It appears that the COVID-19 pandemic had a significant impact on how people pay for goods and services. According to the Atlanta Fed’s 2020 Diary of Consumer Payment Choice, the use of cash for payments dropped substantially in 2020, offset by a rise in payments by credit and debit cards, electronic and online payments, and mobile payment apps. Cash payments declined to just 19%, while card payments increased to 57% of the total, fairly evenly split between credit and debit cards. Online electronic payments increased to 12% of the total, while check payments represented 7% of the total and mobile app payments 3%.
What does this mean to your business? It reinforces the need to have a robust card processing solution. More and more customers want to pay via credit and debit card and you need to make that process as painless as possible. Contact your Higher Standards expert advisor about upgrading your system with all the latest features and functionality, including contactless payments.
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Our team
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Our GIVE BACK program
Learn how your company’s payment processing can support your favorite church or non-profit.
Credit card processing
Choose the best and most affordable processing solutions for your business.
Ecommerce processing
Grow your business with safe and affordable online payments.
B2B payment processing
Realize significant savings on Level 3 transactions with other businesses.
Electronic check & ACH payments
Accept electronic check and ACH payments quickly and securely.
Merchant cash advances
Tap into future credit card sales to gain access to working capital today.
Gift cards & loyalty cards
Offer gift cards and loyalty cards online and at point of purchase.
Processing for K-12 schools
Accept credit and debit cards for school meals, events, and fundraisers.
Give Back Gateway for non-profits
Software and processing that let churches and non-profit organizations accept online donations.
HS PayBridge
Integrated payment solution for city and state governments, school districts, childcare centers, athletics, and more.
Terminals
Kiosks
POS systems
Complete point-of-sale systems to help you manage your entire business.
