Summer Payment Trends
The month of June represents the beginning of summer for most Americans. While the official arrival of summer doesn’t occur until June 20th, the arrival of the Memorial Day weekend today signifies summer for both merchants and consumers. Labor Day weekend is generally regarded as the end of summer.
What does this mean for merchants? Both three-day weekends that anchor the months of summer represent a spike in transactions related to travel. Generally, we see increases in spending at gas stations, restaurants, auto rental companies, airlines, hotels and anyone else who provides service to vacationers. The trend for Summer 2021 is expected to be different than previous years as America begins to return to some normalcy after being cooped up for over a year.
As a result of reduced expenses over the past sixteen months such as fuel for driving to and from work and eating out for lunch everyday people have more disposable cash. Combine the reduced expenses with increased income through government stimulus checks and Memorial Day weekend will be filled with appliance, apparel and travel related credit card transactions.
According to NerdWallet, retailers offer traditional Memorial Day discounts on household items like laundry appliances, kitchen appliances and mattresses. This is your weekend to pick-up big-ticket items at the lowest prices of the year. The summer of 2021, will see sales targeted to activities Americans enjoy such as barbecues, camping and home improvement projects. While last year took a dip in apparel shopping, this summer will see a sharp increase as predicted by Barbara Stewart, a professor and coordinator of retailing and consumer science at the University of Houston. Fourth of July celebrations will offer merchants increased sales opportunities in food, beverage and party decorations.
With the increase caused by summer sales spikes, this can mean an increase in credit card processing costs for merchants. Many of our merchants have switched to our Rise Free platform that utilizes automated technology to reduce or even eliminate credit card processing fees for merchants. If you aren’t aware of this, ask your Account Executive to see if you are eligible. With increased business comes increased lines and wait times. Did you know that you can process credit cards using a tablet or phone with a convenient app from Chosen Payments? You can create satellite transaction areas to provide faster customer service. Don’t let someone walk out simply because you could not accept their money quick enough. We can also assist you with adding additional POS workstations.
Now is the time to prepare your business for summer sales. To discuss your unique needs for summer, please call us at 855-4CHOSEN or visit our website – www.chosenpayments.com