How Do Millennials Affect Credit Card Processing?

millennials making purchase on phone

You’ve probably been hearing how millennials are impacting every facet of the business world. There’s good reason – by 2025 they will make up over 75% of the workforce and will be earning more money than their generational counterparts. Additionally, they’re also spending more on goods and services.

First Direct Financial is leading the charge in providing innovative merchant services ranging from PCI security and credit card processing to payment equipment support. We’re on the cutting edge of reliable, secure payment processing solutions. Read our article below and learn how millennials are affecting credit card processing.

Credit Cards Are More Commonly Used

According to PayKings, 80% of millennials have at least one credit card, while 27% say that more than half of their disposable income is spending using a charge card. This is a huge amount of credit card processing being made, and if you don’t accept credit card payments, you’re missing out on many sales and opportunities for younger consumers. 

It’s vital that you adopt payment methods that millennials prefer to utilize in order to secure the longevity of your business. Gone are the days of writing checks and carrying large sums of money, the future is plastic cards and paying for things via mobile wallet. 

Millennials Frequent Online Stores

Another way this generation of shoppers is impacting commerce is by pushing for more eCommerce shops. Millennials push for this form of shopping because it provides a convenient way to buy their items any time or any where they want. In today’s digital-reliant world, why wouldn’t you have an eCommerce store for your business?

Online shopping will only get bigger. It’s estimated by 2023, ecommerce will account for more than $6.5 trillion in sales, representing 22% of all global retail sales. This is huge for credit card processing as it is the primary payment method to shop with. So, businesses who choose not to have an online presence will not join in on the potential for a greater reach of consumers

Millennials Like Options, Credit Cards Do Just That

Who doesn’t like choices? Being stuck with one archaic way to pay shows how one’s business is behind the times and portrays the idea that you’re not willing to give more to your customers. Being given the option to pick a payment method may seem like small fish, but it significantly improves your chances in landing bigger fish. Being given the option to pick a payment method boosts customer loyalty, attracts new clientele, and results in more money in your pocket. 

A customer wants to pay with their preferred way of payment, whether that be: 

  • Debit 
  • Credit
  • Visa or American Express
  • Or through their mobile wallet

The customer is more likely to stop buying from you if they don’t have the freedom to choose their preferred payment method – especially if your competitors are giving them those options.

First Direct Financial Works With You on Enhancing Your Credit Card Processing

First Direct Financial maintains a large network of representatives nationwide. We keep strict guidelines on all staff to ensure our clients receive the best merchant services possible. From data protection and credit card processing to depositing, we’re there for you every step of the way. Contact us today and learn how we can help your business make transactions easier and safer.