A message from your Customer Account Management team 

This month, we show you ways to embrace digital payments that can help your business attract the next generation of big spenders. 

While Generation X still holds the largest share of global spending power, Gen Z is projected to become the largest and wealthiest generation in history — with a significant increase in spending power projected to peak in the next several years.

One defining characteristic of Gen Z (ages 13-28) and their predecessor, Millennials (ages 28-43), is their digital-first mindset. They grew up in a hyperconnected world of social media and eCommerce, and they’re accustomed to the immediacy and personalization of the digital age—which influences their shopping habits and expectations.

The following articles touch on meeting some of those expectations through payments.

Digital tools to curb cart abandonment 

Consumers prefer flexibility in how they pay, and a lack of their preferred options can lead to frustration and cart abandonment. 

In fact, recent consumer research indicates that 77% of shoppers would abandon a shopping cart if their desired payment preferences were unavailable.

What payment preference is leading in 2025? Digital wallets. 
Digital wallets have seen intense growth in the U.S. over the last few years. Nearly 79% of Gen Z are adopting mobile wallets, and Millennials are at 67%, according to a PYMNTS Intelligence* report.

Don’t miss out on sales because your customers’ online purchasing experience falls short. The devices we sell today accept Apple Wallet, Google Wallet and other digital payment options. But if you aren’t looking to make a point-of-sale change, in most cases we can embed shopping cart software into your existing system with a simple API connection. Reach out to your Customer Account Manager to get started.

What is another important tool to curb cart abandonment? Buy buttons.
‘Buy buttons’ can be easily embedded into customer touch points — including in emails, social media posts, your online store or blogs. They provide a one-click purchase option, bypassing the need to navigate to a separate checkout page or fill out lengthy forms, which can deter potential buyers. 

The less time between a consumer first becoming interested in a product and checking out, the more likely they are to finalize the sale. This streamlined process especially appeals to Millennials and Gen Z, who are accustomed to instant gratification.

Buy buttons are especially key in social media where you have just three seconds to capture a consumer’s attention before they scroll on to the next topic.

Elavon’s Converge solution comes with Buy Button capabilities which can be turned on in the settings area. But if you don’t use this omnicommerce payment platform, your Customer Account Manager can help identify an alternative software solution to embed into your payment system.

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Accelerate and automate payments collection 

Businesses that can accelerate their cash flow and optimize related back-office processes strengthen their financial resilience. 

Here are some tools to lean on:

Digital invoicing allows you to email digital versions of bills, quotes or invoice reminders to your customers which can be paid with just one click from a secure, embedded link within the email. The tool helps automate data entry and reconciliation and centralizes the tracking of invoices that have been sent, paid or are outstanding. Several of our payment systems come with this feature built in.

Text-to-pay is another tool that is growing in adoption because of its proven ability to reduce late payments. A business sends a text message to a customer’s mobile phone informing them of a payment due, along with the amount, a description and invoice number. The text message contains a secure link that the customer uses to access a secure, mobile-optimized payment portal. Once the payment is authorized and presented for processing, the customer receives a confirmation message.

Digital invoicing and text-to-pay also play to Millennial and Gen Z expectations of convenience and flexibility. They consider it good customer service to be able to view and pay bills from any computer or mobile device.

If you don’t already use a payment acceptance system that offers digital payment options, your Customer Account Manager can advise on what is available to you.

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The connection between recurring payments and loyalty 

Automated, hassle-free recurring payments encourage long-term customer engagement, making churn less likely due to the convenience provided.

Recurring payments are enabled by the ability to securely retain a customer’s card on file. One of the fastest-growing segments in the payment industry enabled by card on file is subscriptions. The market size has grown sharply in recent years, from $152.3 billion in 2023 to $166.69 billion in 2024, according to the Recurring Payments Market Report 2024.* 

What’s driving adoption
This trend is, you guessed it, being driven by Gen Z and Millennials who are increasingly impatient with payment friction and are drawn to experiences that feel personalized. Offering recurring payment options is essentially a step toward solidifying an ongoing relationship between the customer and your brand. You foster a sense of loyalty founded in their appreciation for convenience.

Examples of subscription use cases include both online and in-store application, such as streaming services, software products, gym memberships, educational platforms, and even things like meal kits and rental services. Essentially, if you subscribe to something and pay regularly, it's likely a recurring payment service.

Here’s how it works
Once a customer makes a payment, either by invoice or in-store, their payment card data can be tokenized and stored. This allows a business, with the customer’s permission and authorization, to keep the payment information on file, which helps deter late or missed payments or cart abandonment. It also allows the business to charge the customer for future purchases without needing to re-collect their payment details.

We offer an Account Updater solution that automatically checks payment card expiration dates of your cards on file before being authorized for a payment, so you don't have to deal with resolving unexpected, declined payments.

Your Customer Account Manager can help you learn more about tapping into recurring payments.

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Your payments account may need some spring cleaning 

It’s never been easier to keep your account details current using the DIY tools launched in the Payments Insideraccount management portal last year.  

We recommend checking the accuracy of your payments account details at least once a year. Think of it as part of your spring cleaning. Is your business address, email and phone number current? How about business contact information and preference settings? 

In recap, here are the account updates that you can make on your own:  Email and phone updates, equipment tracking, case status lookup, Demand Deposit Account (DDA) updates, Doing Business As (DBA) and account verification. 

A confirmation of your changes is now viewable by clicking on the bell icon when logged into your Payments Insider account.

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