Cash was almost left in the past, when COVID-19 appeared and accelerated the switch to the online space, thus making the cash usage decline even more. Today, adding payment integrations is gaining more traction among retailers. If you’re interested in what’s going on in payments and need merchant loans for start up, look no further.
Digital Transactions & Merchant Loans for Start UP
COVID-19 has drastically transformed the future of business. So, it’s no wonder that cash withdrawals from ATMs dropped by at least 12% in Q2, as MoffettNathanson, Wall Street research company, reported.
The number of people making purchases online because of the COVID-19 restrictions has dramatically increased, and this trend isn’t going to disappear, as research shows. Now, retailers are under pressure to provide digital payment options to their customers so to be able to meet their demand for digital-first commerce.
Let’s look at some stats:
- In March 2020, remote retail transaction volumes saw a 74% YoY (year-over-year) rise
- The share of people feeling the impact of digital payment options on their shopping decisions grew by 57%
- The global payment gateway industry is expected to make up $42.9B by 2025
Offering the right payment processing options to your customers is critical to your success. However, it’s no less crucial to get fast and easy access to the business funding you need during a financial crisis like the one caused by COVID-19. That’s where trustworthy and experienced alternative online lenders step in.
Thanks to a reputable business funding provider, you can get easily approved for merchant loans for start up or established businesses and stay afloat while going through challenges.
Embracing E-Commerce & Digital Payments Faster
The move to e-commerce channels and digital payment methods is happening much faster than anticipated as a result of COVID-19. Consumer habits are changing. Previously, Gen Z and millennials were on the top of the list of people preferring to use digital payment methods. COVID-19 has created a situation elderly people moved to the digital space as well.
Be aware that the contactless transaction value is forecast to almost double the digital payments business from $4.4 trillion (this year) to $8.26 trillion (in 2024), as research firm Statista notes.
So, cash is becoming a past more rapidly than expected. It’s vitally important for the retail industry to keep its finger on the pulse of digital revolution so that not to stay behind.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their merchant loans for start up solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.