How does your business take payment?

Payment types

How does your business take payment from your customers?  Do you take cheques?  Can you only take cash?  Do you get funds transferred to your business bank account?

As part of the National Payments Plan approved by the government in April 2013, the aim is to reduce cheques.

Adworld on 13th January, 2017 stated:

“It is thought the ‘digital natives’ of Generation Z, those currently aged between 16 and 21, will help push new payment options. A tipping point will be reached when they come of age, start jobs, and see their need for banking and finance coincide with their fluency in emerging technologies.  It means that within the next 15 years Ireland could be well on the way to becoming a totally cashless society.”

The same article pulled on research carried out by Ignite Research (partnering with Core Media) to look at the attitude of Irish society towards money and new transaction technologies. The research was carried out across four generations:

  1. Generation Z (born 1995-2000)
  2. Millenials (born 1985 and 1994)
  3. Generation X (born 1962-1984) and
  4. Baby Boomers (born before 1961)

The article states research findings show “68% of all generations are aware of new payment technologies such as mobile wallets, peer-to-peer and connected devices, but there are strong generational differences.”

Future of payments

The article concludes that businesses will have to engage with platforms such as Apple Pay, a branded mobile wallet, loyalty points or personal data to pay for something.”

If you are in business it is worth looking at alternative payment methods for when we do become a cashless and cheque less society.

Let us know if this is a topic that interests you and we’ll share more insights and trends on payment methods during 2018.

Our contact details can be found at https://lushmarketing.ie/contact/