The Power of Knowing Customer Preferences
Knowing how your customers like to pay is critical to maximising cash flow while improving their experience. The Xero Payments Report provides valuable insights into the latest payment trends, helping you to identify how your customers want to pay. And according to Xero’s research, adjusting your payment options will help you streamline billing and get paid much faster.
According to the latest Xero Payments Data Report, companies should offer multiple payment options. More than half of the UK’s consumers now prefer using contactless and mobile wallet payments. For small businesses, this means adapting to customer demands is essential.
For instance, a retailer might struggle with sales because customers frequently ask for Apple Pay or Google Pay, but they don’t offer these options. By knowing what customers want, a business can avoid missing opportunities and improve cash flow.
How Xero Provides Valuable Insights
Xero goes beyond accounting as it provides data that can help a business modernise its payment processes. You can understand which payment option your customers use the most with Xero’s insights. Did you know that one in every three UK consumers now prefer to pay digitally, and most avoid paying by cash altogether? With Xero, you can use insights like this to make informed decisions about which payment methods to offer your customers.
The Benefits of Offering Multiple Payment Options
Offering a variety of payment methods doesn’t just make it easier for customers; it also prevents businesses from losing sales. According to the Xero Payments Report, small businesses that provide multiple payment options see faster payments and more sales. Customers expect choices, whether their transaction is online or in-store. Providing common options like PayPal, credit cards, and digital wallets reduces payment friction and keeps customers happy.
Xero’s software integrates with the most popular payment platforms, enabling small businesses to offer different payment options to accommodate customer preferences.
Leveraging the Xero Payment Report
Having visibility of your customers’ payment preferences is half the battle to ensure you give them a good customer experience. Download the Xero payments report to understand the types of payments you should offer your customers. You’ll have better visibility of your customers’ payment intentions, and you can align your broader integrated options with your customers’ needs — including how they want to pay. By leveraging the Xero platform, you can connect a range of merchant services to your clients quickly and easily.
