Georgia-based Total Systems Services Inc., or TSYS, is out with their 2013 Consumer Payment Choice Study. And while the main purpose of the study was to find out how anxious, or ready, customers were to turn their mobile devices into wallets, though the secondary information in the survey — what types of plastic consumers prefer for which kinds of transactions — was perhaps just as illuminating.
With stats compiled over this past summer, it turns out that 40 percent of those surveyed wanted to be able to check on, and stop, illegitimate transactions with their mobile devices, and nearly that same number wanted to be able to make real-time inquiries of their debit and credit card transactions.
TSYS then wound up uncovering interesting data about how those customers like to divvy up their debit and credit transactions, with preferences emerging for using specific types of plastic for specific kinds of purchases.
For example, debit is preferred at supermarkets and gas stations, though saying “charge it” is still favored for eating out, and most department store purchases. Though even “eating out” breaks down into two categories: credit for restaurants, and cash for fast food.
On their own website, TSYS provides some additional highlights about their findings, including:
*Payment preferences vary by type of merchant and location, with credit being the preferred payment type for online purchases
*Rewards and discounts are the most effective way to influence consumers to use a payment type more often
Being equipped with such knowledge, you can tell how to cater to your customers’ purchasing preferences based on the type of business you’re in, whether on or offline, and whether that business tends to draw “debit” or “credit” purchases.
Though as TSYS sums up: “Our research once again confirms the enduring strength of traditional debit and credit products, while also revealing that consumers are increasingly aware of and interested in emerging payment options.”
Make sure you’re up to date on all your options, whether it’s offering prepaid, loyalty rewards, making it easier for customers to buy from you online, or more.
And you don’t need to study too hard to figure out where to go: Your AVPS rep is waiting.