Payment options are a plus in today’s digital marketplace. To stay competitive, small businesses should offer multiple ways to pay. Consumers expect options, and businesses that deliver such flexibility develop deeper relationships and inspire customer loyalty.
Meeting consumer expectations
From mobile wallets to digital payments to online banking — the modern customer wants ease in everything they do. Offering a variety of payment options means it will be a seamless process and customers will trust and feel loyal to your business, according to Xero’s latest payments report.
The use of cash is decreasing across the UK and digital payments are becoming more popular, but putting the customer’s needs first will stand you in better stead when it comes to serving modern, tech-savvy consumers.
Improving cash flow and efficiency
One of the privileges of digital payments is smooth cash flow. Money that used to take so much time to process can now be settled within a day (or even less) since payments are processed much faster than before.
Advanced encryption with anti-fraud measures on most of today’s payment platforms guarantees buyer confidence, allowing them to make immediate transactions anytime and anywhere.
How to choose the best digital payment platform
Incorporating digital payment methods could be the key to success for small businesses. But how do you find a reliable platform to manage payment processing effectively? Software like Xero provides digital solutions for receiving and paying using different payment methods – all on one platform.
Looking ahead
According to Xero’s data, one in two Gen Z consumers use Apple or Google Pay to make purchases. And if they aren’t your target customer now, they will be in future. As digital wallets continue to gain traction, businesses must adapt to meet evolving consumer expectations. Download Xero’s payments report to discover how your business can stay ahead in the payments game and future-proof its growth strategy. Don’t miss out on valuable insights that could help you optimize your payment processes and boost customer satisfaction.
