Merchant Services in Irvine, Surveys Suggest Credit Cards Are the Preferred Method of Payment.
1888PressRelease - Gathered from reputable sources and surveys, Merchant Services has collected a series of statistics that prove that not only is cash no longer king, but it might just cease to be a player in the new economy at all.
In the year 2014, it's hard to believe that not every business accepts credit or debit card payments. The obvious trend in the past decade has been for customers to use their plastic cards for payment as opposed to carrying around cash, yet in every strip mall or shopping center, there are always those few retail stores or restaurants with lackluster "cash only" or "no credit" signs posted in front of the cash register.
It's those businesses who might be the most interested in the info-graphic that Merchant Services has recently released.
"Back in the day, people used to withdraw the amount of cash they needed for a transaction. If they wanted to make an impulse buy or realized they didn't have enough, they were out of luck," a senior business consultant of Merchant Services explained. "Now everyone has cards and a larger amount of spending power on them at anyplace, anytime. Closing your doors to that type of profit potential is just detrimental to business at this point in the game."
According to the "Cash or Card?" consumer survey, card is the obvious winner. Only 14% of consumers use cash for everyday purchases anymore, 6% use another form of payment such as check, and a whopping 80% use their debit card. In fact, 18-24 year olds have completely deserted the medium of cash with 100% of them using their debit cards for everyday purchases.
MasterCard adds further evidence to the decline of paper money with year old statistics claiming that 80% of consumer spending in the U.S. was cashless in 2013, and 73% of Americans say that they use less cash today than 10 years ago.
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