The Wyoming Small Business Development Center (SBDC) Network outlined on April 16 the evolving landscape of consumer payment behavior and its impact on Wyoming’s small businesses. The information comes from Kyle Trumble, regional director for Fremont and Teton counties, who addressed the shift away from cash payments and offered guidance to local entrepreneurs.
Trumble said that non-cash payments now make up most transactions, with credit cards accounting for about 35 percent and debit cards for 30 percent. Cash use has dropped to around 14 percent of payments. He also noted that mobile payments are increasing quickly, and nearly one in four payments is now remote—either online or through an app.
He explained several reasons why customers prefer digital options: “Mobile and card payments are faster, easier and more flexible. Customers can tap, swipe or click, often completing transactions in seconds.” Digital methods also help with budgeting by automatically creating a transaction history.
Recent trends include the rise of “tap-to-pay” technology—more than half of businesses now use mobile point-of-sale systems—and higher average spending per digital transaction compared to cash purchases. Trumble added that while cash remains important for older demographics and smaller purchases, new methods like buy now, pay later are gaining ground: “Buy now, pay later is seeing rapid growth with 15 percent of Americans having reported using buy now, pay later in 2024.” Mobile apps are used for half of person-to-person payments.
To adapt to these changes, Trumble advised Wyoming businesses to offer multiple payment options including credit cards, mobile wallets such as Apple Pay or Google Pay, and online systems. He recommended upgrading point-of-sale systems to accept contactless transactions and integrating them with inventory management tools.
Trumble concluded that embracing modern payment solutions can reduce friction at checkout and strengthen customer relationships: “The shift away from cash isn’t just about technology; it’s about meeting customer expectations.” He encouraged business owners seeking support to contact the Wyoming SBDC Network for no-cost advising.
