2021 State of Payments
It’s no secret that the payment process has evolved significantly—and so have your customers. But how do consumers prefer to pay? What are the ramifications of offering the right, or wrong, payment methods? And how do payments actually impact your bottom line?
We surveyed 1,041 consumers across the United States and Australia, interviewed local businesses, and analyzed our own data to understand how the payment process can make or break local business.
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Customers want to choose how they pay.
The results are in. Customers expect maximum convenience, zero friction, and multiple options. And they have no problem moving to a competitor if their preferences aren’t available. But what are these preferences? And how can you offer ultimate convenience?
Most consumers will keep their COVID payment preferences.
In wake of COVID, customers have gotten used to a variety of modernized payment options. Contactless and safe services with increased convenience have altered their preferences—and those changes aren’t going anywhere. Understanding and catering to these new expectations will distinguish businesses that succeed from those that fall behind.
Consumers feel uncomfortable paying over the phone.
In fact, consumers spend approximately 53% more with in-person credit card purchases than they do when making a payment over the phone. Considering how common of a practice phone billing is, how much revenue are local businesses leaving on the table? And how can they earn it back?
And this is just the small change.
These are just some highlights from the 2021 State of Payments report. Download the full report to get more insight into how customers are using payments, what they expect, and how you can unlock the power of payments to keep them coming back.