability to find an option that fits your needs while balancing cost with excellent customer service. Get started today by contacting us at (866)207-3298 or visit www.cardsystems.com for more information.
