How payment preference should dictate payment acceptance
Think back to a moment when you’ve left a restaurant, a hotel, maybe a store, and you witness a high-quality customer experience. It could’ve been a small detail or several small details, that when added up provided you, a very different experience. It’s these little experiences more and more retail shops are embracing to stand out from the crowd. The demand for high-quality experiences has spilled over into the financial services market in recent years, thanks to increased competition from traditional and non-traditional financial institutions. Now, more than ever, consumers have a wide range of banking options including loan payment options.
In the latest Federal Reserve Payments Study, of the 82.6 billion payments made, debit cards made up 66.9% of card payments in 2017. That’s equal to 55.2 billion card payments! It’s safe to say that debit cards are the preferred form of payment when completing transactions and that debit cards could be considered the “normal” method of payment.
Let’s take a look at a few factors that could help you determine why accepting debit cards for loan repayment makes sense.
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