Cash is no longer king, making a merchant services account vital - First Utah Bank | Personal Banking | Business Banking | Treasury Management | Loans

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Cash is no longer king, making a merchant services account vital

When you’re shopping at your favorite stores, do you pay with cash? If you’re like most Americans, the answer is no. Most consumers today use a credit or debit card to pay for their purchases. A growing number have begun paying with a digital wallet on a mobile device as well. As a business owner, one of your top priorities is customer satisfaction. You wouldn’t want to risk losing business, or turning away a customer, due to a lack of access to payment options. That’s why for Utah retailers, a merchant services account is vital.

Consider this: According to a recent study, consumers — especially those in their 20s and 30s, prefer debit, credit, or digital payment options, including use of their digital wallet. Many people don’t even carry cash when out and about on a regular day running errands. So there’s a good chance that a consumer walking into your store or place of business might not have any paper money in their wallet. In fact:

  • In an average week, roughly 3 in 10 adults in a recent survey said they make zero purchases using cash;
  • Those who do carry paper money have less than $50 in their wallets.

Another interesting statistic is that consumers surveyed who earn more than $75,000 a year were less likely to use cash than those who earn less than $30,000. It’s not to say that your customers won’t be carrying cash. In fact, it’s estimated that 31% of all transactions are still made in cash. However, it’s important to note that the trend toward a more cashless society is well under way and as a business owner you need to recognize trends and adapt to the changing needs of the consumer. Offering several types of payment options can be vital to the long-term success of your business. As a Utah business owner, you need access to reliable merchant services. We can help with that!

At First Utah Bank, we partner with Select Bankcard to provide quality merchant services options to Salt Lake City businesses. Your merchant account is connected to your First Utah Bank account, where funds from credit card terminals, websites, and virtual terminals are deposited after each transaction. This service offers your customers a quick and easy method of payment.

It’s hard to calculate the amount of business a shop would lose if it didn’t provide a variety of payment options. But it’s clear that credit/debit cards are growing in popularity among consumers. Fewer consumers are writing personal checks. In a recent survey, 35% of consumers said that if a business didn’t accept credit or debit cards, they would find somewhere else to shop. Another survey shows that 84% of respondents said it’s important to be able to pay for goods and services with a credit card. Other surveys show that consumers are rapidly adopting the use of digital wallets and love the option of paying with their smart phones.

At First Utah Bank, we can help you explore all of the ways your business can make it easier for consumers to pay you. With a merchant services account from First Utah Bank, your customers will be happy because they are able to pay the way they want. Your business also will benefit, too. Electronic payments can help businesses improve cash flow forecasting and management.

At First Utah Bank, we offer the new Clover station, designed to make it easier than ever for business owners to streamline their operations. It’s a powerful system with enhanced features that help you get more done, so you can focus more on running your business.It’s features include:

Tap, Dip, Swipe

Accept EMV® chip and signature, mag stripe, and contact-less payments like Apple Pay® with optional NFC printer

Faster Than Ever

8-core, state-of-the-art Qualcomm® Snapdragon™ processor and 4GB memory to run your apps and business faster

Safe and Secure

End-to-end encryption and data tokenization to help protect your customers and business from fraud.

User friendly

Crisp 14-inch HD display with swivel feature

Built-in battery backup for uninterrupted payment processing up to 4 hours

Fingerprint sensor for easy employee login

PCI PTS 5.x non PED certified Wi-Fi, Bluetooth® 4.2 BLE

Works seamlessly with all Clover Family devices

Want to learn more? We’re here to help you with all of your Merchant Services and Business Banking needs!