4 Payment Options Set to Increase Sales on Small Business Saturday

In just over a week, a flurry of customers will be looking to support small businesses online and in stores on Small Business Saturday. Merchants can capitalize on the influx of customers by properly preparing for them and their purchases.

According to Chris Francis, VP of market development at Worldpay US It’s important for retailers to incorporate the right mix of payment methods to ensure customers can pay how they want to. In fact, 78 percent of consumers say that the payments experience affects their willingness to return to a retailer’s website. Small businesses should consider adopting new payment methods to meet the changing needs of customers, such as e-wallets, mobile wallets, P2P payments and EMV chips.

1. E-wallets are currently one of the most popular payment options -- projected to hold 46 percent of the market in 2021 -- in the U.S., as they are easy-to-use and accessible. E-wallets like PayPal store all necessary payment information on their secure platforms, allowing customers to confidently make purchases with the touch of a button. Incorporating e-wallets makes the checkout process easier and encourage consumers to make additional purchases.
2. Mobile wallets, such as Apple Pay, Samsung Pay and Android Pay, are another attractive option for consumers. Mobile wallets’ appeal is easy to see, as they simplify and streamline the payments process by allowing shoppers to make purchases with just a tap. Currently, only 35 percent of retailers accept Apple Pay, demonstrating there is room for more retailers to adopt the trend.
3. P2P payments, or peer-to-peer payments, have become increasingly popular, especially for millennials. P2P payments allow consumers to easily split the cost with friends, something that’s appealing to millennials who don’t typically carry cash. Platforms like Venmo have recently expanded to businesses’ mobile sites, meaning that merchants have the opportunity to be an early adopter of this trend.
4. EMV chips have been adopted by many businesses already, but some are still lagging behind. The increased security of this technology lets customers make payments in-store more comfortably, as they are not concerned about their information getting stolen. Most credit and debit cards are equipped with EMV chips, so now is the time for retailers to follow suit and adopt the technology to read them.

Small Business Saturday provides the perfect opportunity for merchants to adopt new payment options, and these four methods provide a great base for consideration. It’s key for businesses to have the right assortment of payment methods to ensure they’re catering to customers’ needs, allowing shoppers to pay in a way that’s most convenient for them.