Capturing Millennials through Payment Processing

Though considered one of the poorest generations of Americans to date, the average income for Millennials is 69,000 dollars, according to Pew Research. That may sound like a good sum, but you also have to consider the higher than average debt-to-income ratio they have as well (mostly due to student loans). This has created some interesting shopping behaviors among this generation.

For that reason, here are few things to consider if you want to build a Millennial audience and start future-proofing your business for the next generation of shoppers.

Brand Loyalty 

According to Forbes, “60% of millennials state loyalty to brands they currently purchase from if treated well through customer-centric experience.”

What does this mean for your business?

Well, you want to make a lasting impression, that’s for sure. Nothing gives your business a better presence than convenience. You should strive to make every aspect of your company as seamless as possible. At BillingTree, we believe one of the easiest ways to make that happen is through the payment process.

If you think about it, it’s low-hanging fruit. No matter what, people have to pay for a product or service. However, wouldn’t you rather pay your bills through an online portal that updates all your information automatically, instead of mailing in a check or coming in-store to swipe a card?

Convenience is king, and if you want to sway Millennials, then you need to keep up with the latest technology for payments.

Majority Prefer Using Debit

Another exciting piece of data from Visa’s Annual Report is that debit card transactions grew around 16% in 2018, while credit card purchases only increased by about 14%.

This debit card growth is most prevalent with older Millennials (28-35), the ones with the most spending power of this group.

If you’re a smaller business, this means you’ll benefit from a powerful debit card processing system. There are a few reasons why debit card processing is good for your business.

  • Appealing to Millennials
  • Lower Interchange Rates
  • Opportunities for Promotion/Lower Pricing

Lower risk to a bank or credit card company means lower interchange rates. Encouraging your customers to use their debit card gives you more flexibility to offer promotions and deals, turning them into life-long customers, especially combined with sound marketing.

Millennial’s Love Brick & Mortar 

You might think that millennials only shop online, never daring to leave the comfort of their homes. You might be shocked to learn that this audience is one of the most die-hard brick and mortar fans of all! The reason is simple. They’d prefer to get a product immediately instead of waiting, even if it’s just 2-day shipping from titans like Amazon.

This means that you need to have the flexibility for both online and point of sale purchases if you want to keep pace with the competition.


Millennials are a unique demographic. There’s certainly a right way to market to this audience, and we believe you need an omnichannel payment solution to do it right.

Given the diversity of behaviors (both online and off), you need a way to process payments that appeals to this wide array of interests. At the same time, you should use these channels to build brand loyalty in a way that makes sense for your business.