"With Card, Please!": Austrian Small Businesses Are Missing Potential

While digital payment methods have long been part of everyday life for many consumers, the offerings in smaller Austrian businesses often fall short of expectations. This is shown by a representative survey commissioned by the company ready2order on its tenth anniversary. According to the survey, 61 percent of respondents see card payment – including smartphone and smartwatch – as the fastest payment method, while cash only reaches 23 percent.

Austrians under 30 prefer cashless payments

The trend is particularly clear among younger people: Two-thirds of 16 to 29-year-olds prefer to pay with a card or mobile device. In other age groups, the share of cashless payments is also around 50 percent. Nevertheless, almost 60 percent of respondents feel that smaller companies need to catch up on cashless payments – in the young target group, it's even nearly three-quarters.

Western Austria relies on smart payment

In Vienna, 70 percent of consumers already predominantly use card payments. In federal states like Carinthia, Tyrol, or Vorarlberg, the lead over cash is less pronounced. There are noticeable regional differences in mobile payment methods: While in western Austria, 14 percent regularly pay with a smartphone or smartwatch, this figure is only ten percent in the east – excluding Vienna.

One third of Austrians pay cash on principle

In everyday life, a majority of respondents prefer cashless payment methods: Almost a quarter state that they always pay cashless whenever possible. At the same time, cash remains culturally ingrained: Around one-third consciously pay in cash – on principle. According to the survey, 14 percent of respondents have abandoned a purchase because card payment was not possible.

Card Payment Costs Companies More - A Myth?

Despite the increasing acceptance of electronic payment methods, many small business owners still view card payments as a cost factor. However, cash also incurs significant expenses – such as for change, bank deposits, or security measures. According to ready2order, cash management can cost up to three percent of monthly sales, while card payments average below two percent.

Additionally, customers of the company report sales increases of between ten and twenty percent once cashless payments are offered. Card payments not only increase efficiency but also customer satisfaction and reach, it is said.

Payment Methods as Revenue Boosters

The study authors see a clear mandate for action for smaller businesses in the results: Those who rely solely on cash not only miss out on potential sales but also appear outdated. More than half of respondents want a choice in payment methods – a quarter now expect it as standard.

The survey was conducted by INTEGRAL among 1,000 people in Austria aged 16 to 75 years.

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This article has been automatically translated, read the original article here.