How to Modernize Payments to Cater to Younger Audiences

FEATURED POST

The way we buy products and services has changed.

As technology advances, new trends are emerging, with more and more consumers taking advantage of online shopping and ordering.

Business owners looking to future-proof their companies and capitalize on new trends must evolve and move with the times. In this guide, we’ll outline some simple ways to modernize business payments to cater to younger audiences. 

Offer online payment options

The first thing to do if your business doesn’t already accept online payments is to offer this service.

Even if you don’t sell items online, for example, you run a click-and-collect service, you can benefit from providing online ordering options. Gen Zers will account for a staggering 20% of all online sales by 2030.

Adding the option to pay for products or services online will help you target new customers, improve user experience, and keep up with your competitors. 

Take advantage of industry-specific software, services and features

Every business owner faces unique challenges.

Managing a clothing or toy store is very different from running a dental office or an online pharmacy, for example.

When searching for payment tools, software and services, it’s hugely beneficial to focus on solutions that cater to your industry or field.

An online pharmacy merchant account is an excellent example. If you own an online drugstore, utilizing a specialist merchant account can help you tackle common pain points and deliver a tailored service for your customers. Depending on the product or service you choose, you can also access features, such as analytics and inventory management. 

Diversify payment types

A lack of suitable payment options is one of the most common reasons why shoppers abandon their carts.

Today, we have access to a raft of payment types, but this is not always reflected in the range of options available at the checkout.

Diversifying your payment options can help you target younger clients and reduce the risk of cart abandonment. Digital wallet payments and buy now, pay later schemes are particularly popular among millennials and Gen Zers.

Studies show that 91% of Gen Zers use digital wallets as their primary payment type for shopping. 

Quick and easy payment processing

Time is of the essence when selling products or services to young clients.

Speed and convenience are driving factors behind the growth of online ordering and shopping.

As a business owner, it’s critical to ensure you offer a seamless, quick and easy checkout process. If it takes too long to get through to the checkout, or you have to enter lots of information, you run the risk of losing customers. One-click ordering is a great feature to enhance ordering speed and boost customer experience. 

Summary

Millennials and Gen Zers spend an increasing amount of time online, with more and more people shopping and finding products and services on the Internet.

If you’re a business owner, it’s crucial to adapt to changing preferences and behaviors and capitalize on new trends.

Modernizing business payments is an effective way to make your business more appealing to younger customers.

Examples of steps you can take include accepting online payments, taking advantage of industry-specific tools and features, diversifying payment options, and ensuring your site processes payments rapidly.