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From Apple Pay to contactless, PayPal to Amazon Payment, there are new and evolving payment methods that you can’t ignore; simply because in this digital age customers are quickly opting to adopt them. It’s really important that you invest in new payment methods. Cash is no longer king. Customer preferences have changed and crucially they encourage customers, subconsciously, to spend more.2012’s cashless street
Two years ago, a street in Manchester proved that cash’s heyday was long gone. Beech Road, home to 20-plus independent shops, bars and cafes, undertook a social experiment and went cashless for a day – courtesy of Handepay, the company behind the stunt. The small businesses on that road wanted to see: a) how consumers would respond to card-only transactions and b) if turnover would be higher as a result of going cashless.- UK’s appetite for mobile payments increases as Liverpool FC embraces tech
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Easy payment = increased sales
It’s also imperative that you make it as seamless as possible for customers to complete a transaction, whether you take payments online or in the real world. With the range of options, there are no excuses not to offer optimum efficiency. For example, we offer the Amazon-style “one click” and invisible payment checkout process. This is because we know from exhaustive trial and testing that adding an obstacle, such as a security check, increases the rate of abandoned baskets. We have seen a slight increased in fraudulent payments as a result. But the money we make through increased transactions, both in terms of the volume we can process and the baskets that are completed, outweighs this negative. Read on to fid out how payment data can help you understand your customers better.Share this story
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