Sales Methods

Are you prepared to accept today's payments?

Whether you're just starting your business or want to improve how you accept payments, here's what to know.

Published: October 22, 2015
Updated: March 28, 2018
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Are you prepared to accept today's payments?

Whether you’re just starting your business or you want to improve how you accept payments, here’s what you should know about the payments of today.

Near-field communication (NFC) contactless payments

More customers are paying with mobile devices because of the convenience and speed of contactless payments and having more ways to spend. NFC payments are 63 percent faster than cash and 53 percent faster than traditional credit cards.

Mobile contactless payment options continue to gain traction as 89 percent of retail businesses are expected to accept them by the end of 2019. Currently, 36 percent of retail businesses accept Apple Pay, 34 percent accept PayPal, 24 percent accept Google Pay, 20 percent accept Visa Checkout, and 18 percent accept Samsung Pay.

Alternative payment types aren't limited to your mobile device any more. Now, customers can make payments using wearable devices, such as: FitBit Pay, Apple Watch, and Garmin Pay. Wearable payments are expected to increase to more than $500 billion worldwide by the end of 2020, up from just $3 billion in 2015.

Online payments

Online sales continue to grow, and payments are getting easier. Payments can be made within applications, and payment and shipping information can be automatically stored to build convenient and ongoing relationships with customers.

In 2015, actual online sales reached $341.7 billion. In 2016, actual online sales reached $394.9 billion. In 2017, actual online sales are estimated to have reached $408 billion. And future online sales are estimated to reach $445 billion in 2018 and $480 billion in 2019.

Contact your local Wells Fargo representative or visit wellsfargo.com/biz/merchant for information about accepting today's payments.

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