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Customers Have a Favorite Payment Method — But 30% of Businesses Don't Accept It. Are You Driving Business Away?
The disconnect that exists between consumer payment preferences and what small businesses offer is both surprising and consequential. According to recent data from Xero, nearly 90% of U.S. consumers prefer to pay by credit card, yet 30% of small businesses still do not accept card payments.
As competition heightens and customer loyalty becomes increasingly elusive, it's more crucial than ever for small businesses to make decisions that align with their customer's wants and needs. Adapting to consumer preferences not only fosters loyalty but also drives future growth. In order to do so effectively, small businesses must embrace the shift towards modern payment solutions to meet consumer expectations head-on.
Over the past decade, we've witnessed a significant shift in consumer behavior, largely driven by technological advancements and changing lifestyles. This has led to consumers having a diverse set of preferences for payment options; as such, businesses who offer multiple methods – such as debit and credit cards, mobile payments and Buy Now, Pay Later (BNPL) options – reach a wider range of customers and improve loyalty and satisfaction.
When consumers encounter barriers when shopping, such as the unavailability of their preferred payment methods, it's more likely that they become frustrated and consider switching to a competitor. With so many other alternatives available, it's even more imperative for businesses to offer a variety of payment options to cater to a wider range of customer needs — especially knowing just how valuable customer retention is in today's landscape.
As an example, mobile payments have surged in popularity, particularly with younger generations: approximately 43% of Gen Z customers and 42% of Millennials regularly use digital wallets like Apple Pay or Google Pay, reflecting a preference toward convenience and ease in transactions. This trend underscores the need for businesses to adapt and embrace digital solutions in order to connect and engage with younger generations of........
© Entrepreneur
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