“Cash or credit?” You must have heard this question so often, mustn’t you? 26% of the participants in a recent survey are now using less cash as compared to the period before COVID-19. What’s the situation with cards and cash? Why eMerchantBroker.com is the company you need when it comes to the best merchant services? The answers to these questions can be found below.
Consumers Going For Cards
Cash is increasingly becoming history. Its digital replacement is getting more and more vivid, especially now, when the world is faced with COVID-19. That’s the reason why mobile payments have gained so much traction worldwide.
Based on the results of recent surveys concerning payments, people are still relying on cash in the U.S. More specifically, cash usage still represents 12.7% of America’s GDP, which isn’t a small part. However, based on the PYMNTS Global Cash Index, 86% of Americans rely on credit cards for making payments at least sometimes.
What’s more, almost 1/3 of the U.S. consumers started using contactless payments during COVID-19 for the first time. Moreover, most of them are planning to go on making payments via contactless payment methods even when COVID-19 is over.
In addition, contactless card payments are foreseen to grow 8-fold in the U.S. during 2020 – 2024, and mobile payments are growing fast as well.
Making Payments Amid COVID-19: eMerchantBroker.com
Payment processing methods are evolving incredibly fast and reshaping payments all over the world. This tendency has been accelerated by COVID-19, which has made the use of credit cards more widespread.
In a reality like this, you can’t stay without stirring a finger. You should get down to finding an expert payment processor like eMerchantBroker.com to work with. This is how you can be sure to use the latest, safest and cheapest merchant processing services to take your business to the next level without major headaches.
Be aware that the Worldpay Global Payments Report shows that this year the rise in mobile payments represents the top trend. The latter is making shopping much easier and is already the most popular eCommerce payment option among consumers.
As you see, COVID-19 has already profoundly affected the payments field, which is witnessing an incredible rise in online payment processing. Work with a respectable merchant processor to get the best for your business.
Author Bio:- Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker.com, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.
