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.
Merchant Services has been assisting business owners move to accept card transactions at cost-effective prices for the past two decades.
About Merchant Services
Since its inception in 1995, Merchant Services has committed itself to serving the community. Its team partners with multiple local, national, and international organizations to meet its vision of continuously acting in a socially responsible manner through investing in donations to community strengthening organizations. Merchant Services is a leading provider of e-commerce solutions to businesses through-out the United States. Recognized by Inc. Magazine as one of The 5,000 Fastest Growing Privately-Held Companies in the U.S., Merchant Services provides sound, reliable, and cost-effective bankcard and e-commerce support to tens of thousands of business partners worldwide.
To learn more about Merchant Services, please visit www.MerchantSvcs.com.