{"id":28250,"date":"2025-01-14T07:30:25","date_gmt":"2025-01-14T15:30:25","guid":{"rendered":"https:\/\/trc-parus.ru\/?p=28250"},"modified":"2025-01-14T07:33:22","modified_gmt":"2025-01-14T15:33:22","slug":"what-500-businesses-told-us-about-their-payment-preferences","status":"publish","type":"post","link":"https:\/\/trc-parus.ru\/blog\/what-500-businesses-told-us-about-their-payment-preferences\/","title":{"rendered":"What 500 Businesses Told Us About Their Payment Preferences"},"content":{"rendered":"\t\t
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With so many payment options available \u2014 from credit cards to mobile wallets<\/a> \u2014 it can be hard to know which methods are the best fit for you and your customers.\u00a0<\/p>

At TRC-Parus, we wanted to learn more about how businesses really feel about accepting payments. So, we asked 500 businesses, ranging from small startups to larger established companies, about their payment preferences.<\/p>

Below, we\u2019ll share the major insights we learned. We\u2019ll cover the most popular payment methods, the biggest frustrations businesses face, and where the payment industry seems to be heading.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Why We Asked 500 Businesses About Payments\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Payments are the lifeblood of a business. If your payment system isn\u2019t smooth, you can lose sales and create a poor experience for your customers. Accepting payments is not just about taking money; it\u2019s about making the process easy, reliable, and safe.<\/p>

By surveying 500 businesses across different industries \u2014 like retail<\/a>, hospitality<\/a>, technology, and professional services<\/a> \u2014 we aimed to get a complete picture of their payment needs and experiences.<\/p>

We asked questions such as:<\/p>

  1. Which payment methods do you accept?<\/li>
  2. Which methods do your customers prefer?<\/li>
  3. What are your biggest payment challenges?<\/li>
  4. What are you looking for in a payment processor?<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Our findings gave us a clearer idea of how businesses think about payments, and we hope it helps you make better decisions for your own business too.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    The Most Popular Payment Methods<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    1. Credit and Debit Cards<\/h3>

    The majority of businesses we spoke with accept both credit and debit cards. 85% of them said these are the main payment methods for their customers. Many pointed out that people are used to paying by card because it\u2019s quick, easy, and widely accepted<\/a>. However, businesses also mentioned they pay fees for every card transaction, and some smaller companies said the cost of fees can sometimes be high.<\/p>

    2. Cash<\/h3>

    Cash is still around, but its use is decreasing quickly for most businesses. About 60% of the surveyed businesses still accept cash, mainly because it\u2019s simpler in some cases, and some older customers still prefer it. But a growing number of businesses \u2014 especially those online \u2014 have dropped cash altogether<\/a> because it doesn\u2019t make sense for their operations.<\/p>

    3. Mobile Wallets<\/h3>

    Digital payment methods like Apple Pay, Google Pay, and Samsung Pay<\/a> have grown quickly. About 45% of businesses now accept some form of mobile wallet payment. Many businesses told us they added mobile wallets to make payments easier and faster for customers, especially if their customers are tech-savvy. For businesses with younger audiences, mobile wallets<\/a> are becoming a must-have option.<\/p>

    4. Online Payment Platforms<\/h3>

    Online payment platforms are a key part of eCommerce. Nearly every business that sells products or services online uses a third-party payment platform or payment gateway<\/a>. About 70% of businesses in our survey said they have integrated at least one digital payment platform, others have several. They do this to reduce friction at checkout and make payment simpler for customers who already have accounts on those platforms.<\/p>

    5. ACH & Bank Transfers<\/h3>

    Some businesses, especially those in B2B (business-to-business)<\/a> sectors, rely on bank transfers like ACH payments<\/a> or wire transfers. About 30% of the surveyed businesses said they regularly accept payments through direct bank transfer. The main reason is to lower transaction costs and handle larger sums of money more securely. However, this method is slower to process compared to credit card transactions, which can cause delays in receiving funds.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Top Payment Challenges<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    1. Fees and Costs<\/h3>

    The number one concern for businesses of all sizes is the cost of accepting payments. Fees can really eat into a business\u2019s profits, especially for smaller companies and those with razor-thin margins. Some businesses said they\u2019re willing to pay a bit more in fees if they can get better service, advanced technology, and a smoother experience for their customers. But overall, cost is still the biggest pain point. Here is more about payment processing fees<\/a>. Here are some ideas of how merchants are lowering their payment fees<\/a>.<\/p>

    2. Security and Fraud<\/h3>

    With the rise of online shopping, some businesses worry about fraud and the costs associated with fraudulent transactions<\/a>. Chargebacks<\/a> \u2014 when customers dispute a payment\u2014can also be expensive and time-consuming. Businesses want a payment partner that protects them from fraud while giving them fast and simple ways to handle chargebacks when they happen.<\/p>

    3. Technology Integration<\/h3>

    Many businesses use multiple systems \u2014 like eCommerce platforms, accounting software, and CRM tools<\/a> \u2014 to run their operations. They want a payment processor that integrates with these systems without causing technical headaches. Some mentioned they\u2019ve tried solutions in the past that required complicated setups or repeated data entry, which cost them a lot of time and money.<\/p>

    4. Customer Experience<\/h3>

    Businesses know that a smooth payment process boosts customer satisfaction and loyalty. If the payment process is slow, complicated, or feels unsafe, customers might look elsewhere. One key challenge businesses mentioned is finding a balance between security measures (like extra verification steps) and a quick, hassle-free checkout.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Payment Features Businesses Want<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    From our discussions, we noticed a few key features that businesses are looking for in a payment processor:<\/p>

    1. Competitive Rates<\/strong>
      Businesses want lower transaction fees and transparent pricing structures. They don\u2019t like hidden fees or unexpected charges. This is why so many merchants are moving to       TRC-Parus<\/a>.<\/li>
    2. Seamless Integrations<\/strong>
      Whether it\u2019s with accounting software like QuickBooks, eCommerce platforms like Shopify, or customer management tools, businesses want everything to fit together smoothly.<\/li>
    3. Strong Security Measures<\/strong>
      Payment security is more important than ever. Tools like       tokenization<\/a>, encryption, and secure customer data storage can build trust.<\/li>
    4. Easy Setup and Onboarding<\/strong>
      Many businesses switch providers if the setup is too complicated or if they run into issues when adding new payment methods.<\/li>
    5. Good Customer Support<\/strong>
      Quick and helpful support can make a world of difference when payment issues pop up. Businesses appreciate 24\/7 support, clear documentation, and a responsive team.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      How Different Industries Compare<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      While the survey covered a wide range of businesses, we noticed some trends based on industry:<\/p>