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Payment Preferences By Age: A Reason To Accept A Variety Of Payments

We know that cash transactions are no longer the primary form of payment, but how far do people’s payment preferences change across demographics? While you may realize that electronic forms of payment are becoming more common, you may not realize that payment preferences vary a great deal depending on age. Having a point of sale that is equipped to handle them all, such as the Poynt POS, is crucial. Here are some breakdowns of the preferred payment method by age group.

Generation Z

As you might expect, the youngest individuals, those in Generation Z, tend to prefer electronic forms of payment. They may use peer-to-peer payments, NFC payments, or other forms of electronic payment. In order to appeal to these customers, you will need to have options that allow electronic payment. That might mean investing in a point of sale system that allows for NFC payments, and providing other electronic options as they arise.

Millennials

Millennials seem to have a wider range of payment methods than other groups. While they certainly utilize electronic payment options, such as NFC payments, as well as credit and debit cards, they also use cash for their payments. In fact, cash use is surprisingly high in this group, although this is typically for smaller purchases. In order to appeal to this group, you will need to have a variety of payment options.

Middle-Aged Adults

Middle-aged adults tend to prefer credit and debit cards. They grew up in a time when credit cards experienced unprecedented growth, and became so commonplace that almost everyone had one. In order to appeal to this group, you need to provide credit and debit card options. While it may benefit you to have EMV options in order to reduce the risk of liability, you may want to provide the option of swiping to those who prefer this method of payment as well.

Older-Aged Adults

Older-aged adults use a variety of payment methods. However, they have a higher preference of American Express cards, as well as checks. In order to appeal to this group, you need to be able to accept American Express, which is not something that everyone does. As checks are one of the most rapidly declining forms of payment, and carry risks the other payment types don’t, think twice about accepting these. AHC payments can be a good alternative to paper checks.

What Payment Preferences Might Say About Your Business
If your business wants to get ahead, you’ll want to appeal to all these customers. These differences in payment preferences show that it really does pay to accept a wide variety of payments. That could include providing online sale options for people. But it also means having a card terminal that can accommodate people’s preferences. It is important to consider having a terminal that can accept all major credit and debit cards, as well as NFC payments, in order to appeal to all customers. The Poynt POS provides a variety of payment options, including credit, debit, and NFC payments. It is a terminal that streamlines payments, and can accommodate any customer. Moolah offers the Poynt POS to all account holders, free of charge, because we know the importance of having a terminal that can roll with the changing times. That is just one of many reasons why Moolah can’t be beaten when it comes to payment processing.