HOW CASH DISCOUNT PROGRAMS CAN HELP BOOST BUSINESS WITH MILLENNIALS (WHITE PAPER)
As new technology enters the market, small business owners can struggle to keep up with the constantly changing payment options. In many cases, small businesses suffer under the financial burden related to credit card transaction fees. And, integrating expensive and complex technology that requires an overhaul of existing hardware and software can challenge an owner's ability to keep their business viable.
Millennials, the largest generation since the baby boomers, are behind the push for self-service options yet they are also the biggest users of cash. Frugal and focused on budgeting, Millennials saw first-hand the devastation caused by the financial crisis of 2008 and many of them watched as their parents were laid off and family homes were foreclosed on. These experiences have created a distrust of traditional banking system - and a market for alternative payment options such as prepaid cards, PayPal and a reliance on cold hard cash.
Instead of catering to tech giants selling the idea of faster, safer retail transactions through programs like Google Wallet or Apple Pay, some merchants are turning to cash discount programs to harness Millennial business.
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