One way businesses make customers happy and ensure their satisfaction is by integrating different ways of making payments. This will help deliver a flawless transaction experience and ensure swift payments.
Here’s how your business can make the most of the insights from a Xero payments report that reveals the latest payment preferences, to learn how consumers want to make payments.
Understanding Customer Preferences
It is interesting to note that consumers are changing how they pay bills. Once upon a time, it was cash rather than a cashless society. The truth is that some customers may still pay with cash, but many will rather use online options. From digital wallets to direct bank transfers, giving consumers flexibility in payment is prudent. Businesses must go beyond cash to options like digital wallets and bank transfers to get customers with different ways of paying.
The Rise of Digital Wallets
One thing the Xero payment really did with its “dawn of digital wallets” with enterprises like PayPal, Apple Pay, and Google Pay is making it possible for smartphones to become your virtual debit/credit card so that you can make payments via your smartphone with the touch of a button. It’s also a trend that’s not likely to fade away, too. Consumers are turning to convenient, quick methods to make payments as they seek instant gratification.
The Importance of Flexibility
They say the ONLY constant thing in life is change. Consumers want payment options. It appears whenever customers head to the online or offline checkout line they want to mix things up when it comes to payment methods.
The Transparency Factor
Another key takeaway from Xero’s research is the importance of providing your customers visibility and transparency around your payment system.
Building Trust with Secure Payments
Customers care most about security and to make sure their customers are happy, merchants should create a safe way for customers to pay. Xero data shows that three in four customers would trust a business that has a safe and secure payment process. Therefore, remember to sign up and partner with payment options with a great and secure payment history.
Leveraging Insights for Growth
Businesses that have thrived since the dawn of time are the ones who listen to industry professionals and take in their insights on trends and future businesses to make their businesses more modern and in tune with customers. That being said, there are plenty more insights in Xero’s payments report that business owners can learn from. Like how say taking notice of what payment options are hot with your customers can make a significant dent in cash flow and earnings. The natural and most prudent response to such a report is to use this data and start implementing varied, digital payment options!
Moving Forward
Xero’s payment research has spelt out what your customers are looking for today — convenience, flexibility, and security. Invest in learning how to meet your customers where they are and simply reimagine how your customers pay and how you get paid by them. The payoff? Happier customers and you getting your payments more quickly. Are you committed to future-proofing your payment acceptance methods to take your business to the next level? Then also add these trusted digital wallets and bank transfers to your payment options!