Cash-Only Doesn’t Exist in the Digital Marketplace

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This year, Americans are expected to spend around $296.7 billion online. Next year, projections show that they will spend nearly $339 billion and by 2017 that number will swell to $432.4 billion, according to stats compiled by Invesp. The incredible growth of the digital marketplace means that it provides tremendous opportunities for businesses looking to expand. However, without being able to accept online payments smoothly, taking advantage of them will be impossible. Fortunately, there is plenty of readily-available technology and programs that make it easy for businesses to accept credit cards online.

Having reliable and accurate credit card processors is important for attracting both first-time and consistent online shoppers. In the U.S., 83% of web users have made at least one purchase online. Of that group, 56% have made multiple purchases. Over time, both of those numbers should go up, as more and more businesses work to enhance their web presence and make it easier for consumers to make a purchase without having to leave the comfort of their own couch. Without upgrading payment processing systems to accept online payments, businesses will find themselves unable to attract online shoppers and, over time, potentially cost themselves a chance at success.

One thing that all owners and managers need to consider when looking for the right credit card processing solutions is the growth of mobile shopping. Last year, mobile devices accounted for some 15% of all online retail sales, and that number is expected to increase to around 25% by 2017. That means businesses will need to make sure that the systems they use to accept online payments are optimized for mobile use. Whether that means a responsive web design or just programs that are less bulky, keeping mobile shoppers in mind is smart for both the short- and long-term.

For business owners who might be hesitant to invest in online campaigns and upgraded payment processing systems, checking the statistics just from holiday seasons should be enough to change their mind. In 2012, consumers spent more than three billion online on Black Friday, Thanksgiving Weekend, and Cyber Monday alone! Of course, those numbers are far above the average, but they emphasize the fact that building an online presence is imperative for success in today’s competitive marketplace. Without being able to process credit card transactions effectively, doing so is not realistic. Refernce materials: www.bnasmartpayment.com

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