Study: Buyers want frictionless pay or they’ll fly

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If a consumer can’t choose their preferred payment method or has trouble sliding around, chances are they will rush out and go elsewhere to shop.

This is a big deal for retailers considering that US consumers spend 43% more money swiping a credit card compared to cash and a third (33%) of credit cards listed as a method. preferred payment platform, according to the 2021 Payment Platform Payments Status Report, Podium.

The study reported that nearly a quarter (23%) of consumers abandon transactions at local retailers when their preferred payment method is not available, according to a press release on the results.

“With the current digital transformation and the pressures of the pandemic, payments have shifted from ‘how you get paid’ to playing a vital role in the customer experience of your business,” said Eric Rea, co-founder and CEO of Podium, in the statement. . “Local businesses need to be keenly aware of preferences throughout the customer experience, and with so many ways to pay these days, it’s crucial for them to provide the options their customers want. “

Other key findings include:
• Being offered convenient payment options (41%) is the second most important factor customers consider when choosing a local business, after customer service (60%). Preferred payment options were more important to customers than proximity to their home (36%), availability of sales or discounts (25%), or a personal relationship with the business (20%), among other things.
• If a local business only accepts cash and credit cards, it is missing the top payment choices for 31% of US consumers.
• Digital options – including website payments, mobile wallets like Apple Pay and Google Pay, direct payment platforms like Venmo or Paypal, and text links – were the first payment choice for 20% of consumers.
• Almost three in four consumers (72%) said changes to their preferred payment methods due to COVID-19 are expected to last beyond the pandemic.

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