Wyoming Biz Tips for April

An occasional look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (SBDC) Network, a collection of business assistance programs at the University of Wyoming.

By Kyle Trumble, regional director for Fremont and Teton counties, Wyoming SBDC Network

For generations, cash was king. Today, it's more like a backup quarterback or, according to a recent Harris Poll, cash is even considered "cringe" by Gen Z.

Consumer payment behavior is evolving rapidly, and small businesses across Wyoming need to keep pace. The way your customers want to pay is changing, and your ability to adapt can directly impact sales, customer experience and long-term competitiveness.

Recent data shows a clear trend: Non-cash payments now dominate consumer behavior. Credit cards account for about 35 percent of transactions and debit cards 30 percent, while cash has dropped to roughly 14 percent of payments.

At the same time, consumers are making more total payments per month than ever before; mobile payments are growing fast; and nearly one in four payments is now remote, either online or app based.

Why customers are choosing digital payments

-- Convenience: Mobile and card payments are faster, easier and more flexible. Customers can tap, swipe or click, often completing transactions in seconds.

-- Record keeping: Digital payments automatically create a transaction history, which helps with budgeting and expense tracking.

-- Flexibility: Mobile wallets allow customers to choose between credit, debit or bank accounts instantly.

-- Enhanced experience: Modern payment systems integrate loyalty programs, discounts, coupons and digital receipts.

Payment is no longer just a transaction. It's part of your marketing and customer experience strategy.

Recent trends

-- "Tap-to-pay" is becoming the standard: More than half of businesses now use mobile point-of-sale (POS) systems, allowing payments anywhere. For Wyoming businesses, such as food trucks, guides and market vendors, this is especially powerful.

-- Customers spend more without cash: Digital transactions often result in higher average ticket amounts. In some cases, cashless purchases are more than 50 percent higher than cash transactions.

-- Cash isn't dead, but it's changing: Cash still plays a role, preferred by older demographics and lower-income households; used as a backup payment method; and common for small, in-person purchases.

-- The rise of peer-to-peer and buy now, pay later: Buy now, pay later is seeing rapid growth with 15 percent of Americans having reported using buy now, pay later in 2024, up from 12 percent in 2022. More than 40 percent of users now apply it to groceries and daily essentials, not just electronics or apparel. Mobile apps are now used for 50 percent of person-to-person payments.

Action steps for Wyoming small businesses

-- Offer multiple payment options: At a minimum, offer credit and debit cards; mobile wallets, such as Apple Pay and Google Pay; and online payment options.

-- Upgrade your POS system: Look for systems that accept contactless payments; integrate with inventory and accounting; and work in mobile environments, which is key for rural and outdoor businesses.

-- Leverage payment data: Use your system to track top-selling items, identify repeat customers and run targeted promotions.

-- Align with your customer segment: Younger and tourism-heavy markets prioritize mobile and digital. Local and rural markets maintain a mix, including cash.

-- Think beyond the transaction: Consider loyalty programs, digital receipts, and pre-ordering or online booking.

The shift away from cash isn't just about technology; it's about meeting customer expectations. Small businesses that embrace flexible, modern payment options reduce friction at checkout; increase average sales; and build stronger customer relationships.

If you're unsure where to start, the Wyoming SBDC Network is here to help. From selecting the right POS system to aligning your payment strategy with your target market, our advisers can guide you every step of the way.

The Wyoming SBDC Network offers no-cost advising and technical assistance to help Wyoming entrepreneurs think about, launch, grow, reinvent or exit their business. In 2025, the Wyoming SBDC Network helped Wyoming entrepreneurs start 42 new businesses; support 2,017 jobs; and bring a capital impact of $12.8 million to the state. The Wyoming SBDC Network is hosted by UW with state funds from the Wyoming Business Council and funded, in part, through a cooperative agreement with the U.S. Small Business Administration.

To ask a question, call 1-800-348-5194, email [email protected] or write Dept. 3922, 1000 E. University Ave., Laramie, WY 82071-3922.

For more information, go here.

All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.