One in 10 Americans don't carry any cash at all, and 78 percent carry less than $50 at any given moment. Yet consumer spending is on the rise nationwide.
More and more Americans are embracing virtual payments in lieu of traditional cash, checks and money orders. What’s more, they’re using virtual payment systems in increasingly creative ways. The following list outlines 10 of the more popular applications for virtual payments:
Electronic bill payments (EBPs) continue to grow at a fantastic rate, with nearly 70 percent of Americans using online payments instead of cash — and an increasing number of companies adopting direct deposit over traditional checks.
It’s not difficult to see why EBP transactions are on the rise. The ability to process paperless payments helps to:
When credit cards were first introduced, only the largest and most successful companies could afford to open merchant accounts.
Thanks to the rise of e-commerce and mobile credit card processing, any business can now accept virtual payments — regardless of industry or size. What once was a competitive advantage has quickly evolved into an absolute business necessity.
State fairs are a summertime tradition. Some of the largest, such as the Texas State Fair, the Minnesota State Fair and the Ohio State Fair, attract more than a million visitors each year.
The state fair is more than just a place to show off your prized thoroughbred, ride the Ferris wheel or enjoy a corn dog; they’re an excellent place for retailers to showcase locally famous crafts, foodstuffs, hand-crafted furniture and metal work.
Using mobile credit card processing at the state fair
As a business owner, your goal is to find convenient, time-saving, and straightforward ways to process customer payments. After establishing electronic payment options for your customers via credit and debit card payments, you need to also explore the possibility of accepting ACH payments. These are electronic payments that are carried out through the Automated Clearing House, an extensive network of nearly every bank in the United States.