Consumers are making more online payments in 2019 than ever before, and mobile payments in particular are on the rise. According to PWC, the number of consumers making mobile purchases more than doubled from 2010 to 2017, rising from 7% of consumers to 17%.

When it comes to accepting payments online, it’s important to offer customers a variety of payment options. According to the 2016 Annual Billing Household Survey, customers use an average of 3.6 different payment methods each month for their bills.

Offering multiple billing and payment methods increases satisfaction by improving customer experience. In addition to creating convenient ways to accept payments, having more options can reduce the time it takes your business to get paid. Many merchants find they save time when accepting payments securely over their phone or through a payment schedule, that directly debits their customer’s bank account. Additionally, 46% of consumers surveyed by TSYS preferred to receive email communications about their transactions—making online platforms that manage cash flow attractive to merchants.

Enabling your customers to pay with their credit card on your website is the most basic way you can accept online payments. To offer this feature to your customers, you’ll want to decide whether to have your own dedicated merchant account or use an intermediary holding account. Choosing one method over the other can mean very different business processes and funding times, so it’s important to research and determine the best option for your business.  Visa, MasterCard and American Express are among the most widely accepted credit cards. Visa accounted for 47% of credit card transactions in 2015 with MasterCard and Amex at 21% and 12%, respectively, nationwide. Add to that, Visa and MasterCard debit card purchases are projected to grow to 114.1 (Bil.) and 47.8 (Bil.) respectively by 2019 worldwide.

Mobile Payments Continue to Grow

Dipping a chip card, swiping a credit card, or keying in a credit card number on a mobile device is becoming the norm for many customers and businesses. The payment is confirmed and an emailed receipt can be sent immediately. Add to that the ability to sell and buy services and products online, access cash flow reporting, manage customer accounts, and send invoices from anywhere you have a signal, and you start to see the benefits of using a mobile payment app for your business.

According to Fiserv research*, 79% of households reported having a smartphone, a 20% increase from 2014. With smartphones in the hands of your customers the opportunity to increase revenue through mobile payments is huge. Many consumers find that mobile bill pay makes shopping easier, more convenient and saves them time. While some customers have security concerns about storing information on their phones, companies that offer a secure payment acceptance method provide more value to their customers.