02/17/2022

Payment Methods That Give Organizations an Edge

Three payment types merchants should watch for

It’s no secret that cashless and digital payments adoption has accelerated over the course of the last few years. In 2019, 77 percent of U.S. consumers were using at least one type of digital payment system. By the end of 2020, that figure grew to 78 percent.

Digital Payments Defined

A digital payment is any payment that is done digitally. For a consumer, that means any transaction that doesn’t need a physical credit or debit card.  Payments made through mobile devices and wallets, QR code, and online payments are just a few of the more common ways digital payments are used today.

For merchants, digital payment methods include ways to accept these types of payments. A buyer may use a physical card but if the point of sale is a mobile device instead of cash register, the transaction becomes digital. With so many consumers using these digital types of payment methods, it is vital for businesses to stay up to date on these technologies to stay competitive.

Please select this link to read the complete article from OSAP Member Infintech.