8 Payment Facts

Your Customers Wish You Knew

Cash, check, credit ... or contactless?

Here's how your customers feel about making payments today.

cash transactions

5 Years

Cash transactions fell from 89% to 77% over five years, globally.
digital wallet

4 Billion

Digital wallet users are expected to jump from 2.3 billion in 2019 to 4 billion by 2024 – that’s half of the world’s population.

contactless payments

65%

65% of consumers prefer to use contactless payments.
credit cards, debit cards

$10-$100

Credit and debit cards are used for 60% of purchases ranging from $10 to $100.

Debit cards account for 67% of all card payments.

With a continuous push toward contactless payments coupled with cards eliminating the need to dig around for exact change, it's no surprise that consumers would rather pull out their plastic.

 

 

When accepting credit and debit cards from your customers:

  • Understand the related transaction fees and how they compare to other options, such as ACH (bank drafts)
  • Ensure you're following the card network rules and industry standards for security
  • Determine if you want to absorb the transaction fees or pass them on to your customer as a convenience fee (when allowed)

 

Don't know where to begin to tackle these questions? Click below!

credit card payments, debit cards, contactless payments
payment processing

5 Hours

39% of small businesses spend at least 5 hours a week managing payment issues.
contactless payments

Nearly Half

47% of consumers say they won't shop where contactless payment isn't available.
digital payments

2020

82% of small business owners are shifting toward digital payments, up from 20% in June 2020.
digital payments

74%

74% of SMBs expect consumers to continue wanting digital payments, even post-pandemic.

An Easier Way: ThryvPay

Designed specifically for service-based small businesses, the ThryvPay app makes requesting and accepting payments easy and affordable for businesses just like yours.
 
With real-time reporting and dispute assistance with Thryv, it’s like we’ve thought of everything.
ThryvPay app, iOS
ThryvPay app, android
ThryvPay, ThryvPay app, payment processing, payment app