We are living in a digital age where instant gratification and ease of use are of high priority. There are 4.5 million active debit cards in Ireland, with 54% of Irish debit card owners using contactless payments. And yet, just 5,000 Irish businesses currently offer contactless payments.

The way of the future is to pay for things with contactless and non-cash forms of transactions, utilizing our devices and electronic technology. It’s already a core feature of our everyday lives, and it’s more important than ever to keep up.

Business owners and brands must keep up the pace with expectations and ever-changing demands of retail and service culture where payment methods and revenue model landscapes are ever-changing. Millennials are reaching a peak point in their lives where their careers and spending are at their highest. They’re actively adopting new forms of technology and they are changing the way we purchase. SME’s and digital payment methods need to keep pace with technology and digital payment methods in order to retain customers and continue to grow their business.

Digital Payment Systems You Should Know About

Let’s take a quick look at some of the digital forms of payment that are quickly taking over the pockets and purses of millennials across Ireland and worldwide. Some of these forms of payment are already everyday occurrences and an essential form of transactions, while others quickly increase in popularity and acceptance year on year, before they eventually become second nature.

Contactless Card Payments – There are many forms of digital payment that are becoming more and more popular. However, one form of digital payment that is arguably essential for SME’s to accept these days, is contactless card payments – with 54% of Irish Debit card holders using contactless payments, businesses who do not accept contactless, are missing out on a large chunk of potential revenue.

eComm Payments – Ecommerce has been around for a while now and compared to some of the emerging technology, it isn’t exactly new. However, eCommerce isn’t something to be ignored. If your product or service can be purchased of ordered online for delivery, eCommerce could be a brand-new, highly profitable revenue stream. Many companies fail to realise the opportunity they have to sell their products and services online, with minimal costs compared to brick and mortar establishments.

If you’re not selling online yet, it’s worth thinking about how your brand could be represented online and which of your products or services are suitable to sell in this space. Many customers of IOC Save who trade online have further increased their savings on card transactions using our integrated eCommerce platform with secure, reliable, and low-cost transactions via the online portal.

Google Pay – Google Pay is gradually growing in the transactions space in Ireland. With Google Pay, users can make in-store payments, online orders, and money transfers. Those using this service trust Google to be secure and are comfortable using the technology.

Google Pay acts as a credit card wherever contactless payments are available and if you’ve prepared your store to accept contactless payments, then you can be proud to say you also accept Google Pay. When your customers are on-the-go, Google Pay acts as a credit card wherever contactless payments are available and so you’ll be ready to accept payment for your product or service.

Apple Pay – Like Google Pay, Apple Pay is a trusted digital form of transaction. Users can easily setup an account on their phones, effectively holding a digital wallet on-hand at all times. Users can conduct in-store payments, online orders, and money transfers with the proper compatibility. With Touch ID and Facial Recognition options, it’s easy for customers to whip out their phone, make a purchase, and be on their way. This form of payment may or not be in demand in your area currently, but its something to bare in-mind and watch out for, so that you’re ready on time or even before it becomes another part of everyday life.

PayPal – With 24/7 fraud protection, easier online checkouts, and continuously earning reward points, PayPal is one of the more popular non-cash payment options for millennials. PayPal was one of the first to enter the digital payment market place and is a tried and true method for online payment and money transfers. You can now add your Pay Pal account as a method for your Google Pay app, meaning contactless Pay Pal is now an option for your customer.

Which Payment Types Should I Accept as an SME?

Not all businesses will have a digital payment device that will be compatible with all methods of payment but offering multiple methods will broaden your ability to accept payments in various forms. It’s up to you to decide which payment methods are right for your customer today, and which payment methods your customers will want from you tomorrow.

Digital payment options change the way we do business and exchange money for purchases, bills, services, products, and more for both the company and customer. Keeping up with and staying ahead of the curve will provide your best opportunity for increased revenues and customer retention.

How Will Millennials Change the Way We Purchase?

As of now, millennials are leading the way for digital payments being some of the most active consumers right now. Many of the older generation may still use cash and although that has sufficed previously, we’re moving increasingly towards a technology-dominant world where results are found by keeping with trends as opposed to catching up. And right now, the trends are being determined by tech companies and the millennial and post-millennial users that actively consume their services.

At this stage some forms of digital transaction are arguably essential. If you’re missing out on card or contactless card payments, you’re already missing 54% of Irish card holders. If you have a physical of digital product and you’re not selling online, you could be missing out on massive revenue potential.

Conclusion

Sometimes businesses can be slower than customers to adopt new technologies due to time restraints or the perceived ‘burden’ it brings, but when viewed as an opportunity to expand revenue streams and increase sales, new tech and payment platforms begin to make a lot business sense indeed.

So now that you’re up to speed, pull out the golden pages and locate your nearest tech guy (or family whizz-kid) - It’s time for an upgrade! Or simply chat to IOC Save about how we can get you setup with the latest card readers and payment terminals as well as save you up to 40% on card transaction fees!

Learn more and claim a free quote here.