With so many payment options available — from credit cards to mobile wallets — it can be hard to know which methods are the best fit for you and your customers.
At Clearly Payments, we wanted to learn more about how businesses really feel about accepting payments. So, we asked 500 businesses, ranging from small startups to larger established companies, about their payment preferences.
Below, we’ll share the major insights we learned. We’ll cover the most popular payment methods, the biggest frustrations businesses face, and where the payment industry seems to be heading.
Why We Asked 500 Businesses About Payments
Payments are the lifeblood of a business. If your payment system isn’t smooth, you can lose sales and create a poor experience for your customers. Accepting payments is not just about taking money; it’s about making the process easy, reliable, and safe.
By surveying 500 businesses across different industries — like retail, hospitality, technology, and professional services — we aimed to get a complete picture of their payment needs and experiences.
We asked questions such as:
- Which payment methods do you accept?
- Which methods do your customers prefer?
- What are your biggest payment challenges?
- What are you looking for in a payment processor?
Our findings gave us a clearer idea of how businesses think about payments, and we hope it helps you make better decisions for your own business too.
The Most Popular Payment Methods
1. Credit and Debit Cards
The majority of businesses we spoke with accept both credit and debit cards. 85% of them said these are the main payment methods for their customers. Many pointed out that people are used to paying by card because it’s quick, easy, and widely accepted. However, businesses also mentioned they pay fees for every card transaction, and some smaller companies said the cost of fees can sometimes be high.
2. Cash
Cash is still around, but its use is decreasing quickly for most businesses. About 60% of the surveyed businesses still accept cash, mainly because it’s simpler in some cases, and some older customers still prefer it. But a growing number of businesses — especially those online — have dropped cash altogether because it doesn’t make sense for their operations.
3. Mobile Wallets
Digital payment methods like Apple Pay, Google Pay, and Samsung Pay have grown quickly. About 45% of businesses now accept some form of mobile wallet payment. Many businesses told us they added mobile wallets to make payments easier and faster for customers, especially if their customers are tech-savvy. For businesses with younger audiences, mobile wallets are becoming a must-have option.
4. Online Payment Platforms
Online payment platforms are a key part of eCommerce. Nearly every business that sells products or services online uses a third-party payment platform or payment gateway. About 70% of businesses in our survey said they have integrated at least one digital payment platform, others have several. They do this to reduce friction at checkout and make payment simpler for customers who already have accounts on those platforms.
5. ACH & Bank Transfers
Some businesses, especially those in B2B (business-to-business) sectors, rely on bank transfers like ACH payments or wire transfers. About 30% of the surveyed businesses said they regularly accept payments through direct bank transfer. The main reason is to lower transaction costs and handle larger sums of money more securely. However, this method is slower to process compared to credit card transactions, which can cause delays in receiving funds.
Top Payment Challenges
1. Fees and Costs
The number one concern for businesses of all sizes is the cost of accepting payments. Fees can really eat into a business’s profits, especially for smaller companies and those with razor-thin margins. Some businesses said they’re willing to pay a bit more in fees if they can get better service, advanced technology, and a smoother experience for their customers. But overall, cost is still the biggest pain point. Here is more about payment processing fees. Here are some ideas of how merchants are lowering their payment fees.
2. Security and Fraud
With the rise of online shopping, some businesses worry about fraud and the costs associated with fraudulent transactions. Chargebacks — when customers dispute a payment—can also be expensive and time-consuming. Businesses want a payment partner that protects them from fraud while giving them fast and simple ways to handle chargebacks when they happen.
3. Technology Integration
Many businesses use multiple systems — like eCommerce platforms, accounting software, and CRM tools — to run their operations. They want a payment processor that integrates with these systems without causing technical headaches. Some mentioned they’ve tried solutions in the past that required complicated setups or repeated data entry, which cost them a lot of time and money.
4. Customer Experience
Businesses know that a smooth payment process boosts customer satisfaction and loyalty. If the payment process is slow, complicated, or feels unsafe, customers might look elsewhere. One key challenge businesses mentioned is finding a balance between security measures (like extra verification steps) and a quick, hassle-free checkout.
Payment Features Businesses Want
From our discussions, we noticed a few key features that businesses are looking for in a payment processor:
- Competitive Rates
Businesses want lower transaction fees and transparent pricing structures. They don’t like hidden fees or unexpected charges. This is why so many merchants are moving to Clearly Payments. - Seamless Integrations
Whether it’s with accounting software like QuickBooks, eCommerce platforms like Shopify, or customer management tools, businesses want everything to fit together smoothly. - Strong Security Measures
Payment security is more important than ever. Tools like tokenization, encryption, and secure customer data storage can build trust. - Easy Setup and Onboarding
Many businesses switch providers if the setup is too complicated or if they run into issues when adding new payment methods. - Good Customer Support
Quick and helpful support can make a world of difference when payment issues pop up. Businesses appreciate 24/7 support, clear documentation, and a responsive team.
How Different Industries Compare
While the survey covered a wide range of businesses, we noticed some trends based on industry:
- Retail & Hospitality: Most emphasize credit/debit cards and mobile wallets. These sectors prioritize speed and customer experience.
- Professional Services: Many rely on invoices and ACH bank transfers for bigger payments. Many also accept credit cards, but they often focus on cost-effective methods to handle large sums of money.
- Online Businesses & Tech Startups: Tend to have multiple digital payment options, from PayPal to Stripe. They usually want easy integrations with their websites or apps.
- Nonprofits: Focus on cost-saving measures, as high transaction fees cut into donations. They also appreciate user-friendly donation pages that make giving simple.
Tips for Choosing the Right Payment Processor
Evaluate Your Needs
Think about your sales channels (in-person, online, mobile, or a mix) and the payment methods your customers prefer. This will help you shortlist potential processors that fit your business model.Compare Fee Structures
Look at transaction rates, monthly fees, setup fees, and any hidden costs. It can help to estimate how much you’ll pay in fees each month or each year based on your sales volume.Assess Security Measures
Check if the processor offers advanced security features like PCI compliance, tokenization, and encryption. These measures can protect both your business and your customers’ data.Check Integrations
If you rely on certain eCommerce platforms, accounting software, or CRM tools, make sure the payment processor you choose can connect to them easily.Customer Support Matters
You’ll likely need help at some point, whether it’s about chargebacks, system setups, or general inquiries. Look for a processor with solid reviews on customer service.Think About Growth
As your business grows, you’ll want to add more features or enter new markets. Choose a payment provider that can scale with you.
Where Does Clearly Payments Fit In?
At Clearly Payments, our goal is to create a payment solution that’s both affordable and easy to use. We understand how important it is for your business to accept payments without worrying about hidden fees or outdated systems. That’s why we offer:
- Transparent, Competitive Rates: We believe in clear pricing without surprises.
- Flexible Integrations: We work hard to ensure you can connect our payment services with the platforms you already use.
- Robust Security: We use the latest security features to keep both you and your customers safe.
- Dedicated Customer Support: We’re here to help every step of the way, from setting up your account to dealing with chargebacks or technical issues.
We’ve taken the feedback from these 500 businesses to heart. We want to keep improving our platform so we can help you accept payments in the way your customers expect—quickly, securely, and with minimal hassle.
Get the best payment systems with Clearly Payments
- Wide range of supported industries
- Fast funding
- A full set of payment products to accept payment anytime, anywhere
- World-class customer service