Hindsight is 2020… but since we have PTSD from that’s 2021 Payment Trends!
Let’s focus on some 2021 vision instead.
Before we hit the 2021 Payment Trends. First things first, we need to address the big stupid elephant in the room that is the dumpster fire of 2020 and how COVID disrupted many things, but the largest economic impact was obviously ‘quarantine’ or ‘the shut down’. We had to adapt to our surroundings and power through, digging deep trying to understand and accept a new normal. One of the obstacles a majority of small to medium business owners experienced was finding a way to adapt. They needed a quick solution for a safer and more sanitary way to accept payments. Getting back to that 2021 vision, here are a few things we are expecting to trend for 2021.
Contactless Payments Dominate
Contactless payments was already a trending payment change but one day it was then blasted to the forefront due to COVID. 51% of Americas are using contactless payments, whether it’s tap-and-go, Apple Pay, Samsung Wallet. Many consumers in various reports state they are changing the places they frequent to a business that had proper payment methods. That same 51% of the US population reported cutting back on using cash down to only when necessary or not at all. In addition to this scenario, there was also a nationwide coin shortage so customers needed exact change, forfeit their change, or pay with a credit card.
Online Ordering Skyrockets
The curbside pick-up was considered a ‘thing’ at some of the larger franchised restaurants. While pick-up was always a good option, it became a way of life for so many of us. Online ordering and curbside pick up was, and most likely will continue to be the preferred and most used method of payment.
Rising fraud is always trying to hold hands with eCommerce, then it ruins the relationship for the rest of us. Rest assured, we are always looking for ways to add to the security and making sure that everything is up to date with the latest technology.
Schedule a time with a Payment Professional to help you with Online Ordering. It will only become more prevalent and business owners need it to stay relevant.
Curious as to how this compares to last year’s predictions? Read that post here.